152 thoughts on “Fixed Deposit Bank Rates in Nigeria 2020 (Fixed Deposit Account)”

  1. Thank you so much for this blog post Amara.
    Please is FCMB reliable because their interest rate looks good.

    i do hope, you will reply.
    Thank you.

    Reply
  2. Hello name sake, is a pleasure to see you. In as much fcmb is a new generation bank, they are very reliable. To invest or fix money with them, you can negotiate the interest rate with the bank. These rates above are negotiable, that is banks can increase the rates for you.

    For example they might tell you a fixed interest rate of 5% on N250000 for 180 days, you can negotiate for an interest rate of 5.5 or 6% for the stated amount and duration. But note that not all banks are open for such negotiation.

    Reply
  3. Good day Missy Banker. Thanks for the enlightment FD is a scam compare to the loan you get from them. It is better I do business with my money

    Reply
  4. Hello, good day. I really enjoyed reading the very informative post. What got my attention is the fact that you made it clear that people don’t like to go for fixed deposits because of the tiny amount that accrues even over a very long period, whilst the bank makes the most out of it.
    I would love to know if you could recommend any other type of saving methods that is much more favorable.
    For the mean time I was able to put aside some savings from my final year till date, it wasn’t an easy task and it required a lot of radical determination so I would rather not just go straight into a business I won’t be able to consecrate time for. And I got a job after service year that keeps me afloat. I will welcome any idea on how I can grow my savings.
    Thank you.

    Reply
    • Rosanne sorry for the late reply, I’ve been down for the past two weeks, though recovering a bit. Do you know about treasury bill? Will help you a lot. When I’m fit, I will make a post on it.

      Reply
    • Hello Annie, your monthly interest rate will be around N6500 per month, when you multiply it by 12 it will be N78000 in a year. Please you can request for the bank to increase it to 7 or even 7.5% since you’re investing for a year.

      Reply
  5. Hello, I read somewhere that someone fixed 500k for 3 months (don’t know the bank) and got 30k, please what interest rate would that be?

    Reply
    • The rate will be within 10% to 12% and there’s no bank or any financial institution that offers such rate for just three months. Would be happy if you state it here or send the name to my email thanks.

      Reply
  6. For Stanbic ibtc, are you saying if I fix 100k for 1 month I get 8.25% but if I fix for 2 month, I get 8.5%?..do u mean I can get 8.25% every 30 days since I’m fixing for 30days? Meaning I can get close to 100% after 12 month?
    Pls expansiate…… Cos it’s obvious to go for a 30days fixing to get 8.25% and keep on getting such once I’m renewing my fixing every month compared to fixing for 360days to get 9%..

    Reply
    • Hello, @ayodele please i want you to know that this rate is their current rate y and it does changes or remain the same. You might get 8.25 % today, and get 5.6% tomorrow.

      It does changes and that’s why it is better to fix for six months or one year.

      Reply
  7. Good evening Missybanker, just came across this post because I want my financial story to be different this 2020. Pls concerning the stanbic interest rate, are u saying if I fix now at 8.75 for 3months, that rate applies till it matures?

    Reply
  8. Dear Missybanker, you are doing a great service to Nigerians and we must commend you. May your tribe increase.
    I live and work outside Nigeria and I have been investing some money in Nigeria for over a decade. Moved from ordinary savings to stocks, Bankers Acceptance and lately to Treasury Bills until I learnt of the negative trends in the 2020 projections.
    I am now so confused. What should I do with the 30 million Naira lying fallow as ordinary savings since my TBs matured in Feb 2020? It hurts to know that the Nigerian money market can be so unpredictable!

    Reply
    • The best financial investment you can make in Nigeria with that amount is T-bills, it is better compared to fixed deposit. But if you want to go off the financial aspect, you can invest in land ownership as land appreciates overtime.

      Reply
  9. Hello!! Why did you say “Please know that you must not have an account with a bank that you want to fix your money into.”??
    It will be helpful in shaping my thoughts as I make the decision on where to lodge my fixed term deposit.
    Thank you!

