Fixed Deposit Interest Rates of Banks in Nigeria (2024)

Last updated on August 4th, 2023 at 08:15 pm

Nigerian banks fixed deposit rates differs from one bank to the other. Fixed deposit is a large sum of money deposited with a bank for an agreed period in exchange for interest after investment. We have listed the best top banks in Nigeria with their various interest rate for you to compare and make your choice below.


Also be aware that you will need to have an existing account with the bank, and then you deposit the agreed sum you want to fix into this account. The bank will remove the money to be fixed and would pay interest monthly (30 days) into your account.

Below is a list of interest rates of 6 top banks in Nigerian fixed deposit account (old info)

1. First Bank of Nigeria fixed deposit account interest rate

The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. After 60 days, it will increase by 2.7%. Then after 90 days, it would increase by 30%.

2. Stanbic IBTC fixed deposit account interest rate

The interest rate of Stanbic IBTC fixed deposit account after 180 days of investment is 0.5% on N1million as at 10/3/2020. The money will also appreciate if you leave it.

3. Wema Bank fixed deposit account interest rate

For Wema bank, after 30 days of investment with the deposited sum, interest rate of 3% is paid into your account while after 60 days, it will yield 3.25%. If it is left untouched for 90 days, it will appreciate by 3.75%.

4. Access Bank fixed deposit account interest rate

Access bank interest rate for fixed deposit is slightly higher as if you deposit 600,000 Naira into fixed deposit, it will appreciate by 4% after 30 days of investment. If after 60 days, the money isn’t touched, it will increase by 4.35%. Then after 90 days, it will increase by 4.5%.

5. GTBank fixed deposit account interest rate

Fixed deposit in GTBank for 30 days, 60 days or 90 days or any length of time yields 3% interest rate.

6. Sterling Bank fixed deposit account interest rate

This customer friendly bank gives out the highest interest rate in Nigeria as your investment increases by 5% after 30 days, 5.25% interest rate after 60 days and 5.5% after 90 days of investment.

Disclaimer: All of the data provided here is accurate as of the first half of 2017. Since then, some banks could have changed their rates, because that’s the way they operate. Be sure to double-check this information with a bank representative before committing to a deposit and signing anything.


It is an important decision to invest your savings into something. We know that one of the safest options to do this by opening a fixed deposit in one of the Nigerian banks.

Are you wondering which bank offers the highest rates for you to make more money? This updated article provides answers as to the banks you can get the best fixed deposit rates in Nigeria 2024.


A fixed deposit is a kind of bank service also called FD which grants you a guaranteed interest rate which is different from other types of deposits. Since you know exactly how much money you’ll receive in the end, you are expected not to withdraw your funds before the expiration the agreed time of your fixed deposit.

Fixed deposits vary in the length of time. The shortest possible term is a single month, while the longest can go for five years max. What differentiates FD from other kinds of saving investments, is that you do not receive your interest every thirty days, but only once when your contract ends.

Although, there are small interest rates attached, there are also several benefits of this type of investment if you choose to setup a fixed deposit account which include:

  1. Helps you save money to avoid reckless spending your savings.
  2. Offers better interest than a normal savings account.
  3. You are sure of your interest with no risk involved.
  4. You determine how long you open your deposit.
  5. You can choose to open several fixed deposits at different banks and reap the interests alone.


Let’s say you’ve decided to invest your money in a fixed deposit, but where do you go from here? It’s rather simple. You take a list of the biggest, most reliable banks in the country, and crunch the numbers to see which one of them offers the highest interest rates. Lucky for you, you can find a list of the Nigerian banks with the best interest rates below:

S/N NAME OF BANK Demand Deposit Savings Deposit Time Deposit
Ave. Int Rate Ave. Int Rate Ave. Int Rate
1 Access Bank 0.34 1.15 2.34
2 Citi Bank Nigeria 0.10 1.20 0.70
3 Coronation Merchant Bank 4.58
4 Ecobank Nigeria 0.01 1.25 2.69
5 FCMB 0.27 1.15 0.25
6 Fidelity Bank 0.50 1.15 2.00
7 First Bank of Nigeria 0.00 0.00 1.50
8 FBN Merchant Bank 2.34
9 FSDH 2.00
10 Guaranty Trust Bank 0.16 1.15 1.17
11 Globus Bank Ltd. 0.01 1.15 4.00
12 Heritage Bank 0.00 4.20 13.88
13 Keystone Bank Ltd 0.60 1.15 5.61
14 Nova Merchant Bank 4.27
15 Providus Bank 0.86 0.62 3.73
16 Rand Merchant Bank Nig. Ltd 0.00 0.00 2.89
17 Polaris Bank 1.15 1.99
18 Stanbic IBTC Bank 0.001 1.15 1.60
19 Standard Chartered Bank 0.00 1.20 0.03
20 Sterling Bank 0.00 1.15 7.53
21 SunTrust Bank 0.00 4.10 3.72
22 Titan Trust Bank 0.00 1.15 1.66
23 Union Bank 0.11 1.15 1.00
24 United Bank for Africa 0.03 1.15 1.00
25 Unity Bank 0.45 1.90 4.00
26 Wema Bank 0.84 1.15 1.70
27 Zenith Bank 0.04 1.15 0.99


The First Bank of Nigeria is one of the oldest and most reliable options on the market. Even though they don’t offer the best interest, you can be 100% sure that they will pay you back every last Naira.

For a sum of half a million you can enjoy the following rates:

  • 2.5% for one month
  • 2.7% for two months
  • 3.0% for three months

Important notice: In some of the banks present on this list, the rate percentage depends on the amount you are ready to deposit. The more you invest – the higher the interest.


The fifth place for goes to Stanbic. If you choose to go with this option, you’ll enjoy marginally better rates, although the numbers still aren’t as impressive as you would expect. For an investment of half a million Naira, you’ll be presented with:

  • 3% for one month
  • 3.25% for two months
  • 3.5% for three months

Stambic IBTC Bank pays 0.5% interest on 180 days tenor on N1million as at 10/3/2020


Just outside of the Top 3, we have the Wema Bank. This is one of the oldest banking establishments in the country, having lived through numerous incarnations and still going strong. For an average deposit of half a million Naira you’ll receive the following:

  • 3% for one month
  • 3.25% for two months
  • 3.75% for three months


The third place goes to the Access Bank, which promises rates almost twice as good as the ones offered by First Bank. For an average deposit of half a million Naira you’ll receive the following:

  • 4% for one month
  • 4.35% for two months
  • 4.5% for three months


For an investment of half a million Naira, you’ll be offered 4.5% interest no matter the period of time you sign up for. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths.


The honorary first place goes to Sterling Bank. As of our last available data, Sterling can offer you the best interest rates in Nigeria. If you choose to open a deposit with them, you’ll be offered:

  • 5% for one month
  • 5.25% for two months
  • 5.5% for three months

Now you know everything about fixed deposit interest rate in Nigeria, and know which bank to visit to get the best offer. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. Consider sharing this article with your friends, and good luck with your investment!

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Oluchi Chukwu

Oluchi is a seasoned Information blogger, content developer and the editor of Nigerian Queries. She is a tech enthusiast who loves reading, writing and research

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