The Nigerian banking industry pays its customers an average interest rate of 7.88% on savings in their bank accounts......See Full Story>>.....See Full Story>>
The figures, published by the Central Bank of Nigeria, varied across banks, with the Coronation Bank offering the highest rate.
Checks by Legit showed that the lowest rate banks offered customers was 1.15% interest on deposits as of November 1, 2024.
What is savings deposit rate?
The deposit rate is the interest rate paid by commercial banks or financial institutions on cash deposits of account holders.
Here is a breakdown of banks’ lending rates
| Name of bank | savings rate (%) |
| Access Bank | 7.88 |
| Citi Bank | 7.88% |
| Coronation Bank | 21.34 |
| Ecobank | 7.86 |
| FCMB | 1.15 |
| Fidelity Bank | 7.43 |
| First Bank of Nigeria | 7.88 |
| Globus Bank Ltd | 1.40 |
| Guaranty Trust Bank | 7.88 |
| Keystone Bank Ltd | 7.88 |
| Optimus Bank | 7.88 |
| Polaris Bank | 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 Bank | 7.80 |
| Titan Trust | 7.88 |
| United Bank for Africa | 7.88 |
| Union Bank | 7.88 |
| Unity Bank | 7.88 |
| Zenith Bank | 7.88 |
| Wema Bank | 7.88 |
| Average rate | 7.88 |
10 banks with highest customer deposits in 2024
Ealier, Legit reported that Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank
The CBN has consistently assured Nigerians that banks are safe and funds in customers’ accounts are fully secured.