22 thoughts on “The Best Fixed Deposit Rates In Nigeria 2020 (So Far)”

  1. I fixed money with UBA at 6% interest per annum. The period covered 180 days. To my surprise , at maturity the investment return was calculated with 3% interest, instead of 6% in the investment certificate given to me. I contacted the manager who told me that interest rates crashed within the period. Is it right for the bank to crash the interest rate without notifying me. I suspect fraud and foul play. I’m thinking of seeking legal redress. Please I need your clarification and advise. Thanks .

    Reply
    • You’re the second person to notify us of this issue with uba. This is one hundred percent wrong bro, as long as you have agreed with the bank on 6% for six months, they don’t have any right whatsoever to reduce the rate and worst is without notifying you.

      If not for this lockdown, i would have advised you to speak face to face with the manger before taking legal action. Seriously this is fraud and can only happen in Nigeria.

      Reply
  2. Thanks for this article. Pls I’ll like to know if the fixed deposit can be done on a monthly basis simultaneously. For instance, if I fix an amount in March for 30 days at the rate of 8.25% in Stanbic ibtc, at the expiration of the 30 days, can I fix another amount for another 30 days at the same rate of 8.25%.

    Reply
    • Of course you can, but instead of opting for monthly monthly investment, you should make it three months, six months or one year. The longer the duration, the higher the interest rate.

      Reply
  3. Goodday Miss Banker, This interest rate is it still obtainable as at today being May 4th? And I’m asking so cause of what the pandemic is doing in the financial market.. plz advice.

    Reply
    • Actually i went to zenith bank and was offered 0.50 to 1.2% for amount ranging from N100k to N1M and that’s way too poor for me. I didn’t take the offer and i left.

      So the rates you’re seeing there right now, may be lot higher to what bank will offer you at this period.

      Reply
    • This is an investment, you mustn’t have account with them before investing on fixed deposit. Simply walk to stanbic ibtc bank and speak with the customer service that you want to invest in fixed deposit.

      They will move you over to their assets management and give you their current rates.

      Reply
  4. You can write a complaint letter to CBN on this.It is fraud! If the interest rate had gone up mid-month, would they have increased the intetest rate on the deposit?. I also suggest that you should check the contract letter for the deposit very well to be sure that they did not insert a clause that allows them to change the interest rate in line with prevailing market conditions.

    Reply
  5. You are really doing a good job. Please can you explain why banks are giving better interest rates on high yielding savings accounts than fixed deposit accounts. FCMB interest in Premium savings account is 4.2% for 100,000 naira while fixed deposit is less for same amount. ACCESS bank HIDA interest is 4% for 100,000 naira while fixed deposit is 1.3%. I’m confused because the reverse is the case now. Kindly explain.

    Reply
  6. Please Missybank if I fix 100,000 for stanbic Ibtc in the period 364 days which is one year how much will be my monthly interest rate.

    Reply

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