The Best high yield savings accounts in 2020 (HYSA)

Complaining about not receiving any interest on your savings account, i’ve the best high yield savings accounts in 2020 that you can use to save for the future.

This isn’t just like the normal savings account which you can withdraw or request for your money at any given time, the high yield savings account is quite different.

High yield savings account is all about getting the best interest rate for your savings, in a period of time usually three months to one year.

What is high yield savings accounts

What is high yield savings accounts

This is a type of savings account, usually offered by banks which gives a high percentage on interest rate than the usual or normal savings account.

You can have a high yield savings accounts, as well as the normal savings account or a current account.

It usually runs for a maximum of one year which can be extended for extra months or additional one year.

As i have discussed about the target savings account, it also falls in this category.

The target account is one of the best high yield savings accounts in 2020.

This is what this post is all about, the best interest rate you can get in a savings in form of high yield savings accounts.

Need for high yield savings account

Just i like said about the target account which also falls under this category, it helps a bank customer to save money for the future or unforeseen circumstances.

This may be saving money to build a house, buy a brand new car, money for investment, for a wedding, for your kids education or after retirement etc.

With the high interest rates offered by the financial institutions, one can be able to save a certain amount of money, depending on your personal income.

If you’re the type that makes unnecessary spending, and finds it difficult to save money in your account, this is best option for you.

It will make you to learn how to save, save for the future and for the unforseen circumstances.

How it works

If you actually go to the bank to open an account for high yield savings account, there are conditions attached to it.

First the bank will tell you the minimum amount required to open an account with them, and also the minimum operating balance.

Usually it is not free, some banks go as high as one hundred thousand naira to open for such account, while some offers as low as five thousand naira.

You will tell the bank the monthly deposit which which you’ll be depositing into your account, and in turn the bank will tell you the interest rate for such amount.

The amount on threshold determines the the interest rates given to you by your bank.

For example fidelity bank plc offers 4.6% on threshold of one hundred thousand naira, while access bank offers 4.10% per annum.

Your monthly or yearly threshold determines the interest rate the bank will give to you in the case that you didn’t break the rules.

What is the rule in the high yield savings accounts? 

The rule is that you are not to make a withdrawal on your account for a period of six months or one year.

Some banks will tell you not to make any withdrawal for six months in order to qualify for interest rate, while some is one year.

GTBank target savings account offers up to 5% on interest if the customer didn’t make any withdrawal for six months.

Access bank will give you interest rate of 4.10% on minimum balance of one hundred thousand naira if you didn’t make withdrawals more than four times in a month. 

What i’m trying to say is that banks have their rules, which governs their high yield savings account.

Best high yield savings accounts

Best high yield savings accounts in 2020

So far in this month of April 2020, i’ve the best high yield savings accounts that you can use to save for the future.

They are as follows;

1. Fidelity Bank High Yield Savings Account (HYSA)

This is the best Fidelity bank savings account with a good amount of interest, unless you want to go for treasury bills or fixed deposit account.

The account is for all rate sensitive savers, skill professionals, traders, small business owners, schools, churches e.t.c.

Features and benefits

  • Operating balance of N5000 for individuals and N10,000 corporate entities
  • Tiered interest rate based on threshold:-
  • 1st Tier: N100,000 – N999,999 offers 4.6% per annum
  • 2nd Tier: N1m – N4,999,999 offers 5.1% per annum
  • 3rd Tier: N5m and above offers 5.6% per annum
  • Extra 1% bonus interest if withdrawals are not made in six(6) months
  • Debit card of choice.
  • Allow deposit of cheques/dividend warrants.
  • Access to internet banking services

You can open your hysa account as an individual or a corporate entity.

Their requirements are as follows;

  • Written instruction stating your request(as an existing customer)
  • Valid means of Identification (National ID card, International Passport, Driver’s license or Voter’s card)
  • Utility Bill
  • 1 complete reference(this is attached)
Corporate Entities:
  • 1 passport photograph
  • Valid mean of ID (Nat’l ID card, Int’l Passport, Driver’s license or Voters card)
  • Utility Bill
  • 2 Reference
  • Memorandum and articles of association
  • Board Resolution with appended company seal.

2. Access Bank Hida Account

The second on the list of best high yield savings account is the access bank hida account.

This was formerly diamond bank high interest deposit account (hida) before access bank bought diamond bank, and still maintained it.

HIDA is a special deposit account designed for you to save for a project or keep away some funds for a rainy day while fully maximizing credit interest earned on your savings.

You can enjoy tiered interest rates; meaning the larger the balance, the higher the interest earned. Interest earned per annum accrues daily on available credit balance and is payable monthly.

