See the how much each bank will pay customers for saving on their bank account

• The Central Bank of Nigeria (CBN) has updated the savings interest rates of Nigerian banks, including Access Bank, UBA, and others
• The new data published by CBN showed that the interest rates range from 7.88% to as high as 21.87%
• Coronation Bank offers the highest savings deposit rate, while FCMB has the lowest savings interest rate

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria has released the latest saving deposit interest rates for various Deposit Money banks (DMBs)

A savings rate is the interest rate Nigerian banks pay their customers for saving money, and it varies between banks

Banks customers to earn from savings Photo credit: Bloomberg/contributor
Source: Getty Images

The changes reflect the most recent decision by the CBN to raise the Monetary Policy Rate (MPR). Legit.ng earlier reported that after a 2-day meeting held on the 22nd and 23rd of July 2024, the apex bank decided to hike the MPR to 26.75% from the previous rate of 26.25%.

The MPR serves as a guide for commercial banks to determine their interest rates for loans and deposits to customers.

Here is a breakdown of banks' lending rates

In reaction to the change, Nigerian banks, including Access, United Bank for Africa, and Zenith, among others, have made adjustments to savings deposits.

Checks by Legit.ng show that the new rates published in July indicate that banks now offer savings deposit rates ranging from 7.88% to 21.87%.

• Access Bank: 7.88%
• Citibank: 7.88%
• Coronation Bank: 21.87%
• Ecobank: 7.86%
• FCMB: 1.15%
• Fidelity Bank: 7.43%
• First Bank: 7.88%
• Globus Bank: 1.4%
• GTB: 7.88%
• Keystone Bank: 7.88%
• Optimus: 7.88%
• Polaris: 7.88%
• Premium Trust: 7.88%
• Providus Bank: 7.88%
• Signature Bank: 6.63%
• Stanbic IBTC: 2.63%
• Standard Chartered Bank: 7.88%
• Sterling Bank: 7.88%
• SunTrust: 7.8%
• Titan Trust Bank: 7.43%
• UBA: 7.88%
• Union Bank: 7.88%
• Unity Bank: 7.88%
• Wema Bank: 7.88%
• Zenith Bank: 7.89%

CBN issues new directives on domiciliary accounts

Legit.ng previously reported that the CBN released six new directives on how domiciliary bank accounts should operate in the country.

The move aims to promote transparency, discourage speculation, and ensure overall stability in the forex market.

Access, Zenith, and Guaranty Trust, among several other commercial banks, are expected to make the necessary adjustments.

Source: Legit.ng