CBN Releases How Much Access, UBA, GTB, Other Banks Pay as Savings Rate for Deposits
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Latest data published by the Central Bank of Nigeria shows that the Nigerian banking industry pays its customers an average interest rate of 5.32% on savings in their bank accounts.
The figures released on its website capture deposit rates across 31 commercial and merchant banks.
Source: UGC
Coronation Bank offered the highest average interest rate on savings deposits in Nigeria at 10.12%.
Banks such as Access Bank, Zenith Bank, GTBank, and UBA maintained this standard rate, reflecting ongoing competition for retail deposits amid tight liquidity.
The deposit rate is the interest rate paid by commercial banks or financial institutions on cash deposits made by account holders.
The savings deposit rate is typically pegged at a minimum of 30% of the MPR, but becomes inapplicable if customers make more than four withdrawals from their savings account within a month.
Higher deposit rates provide savers with increased earnings, which can help their funds grow more significantly over time.
In a move to enhance transparency and foster informed financial decision-making, the CBN’s Monetary Policy Committee (MPC) mandated the public disclosure of lending rates across all Deposit Money Banks (DMBs).
Among the 31 banks listed, Coronation Bank offers the highest average interest rate on savings deposits in Nigeria at 10.12%.
A large group of banks including Stanbic IBTC, Access Bank, Citi Bank, Ecobank, Fidelity Bank (5.625%), First Bank of Nigeria, Guaranty Trust Bank, Heritage Bank, Nova Merchant Bank, Optimus Bank, Providus Bank, Sterling Bank, Titan Trust Bank, Union Bank, Unity Bank, Wema Bank, and Zenith Bank offer a uniform average savings interest rate of 5.63%.
Polaris Bank and Keystone Bank offer slightly lower returns at 5.40% and 5.28%, respectively. Standard Chartered Bank, SunTrust, and United Bank for Africa each offer 4.20%, which falls below the average among major banks.
Rand Merchant Bank Nigeria Ltd offers a 1.88%, while Globus Bank Ltd and FCMB rank among the lowest with rates of 1.40% and 1.15%, respectively.
Earlier, Legit.ng reported that total customer deposits in 10 commercial banks listed on the Nigerian exchange had increased to N140.97 trillion.
The latest figure represents a 51% increase in customer deposits compared to the N93.5 trillion generated in 2023.
ETI recorded the highest customer deposits among listed banks in 2024, totalling N31.64 trillion.
Customer deposits are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments.
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Source: Legit.ng
