Nigerian Bank Sends Message to Customers, Offers 9% Interest Rate on Savings Accounts

• EcoBank has announced a new interest rate on savings accounts in a new message to its customers
• The bank said it is ready to offer its customers operating savings accounts up to 9% interest rate
• The development came after the Central Bank of Nigeria increased MPR interest rates by as much as 300 basis points

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

One of Nigeria's commercial banks, Ecobank is offering its customers 9% interest rates on savings accounts.

In an email to customers seen by Legit.ng, the bank stated that the interest rate was for new and old customers with up to N500,000 in their bank account.

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The message reads:

"We have made it easy for you to take advantage of the competitive rates we offer on our savings products where you can enjoy up to 9% interest per annum.

"Ecobank said new and existing customers can benefit from the high-interest rate by opening a supersavers account and funding it with a minimum of 2 N500,000 or more."

Ecobank's rate is very high compared to what most commercial banks offer their customers.

Earlier, Legit.ng reported that Access Bank said that all its savings accounts would carry a flat rate of 5.55% interest rate per annum.

CBN raises interest rate

In February 2024, the Central Bank of Nigeria (CBN)'s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) by 400 basis points to 22.75% from 18.75%.

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The new interest rate effectively signifies adjustments in both savings and lending rates.

While most banks have quickly sent messages to customers about changes in lending rates, not much has been heard about increases in savings rates.

Fintech firms send messages on new interest rates

Similarly, financial technology firms such as Opay, Palmpay, and Cowyrise have also announced new interest rates.

The fintech firms sent messages to their customers, informing them they could earn 14% on their savings.

This development comes as Nigerians rush to lending platforms due to the skyrocketing cost of living in the country caused by inflation.

Source: Legit.ng