    Reply
    • What i’m trying to say is that one must not have a savings or current account with a bank he or she is planning on investing on through fixed deposit or any other financial investment.

      Reply
  10. Please which is the best bank to fixed 3M as at now because Polaris bank have reduced their rate please. I used to get 7.5% and is now 5% . Thank you

    Reply
  11. Are you sure your calculations are right, if I invest 500,000 and interest is 5.5 for 30days..
    50,000 is 10% of 500,000, so that means 5.5% is 27,500
    And even if tax is 10% taken from the interest then 24,750 is left
    Just my observation

    Reply
  12. I think you are right Mbaka. I observed there seems to be something not clear about her tax calculations too.

    @Missbanker are you sure about the tax calculations?

    Reply
    • Hello, please did you read such on this post? Please i said it is not compulsory or a must to have an account (savings or current) with the bank, before going for the bank fixed deposit account.

      Reply
    • Having a savings account is different from the fixed deposit, in fixed deposit, you’re lending your money to the bank at a rate fee. Like i replied you, yes you can have more than one fixed deposit account with any bank, i’m hundred percent sure of zenith bank.

      Reply
  13. MissyBanker, thank you so so much for this. Very very helpful! I’m about to come into some dividend money from Zenith Bank shares I recently inherited from my late father. It’s more money than I have ever received at a single go and I’ve been looking for the best place to put the money to get steady monthly returns for the next few months while I think critically of what to do with the money. FCMB apparently gives the best rates. I always looked down on this bank for some reason, but since you say it’s a solid bank, I’m heading there tomorrow to open an account with them. Thanks again!

    Reply
  14. Goodevening, i wanna ask, if i already had a fixed deposit investment last year in a bank running for 180 days at 4.5 before the interest rate dropped this new year to 0.5 percent, will my interest continue to run at 4.5 percent or will it change to the new 0.5 percent

    Reply
  15. Does the new decrease on the rate of fixed deposit affect any fixed deposit investment already running before the new decrease

    Reply
  16. Ok, thanks for the clarification. You’re really helping, and please try to keep us updated on any new development concerning the interest rate of banks. Thanks

    Reply
  17. Hii missybanker this has really been an insight, thank you very much for this.. but I’d like to ask if it is possible to invest in fixed deposit or Treasury bills from outside the country and is it possible to increase the principal while the money has been deposited?? I have some many other questions like, is it advisable to deposit money in like 3 or 4 different banks at the same time for fixed deposits and so on

    Reply
    • @timi, for new customers, i don’t think it is possible, but old customers who already have a fixed deposit account before traveling out can still invest.

      You can’t increase the principal once you have already fixed the money, lastly it depends on your decision to invest in three or four banks at same time, but what matters most is the interest rate and how reliable the financial institution is.

      Reply
  18. Oh okay. Thank you very much missybanker… but I’ve got to ask, for example in FCMB, one gets 8% on 500k per 30days, isn’t it preferably to do that? Like since 8% of 500k is 40k and in a year one gets 40k x 12=480k+principal; 980k.. instead of doing one year straight that just getting like 11% of 500k

    Reply
    • Timi please understand that the rates do changes, though not like the treasury bills. You can go this month and bank will offer you 8%, and by next month it may be as low as 2.5%.

      This month might be very high, and next month will be low or vice versa.

      Reply
  19. Thanks for this Post,please I want to know if Stanbic Bank is reliable and safe to invest money in,there rate looks good
    God Bless you for this Post

    Reply
    • Ihechi you don’t need to have a double mind investing in Stanbic IBTC bank, the bank is reliable. But what thing i noticed about the bank is that they are not so much in the East.

      Reply
    • I’ve already given an example based on the calculation, use it and do the calculation or better still contact your bank. If you fixed a certain amount of money into a fixed deposit account, you can’t add extra amount until maturity.

      Reply
  20. Please At the end of the fixed tenure, will my interest be credited to me or do i have to tell the bank first before they credit me and also can i only liquidate the interest and rollover the capital?

