The Central Bank of Nigeria has published the new savings 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 pay customers higher interest rates on savings accounts.
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%.
The changes reflect the recent monetary policy decision reached by the CBN. Legit.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.
The new rate is a 25 basis point increase from the previous rate and represents a consecutive hike implemented in 2024 by the CBN to fight inflation.
Here is a breakdown of the average interest rate published by CBN. 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% GTB: 8.00% Keystone Bank: 8.18% Optimus: 8.18% Polaris: 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%.
The report showed that United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank.
