CBN Releases Access, UBA, Zenith, Other Banks' Interest Rates for Savings Accounts in November
- The Central Bank of Nigeria (CBN) has released the latest savings rates offered by Nigerian banks on customers' accounts
- The new rates were published on the CBN website as part of the apex bank's commitment to transparency to guide bank customers
- A savings rate is the interest rate Nigerian banks pay their customers for saving money, and it varies between banks
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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.
The Nigerian banking industry pays its customers an average interest rate of 7.88% on savings in their bank accounts.
The figures, published by the Central Bank of Nigeria, varied across banks, with the Coronation Bank offering the highest rate.
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Checks by Legit.ng showed that the lowest rate banks offered customers was 1.15% interest on deposits as of November 1, 2024.
Read also
10 banks with the highest customer deposits in 2024 as Nigerians save more despite hardship
What is savings deposit rate?
The deposit rate is the interest rate paid by commercial banks or financial institutions on cash deposits of account holders.
Here is a breakdown of banks' lending rates
| Name of bank | savings rate (%) |
| Access Bank | 7.88 |
| Citi Bank | 7.88% |
| Coronation Bank | 21.34 |
| Ecobank | 7.86 |
| FCMB | 1.15 |
| Fidelity Bank | 7.43 |
| First Bank of Nigeria | 7.88 |
| Globus Bank Ltd | 1.40 |
| Guaranty Trust Bank | 7.88 |
| Keystone Bank Ltd | 7.88 |
| Optimus Bank | 7.88 |
| Polaris Bank | 7.88 |
| Premium Trust | 7.88 |
| Providus Bank | 7.88 |
| Signature Bank | 6.63 |
| Stanbic IBTC | 2.63 |
| Standard Chartered Bank | 7.88 |
| Sterling Bank | 7.88 |
| SunTrust Bank | 7.80 |
| Titan Trust | 7.88 |
| United Bank for Africa | 7.88 |
| Union Bank | 7.88 |
| Unity Bank | 7.88 |
| Zenith Bank | 7.88 |
| Wema Bank | 7.88 |
| Average rate | 7.88 |
10 banks with highest customer deposits in 2024
Ealier, Legit.ng reported that Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation
United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank
The CBN has consistently assured Nigerians that banks are safe and funds in customers' accounts are fully secured.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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