Features and benefits

  • You earn highly competitive interest rates per annum on your available balances payable monthly.
  • Less than ₦100,000 minimum balance gets 2% per annum
  • ₦100,000 to ₦999,999 minimum balance gets 4.5% per annum
  • ₦1,000,000 to ₦4,999,999 minimum balance gets 5.0% per annum
  • ₦5 million and above minimum balance gets @ 6.0% per annum
  • Gives you the convenience and flexibility of depositing cash, other banks cheques, and dividend warrants at any of our branches.
  • Enjoy 4 free withdrawals without forfeiture of credit interest payment on available balances maintained.
  • Encourages you to save as the account does not come with a debit card
  • Convenience of being able to transfer money between your own Access Bank accounts in the branch, online, or over the phone (if you are registered for Access/Diamond online and Access/Diamond mobile)
  • penalty charge of N150 if balance goes below N5,000

The table below contains all the features of access bank high interest deposit account.

Minimum Opening Balance₦100,000
Minimum Operating Balance₦500
Min. Balance Penalty Charge ₦150 monthly (If balance is below ₦5,000 in a month)
Interest Rates (payable monthly)Less than ₦100,000                 2.00% per annum
₦100,000-₦999,999                      4.10% per annum
₦1,000,000-₦4,999,999               4.45% per annum
₦5,000,000 & Above                      4.50% per annum
Interest DisqualificationInterest would be forfeited if there are more than 4 withdrawals in a month
Required KYCFull KYC
Deposit of Other Bank’s Cheques/DividendsYES
Deposit of Access ChequesYES
Over the counter WithdrawalYES
Access to LoansNO
Funds transfer within the bankYES
Funds transfer to other banksYES
Free Cash Deposit LimitNot Applicable
Excess on Free Cash Deposit Not Applicable
Debit Card / Visa Credit CardNO
Additional ChannelsDiamond Online, Mobile App
Number of SignatoriesCan have more than one
Opportunity to win cash prize NO
One (1) Passport PhotographYes
Valid means of Personal IdentificationYes
Proof of Address / Utility BillYes
Resident permitFor foreign nationals

The requirements to open access bank hida account includes;

  1. One (1) passport photograph
  2. Personal Identification (Any of these)
    • Current National Passport
    • Driver’s License
    • National ID Card
    • Voters’ ID Card
    • National Identity Management Commission (NIMC) Card
    • Resident Permit (for foreign nationals only)
  3. Address verification: (Any of these)
    • Utility bill (PHCN, NITEL, etc.)

3. Gtbank Target Savings Account

The next best high yield savings account is the guaranty trust bank target savings account .

It is popularly called GT-Target 

Just like the two high yield savings accounts above, GT-Target is a high interest bearing account that encourages financial discipline through savings.

The account is designed to enable you save towards a specific target.

The bank made it mandatory that you must have an account with them before you can open a gt target account.

Features and benefits

  • Mandatory standing order of N5,000 (minimum)
  • The Regularity of the Standing Order can be monthly, quarterly, semi-annually and annually.
  • Savings in GT Target has to be maintained for at least 6 months to qualify for interest. Any withdrawal prior to six months would mean loss of interest.
  • 3.6% interest rate per annum and additional 1% bonus interest to customers who maintain Standing Order deposit for 1 year.
  • 24/7 Banking services via our various e-channels.

The Regularity of the Standing Order can be monthly, quarterly, semi-annually and annually.

Note: Your GT Target interest accrues daily and is capitalized after every 6 months.

As gtbank made it a compulsory that you must have an account with them, before enrolling for their target account, there’s no requirements like electricity bills etc to create your account.

To do that, kindly visit the nearest gtbank branch around you or through gtbank internet banking page if you have one.

Log on to your gtbank internet banking page and select GT Target from the request menu to open an account. 

Select a suitable Standing Order amount and indicate the most preferred savings option (i.e. monthly, quarterly or semi-annually).

4. Stanbic IBTC Bank Max Yield Savings Account

Stanbic ibtc bank max yield savings account is one the best high yield savings accounts in 2020.

It truly offers high interest rates on a minimum deposit balance.

If you follow the bank rules and guidelines, you will enjoy the interest offered by the bank, and it seemed to be the best for me.

The bank offers a 6.2% per annum for minimum daily balances of N100,000 which is the highest i’ve seen so far.

And also hormal savings rate or 4.2% per annum if a customer withdraw more than once a month or daily account balance is less than N100,000 respectively.

Stanbic ibtc bank max yield savings account minimum account opening balance is N10,000 while the minimum operating account balance of N2,000.

This is the reason why many bank customers are rushing after it.

According to the bank, if you have a minimum balance or one hundred thousand naira, you’ll be earning a regular savings interest rate on monthly basis.

Holders earn regular savings account interest rates plus 2% with average daily deposit of more than N100,000.

Features and benefits

  • A flexible maximum cheque deposit value of N2,000,000 per account
  • You earn higher interest on the deposits in your Max Yield account
  • Third party deposits and withdrawals by cheques into your Max Yield acocunt at any branch
  • Deposit and withdraw cash at any ATM or Stanbic IBTC Personal Deposit Machine
  • Receive transfers from abroad and locally
  • Make payments on the Web and via POS
  • Check balance, send money and pay bills via Internet Banking
  • Set up direct debits or standing orders for regular bill payments

The requirements to open the account are as follows;

  1. A minimum of N10,000 as stated above
  2. A completed account opening form. Download PDF
  3. Two recent clear passport photographs of each signatory to the account
  4. Each signatory’s valid ID (e.g. Drivers’ license, International passport, National ID, Voters’ Card) ID must not be within 6 months to expiry date when it is presented for account opening
  5. BVN of all Signatories
  6. Proof of residential or official address validated by a Utility Bill (such as electricity, water or waste bills)

To enroll for stanbic ibtc bank max yield savings account, please kindly visit any of their branches around you or you can contact the bank through;

0700 2255 7826242 or +234 01 270 9676 or email

5. Fcmb premium savings account

Fcmb premium savings account is the number five liste of best high yield savings accounts in 2020.

If you’re looking for that cheap opening balance, fcmb may not be the one for you as it’s minimum opening balance is one hundred thousand naira.

The bank stated that higher interest rate payable on savings, when you maintain an average daily balance of N100,000.

Unlimited withdrawals can be made, you’ll forfeit your right to the interest for a month if you take money out more than three times in that period.

FCMB’s Premium Savings Account pays interest of up to 4% for deposits that remain at or over ₦100,000.

Features and benefits

  • Allows third party over-the-counter withdrawals
  • Unlimited withdrawals allowed. However, more than three (3) withdrawals in a month will lead to forfeiture of interest for that month
  • Can be operated as an individual or joint account
  • Platinum/Gold Debit card gives you access to over 9,000 ATM nationwide with increased spending limit
  • Four (4) free domestic bank drafts or manager’s cheques allowed on the account per month

The requirements to open fcmb premium savings account include the following;

  1. You be minimum age is 18 years
  2. Two (2) satisfactory references if you are a new customer
  3. Proof of identification such as International Passport, Driver’s License, National ID card or Voters Card
  4. A copy of a receipt from any public utilities or private telephone operator, dated no later than three (3) months
  5. One (1) passport photograph of each authorized signatory
  6. For non-Nigerian applicants, a copy of Resident or Work Permit.

6. UBA Target Savings Account

There’s no way i will mention the best high yield savings accounts in Nigeria 2020 without mentioning uba target savings account.

Just like the others, it is specifically designed for individuals to save towards a project or set goal.

Uba target miminum opening balance is fifty thousand naira, while the minimum operating balance is also fifty thousand naira respectively.

Features and benefits

  • Minimum Opening balance of N50,000
  • Minimum Operating balance of N50,000
  • Deposit of OBCs and Dividend Warrants allowed
  • Debit Card available
  • Withdrawal across the counter – Free
  • Interest is forfeited after 4 withdrawals in a month
  • Funds transfer allowed within and outside the bank
  • Online, Mobile Banking, USSD etc.
  • Flexible to withdraw your money any time without notice
  • Making your money work harder with accrued credit interest

The interest rates on united bank for Africa as as follows;

From N500,000 to N99,999 gives 4.05%

From N100,000 to N999,999 gives 4.10%

From N1million to N4,999,999 gives 4.15%

From N5million and above gives 4.30%

All these per six months or per annum.

The requirements to open uba target savings account are as follows;

  1. A completed account opening form
  2. A minimum opening balance of ₦50,000
  3. One recent passport ohotograph
  4. Agovernment issued ID (International Passport, Drivers Licence, Permanent Voters card, National ID Card/ NIMC Slip
  5. Parent’s valid ID (National ID/ Driver’s License/ Permanent Voters card/ International Passport

Don’t Miss!!!

Learn how to open a savings account in Nigeria

Access Bank Payday Loan: Everything You Need To Know

How stanbic ibtc mutual funds works in 2020

How to calculate interest rates on savings account 2020 

To open your account, you need to visit any of the bank branch around you and request that you want to open a target savings account.

This is where i’ll draw the curtain on the best high yield savings accounts, but promise to get more updates on this. Don’t forget to use the share buttons and share this post thanks.

12 thoughts on “The Best high yield savings accounts in 2020 (HYSA)”

    • This is what i’ve been into; land investment, treasury bills and mutual funds though planning on going into bonds and stocks if things gets better. Then i’m also using gtbank target account for my yearly house rent.

  1. Missybanker pls how does this GTB maximum yield savings help you with your house rent savings plan? can you pls educate us on it as I am interested in it, if you dont mind. Thanks


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