The Central Bank of Nigeria has released the savings account interest rates offered by Nigerian banks.
The figures released on its website capture deposit rates across 27 commercial and merchant banks.
A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
Nigerian banks with highest savings rate
Data published on the CBN’s website showed that 21 commercial banks were paying 8.25% average interest rate on deposits
The banks include Access Bank, Alpha Morgan Bank, Citi Bank, FCMB (First City Monument Bank), Fidelity Bank, First Bank of Nigeria, Keystone Bank Ltd, Optimus Bank, Parallex Bank, Polaris Bank.
Others are Premium Trust Bank, Providus Bank, Standard Chartered Bank, Sterling Bank, Tatum Bank, Titan Trust Bank, United Bank for Africa (UBA), Union Bank, Unity Bank, Wema Bank,and Zenith Bank.
Globus Bank Ltd and Signature Bank savings interest rate is 8.18%.
While a majority of other banks offer rates above 8 per cent, a few institutions have set their interest rates just below.
These include:
Guaranty Trust Bank (GTBank): 8.00%
NOVA Bank: 8.00%
Ecobank: 5.90%
Stanbic IBTC: 2.75% SunTrust Bank leads the pack with the highest interest rate on savings accounts in Nigeria. At 8.30% per annum, it offers customers a strong incentive to deposit and grow their funds, making it a top choice for savers seeking maximum returns.
CBN rules on savings deposit rate
In 2022, the Central Bank of Nigeria (CBN) directed banks to increase the minimum interest rate payable on savings deposits from 10% to 30% of the monetary policy rate (MPR).
In its last MPC meeting held on Tuesday, July 22, 2025, the CBN decided to hold its rate at 27.5%.
Olayemi Cardoso, CBN Governor, who briefed journalists after the meeting, said the committee’s decision to hold the rate steady was based on the need to sustain the disinflationary trend in the economy.
