Which bank in Nigeria offers the highest interest rate for Fixed deposits?

Posted by Felix Okoli on Friday November 23, 2012 at 12:24:10:

If you are interested in investing your money in a bank to let it earn money for you, one of the best forms of passive investments is a fixed deposit account.

A fixed deposit account is an investment acocunt that allows holders to earn a fixed and pre-agreed percentage. It is normally available to people who commit a higher amount of funds into their account and this is normally higher than the minimum opening balance for a savings account.

In Nigeria, the minimum opening balance for most fixed deposit accounts start from around N200,000 and the more capital your bring, the more interest you will be able to negotiate or get.

Assuming you were interested in this form of investment, you would need to make the right decision in choosing which bank would offer you the kind of service you are looking for.

Do you want a bank that would offer you the highest rates? Would you rather want a bank that may offer you a lower rate but just has a better reputation? Do you then just want to invest in a bank just because you love their customer service?

There are many factors a fixed deposit investor may consider before opening an account with a bank but in this report, I want to reveal to you which banks really do pay the highest interest rates for fixed deposit accounts.

According to a CBN report on the Average Deposit and lending rates of banks as at October 5 2013 as published on page 30 of the Guardian Newspapers, here are the top 10 banks that offer the highest interest rates for Fixed/Term deposits:

Banks with fixed rates
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Stanbic IBTC 14
FCMB 13.75
Diamond bank 10
Fidelity bank 10
Wema bank 9.55
Citibank 9.18
Keystone bank 9.01
Standard Chartered 8.50

Other banks with variable Fixed deposit interest rates
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Union bank 7.50 to 14
Access bank 3.75 to 14

Fixed deposit accounts are a good and reliable way of getting returns on your invested money, no long stories. It's not like the stock market which does not have much certainty. It works best for people who have a lot of free capital and just want their money to work for them.