Which Bank in Nigeria is The Best for Fixed Deposit Accounts
Fixed Deposit account is a popular type of account which is operated by all Nigeria commercial banks.
Fixed/Tenured Deposit is a tenured investment account with a specific amount invested at an agreed interest rate and tenure.
At the end of the agreed period (tenure), and based on customer’s instructions, the investment can either be re-invested or returned to customer with the interest amount earned.
The minimum tenure for fixed deposit for most Nigerian banks is 30 days and maximum of 180 days.
This is a very popularly type of account in Nigeria and is mostly operated by those who are saving money for projects.
Interest rates for fixed deposit is not same for all Nigerian banks. Some Nigerian banks interest rates for fixed deposits are higher and more attractive than others.
Customers who wishes to open fixed deposit or tenured deposit accounts always seek to partner with banks with high interest rates for fixed deposit.
Apart from interests rates, there are some other terms and conditions that are applied for fixed deposits in Nigeria.
For most customers who wants to fix their money, the question of which banks is the best for fixed deposit in Nigeria do not go away.
Also, some of the most questions asked by customer who wishes to invest in fixed deposit is which Nigerian banks has the highest interest rates for fixed deposits.
Banks that makes it to the latter question are considered the best banks for fixed deposits in Nigeria.
So, in this post, we will be listing banks with best fixed deposits in Nigeria.
Banks with Best Interest Rates for Fixed Deposits in Nigeria
As already explained above fixed deposit is a special type of account where customers deposit a specific amount of money for s specific period under a specified interest rate.
Fixed deposit is one of the best ways to save money in Nigerian banks. It is very popular type of account in Nigeria and is observed by all Nigeria commercial banks.
However, as a result of government policies interests in fixed deposits and treasury bill has dropped in recent times.
Nevertheless, fixed deposit is still a good way to save money in Nigeria.
After a rigorous research, we observed that Nigerian banks always classify their FD interests i.e they do not publicize the interests rate for fixed deposits.
Nevertheless we sought findings of some financial experts and insiders within banking industry and they opined that these are best banks for fixed deposits in Nigeria.
Access Bank is one of the best banks in Nigeria for fixed deposit. The bank offer high and attractive interests rate for money on fixed deposit.
The minimum tenure for fixed deposit at Access bank is 30 days. The FD interest at Access bank is 4%, 4.35% & 4.5% for one month, two months and three months respectively. This is according to our source.
Sterling bank was also noted as one of the banks in Nigeria with high interest rates for fixed deposits according to our sources.
The bank welcomes and is open to accepting huge deposit for long tenure.
This is another bank this is adjudged as have the best interests rate for fixed deposits.
The bank is very effective and efficient in managing deposits and return of interests.
First Bank of Nigeria
We also gathered that First Bank so offer high interest rates for fixed deposits.
However, we could not confirm this from the bank’s customer service representative after many attempts.
Stanbic IBTC Bank
This is another bank most of our sources confirmed as being among the best for fixed deposit in Nigeria.
One of our sources who is a stock broker by name Jamil, noted that Stanbic IBTC Bank has one of the highest interest rate on fixed deposits in Nigeria.
We advise that customers who wished to operate fixed deposit accounts, should visit and speak extensively with their account officer on interest rate of FD as well as other issues like tax on Interests etc.
Most banks in Nigeria do not make public their interests rates for FD. In this way you can calculate what you stand to gain before fixing your deposits.