    Reply
  21. Information is power

    Thanks so much Miss Banker

    If I do a fixed deposit of 100,000 at 5% rate for 6 months or 1 year

    Can I request my interest to be paid monthly?

    Reply
    • Your interest is on monthly basis till maturity, then everything will be paid to you. I don’t think that will be possible cause every payment is on on due date (maturity)

      Reply
  22. Please i have a question, if i do a fixed deposit last year for 6 months at the rate of 5%, then early this year the rate dropped to 1%, when the six months elapse and it automatically rolls over, does it continue with the initial 5% or does it rollover with the new rate of 1%?

    Reply
  23. Pls ma, i fixed 3,000,000 in Access bank from September 2019 at the rate of 7% for six month, and i was paid 93,106.44 as my interest rate,. And i asked one of their customers care representative why it is so and he told me that the rate dropped.
    My question is does it suppose to affect my 7% and secondly, the rate just dropped recently. Please what do i suppose to do because am not comfortable with it. Thank you

    Reply
    • Amaka please before you invested the money, did you and the bank reached an agreement on the interest rate till maturity.

      If the bank agreed on 7% interest rate for six months, and you finalized everything by filling out the form with your signature, and depositing the said amount, there’s no way the bank will suddenly makes some changes without notifying you to visit their branch.

      Once both parties agreed on 7% and finalized everything, that’s the final. Please go back to the bank, try to speak with the banker you made the deal with, or even with the manager for that branch, even if you have to create a scene.

      Honestly sis, you’re the first i’m seeing with such case.

      Reply
  24. But MISSYBANKER, I think the bank is somehow right in calculating Amaka’s interest.
    7% of 3,000,000 = #210,000 . which is per annum. then for 6 month will be #210,000/2 which is #105,000. Then with 10% withholding tax = 10/100X105,000 = #94, 500. So I guess Amaka was only short paid with less than #1,400.

    Reply
    • Oh thanks for that, didn’t bother doing the calculation, I advised her based on her claim. That’s why i asked if they reached an agreement on 7% before finalizing the deal cause from there she will know the actual total amount access bank will pay her at maturity.

      Reply
  25. Please ma, I want to ask if stabic bank rate you provided is still current..because i learnt every bank came down to at most 4percent as at January… i have been dealing with Sky bank turned polaris for over 4yrs on 11percent but they also came down to 4 percent…what are you views ..do you think it will still increase ? because i am thinking to use my money to buy lands and check if i can get more income as the FD has been my reliable business and surest way to feed my family …
    I like this article ..is there any way i can get notification on phone than through email ?

    Reply
    • Declan, actually i myself was really thinking that by March, the rates will increase or maybe by April. But with the the way the situation is especially with the naira devaluation, i can’t tell for sure.

      This stanbic ibtc rates was as at January, which i think the rates must have fallen, based on what i’m seeing.

      Reply
  26. I study the monthly rate if fcmb, I think it’s better to save high per month with interest of 8% than investing for a year and get 8.5%. what’s your take on it ?

    Reply
  27. I made a FD on 4% with polaris ,,,when i heard it has gone up to 6 %.. I applied to stop and re-fix without knowing the penalty is 25% of the interest …i was suppose to be paid 586k for 3 mnths.. because one month was still ahead of the maturity .. they pay me 248k…instead of the 586k…we should know the penalty to stop the fix before maturity is 25%

    Reply
  28. Great article. Your blog contains professional content, many thanks for that! This is exactly what I was looking for!

    Reply
  29. I received an email telling me the rollover/reinvestment of fixed deposit is no longer available, i wanted to ask if anyone received such email or notification too

    Reply
  30. Thank you Miss banker I really wish to invest but my money is not too big so I don’t kn what I should do with it like 200k

    Reply
  31. What’s if already have saving account in access bank GTB bank and as well in first bank can I still open fixed account with does bank thanks.

