Access Bank, UBA, FCMB and other commercial banks have adjusted to the savings rate of customers accountThe new rates published by CBN showed that the interest rates have increased following the November CBN MPC meetingBased on the new savings deposit rate, bank customers will earn more from the money in their accounts
Henzodaily.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 published the new saving deposit interest rates for various Deposit Money banks (DMBs).
A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
Banks to pay customers higher interest rates on savings account
Photo credit: Benson Ibeabuchi
Source: Getty Images
New savings deposit rate
According to CBN’s latest data, banks now offer an average savings deposit rate of 8.18% compared to the previous average rate of 7.88%.
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The changes reflect the recent monetary policy decision reached by the CBN.
Henzodaily.ng, in an earlier report, revealed that the CBN’s Monetary Policy Committee (MPC), on Tuesday, November 26, increased the benchmark interest rate to 27.50% in November 2024.
While the CBN’s adjustment of interest rates means higher borrowing costs, it also translates to higher returns for bank customers on their savings accounts.
Here is a breakdown of the banks’ new interest rate on savings account
Access Bank: 8.18%Citibank: 8.18%Ecobank: 8.18%FCMB: 1.15%Fidelity Bank: 8.18%First Bank: 8.18%Globus Bank: 8.18%GTBank: 8.00%Keystone Bank: 8.18%Optimus Bank: 8.18%Polaris Bank: 8.18%Premium Trust: 8.18%Providus Bank: 8.18%Signature Bank: 8.18%Stanbic IBTC: 2.73%Standard Chartered Bank: 8.03%Sterling Bank: 8.03%SunTrust: 8.00%Titan Trust Bank: 8.18%UBA: 8.18%Union Bank: 8.18%Unity Bank: 8.18%Wema Bank: 8.18%Zenith Bank: 8.18%
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10 banks with highest customer deposits in 2024
Earlier, Henzodaily.ng reported on commercial banks with the highest customer deposits in 2024.
The report showed that United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank.
Nigeria has one of the most successful financial institutions in Africa.
Source: Henzodaily.ng