    Reply
  32. Good afternoon ma. Thanks a lot for the good work you are doing.
    my question goes thus: what is compounding interest, and how does it apply to fixed deposit account?

    Reply
    • Hello benita, good evening. When you hear compound interest, it simply means an interest earned on an investors interest that was previously earned as an interest. For example you invested N500,000 on your fixed deposit account, and at maturity you received an interest of N100,000.

      Normally we may take the money (that is the interest accrued), but if you leave the interest after maturity, reinvested again and also leaves the interest in your fixed deposit account after maturity and so on, the bank will compound the interest(s) for you, and those interest will yield more interest for you.

      Before doing this, you need to first confirm from your bank or financial institution.

      Reply
  33. I appreciate you for all your good work ma keep it up so if I may ask if I invest 100k for a year in STANBIC bank what will be my return with at least intres of 12.50 or 12.25

    Reply
    • Hello sir, good day. Please kindly know that you will have to contact your bank to give you their own calculation. But however, thid is what you will receive;

      100,000 × 12.50 ÷ 100 = 12500

      12500 ÷ 12 (one year) = 1042

      You multiply 1042 by number of months you want to invest which is one year, that will be 1042 × 12 = 12504

      10% tax fee of 12504 will then give you

      12504 × 10 ÷100 which gives 1250.4

      So your monthly interest is 1250.4 and at maturity you’ll receive N15005

      Reply
  34. Good day,I love your blog and I had my mind on fixed deposit until I say something about treasury bills here and I will like to know which is better for a 3M investment

    Reply
    • Treasury bills is better compared to fixed deposit, that is in terms of interest rate. But the truth is that due to the situation of things, interest rates are way too low, both fixed deposit, treasury bills, mutual funds and even bank high deposit rates on savings account.

      Reply
  35. Chris
    @missBanker, as I was reading through, there’s a place you said it is not good to invest in a bank you have savings or current account with, please can you explain it better because I have an account with Stanbic ibtc and I think there fixed deposit rate is the best for now I want to fix 1m for 360dwys.

    Thanks for your good job remain blessed.

    Reply
    • Hello Chris, good day. Please which line did you read such statement. Please kindly know that fixed deposit account is an investment account, which runs for one year and can be extended.

      You can have a fixed deposit account, same with the bank you opened your savings or current account with.

      Reply
  36. Thanks for the wonderful work you are doing. God bless you bountifully. Is it better to spread your money in fixed deposits across banks, instead of one bank, considering the lockdown, and instability in the economy and financial system ? I have 12 million and l’m thinking of fixing 4 million each in three different banks, irrespective of interest rates. This is to avoid the risk of putting all my eggs in one basket, in case there is disaster, or bank failure . Also, since interest are very low, do you advise me to keep waiting till the economy improves before fixing the money? Thanks.

    Reply
    • I will advise you to go ahead cause we don’t actually know when the situation will get better, the situation is getting worse. So go ahead but it must not be for a longer period of six months or one year.

      You can go for three months and maybe by then things will get better. Afterwards you can decide to invest for a longer period of time.

      Reply
  37. Please I will like to know which bank currently is good for fix deposit. And the rate I would like to deposit 2m but I need a bank can can give me good interest every month. Thank you

    Reply
  38. Please do you idea about the current bank rate for 2m and how much can I be able to get every month end . Thank you

    Reply
  39. But Amaka fixed the 3m for 6 month not for 12 month so with the 10% tax she will get #189,000 back from the #210,000 not #94,500 the calculation is not right.

    Reply
      • Ramon kindly note that the bank will divide the initial interest by their maximum tenor which is usually one year, and further multiple it by the number of months you’re investing to get the actual monthly interest thanks.

        Reply
    • Wow the rate is extremely high compared to what commercial banks are offering at the moment. But i’m seeing this as a way to attract customers, and again this is my first time of hearing about them.

      Since an investor can fix any amount for one year at the rate of 10%, you can give them a trial, but i won’t use a huge amount of money before i cry a river after the 365 days.

      Reply

Leave a Reply

%d bloggers like this: