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Home ✔Life & style Best Banks For Savings Accounts in Nigeria (By Interest Rates)

Best Banks For Savings Accounts in Nigeria (By Interest Rates)

Nigerian banks offer varying interest rates for their savings accounts. Apparently, some of them offer considerably higher rates than others. So, we’ll take a look at some of the best banks in Nigeria to open savings accounts with, based on their interest rates.

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For most banks (if not all) the interest rate stands at 4.2% per annum. Given that the CBN has directed banks to pay a minimum of 30 percent of the Monetary Policy Rate (MPR) as interest on savings accounts.

Currently, the set Monetary Policy Rate is 14%. Therefore, 30% of 14% gives 4.2%.

Although the interest rate for most banks is the same, many of them set varying conditions for earning your interest. For some banks, making more than 2 withdrawals in one month will disqualify you from earning any interest while some banks permit as much as 4 withdrawals in a month. I advise you to communicate with your bank customer care for clarification on this.

For now, we’ll provide a list of some of the banks we’ve been able to gather information regarding their interest rates from their official websites. It is left for you to compare and contrast, in order to know which one meets your needs.

Best Nigerian banks for savings accounts

Stanbic IBTC bank

Stanbic has an account type called Max Yield, that offers high-interest rates on a minimum deposit balance. It is for customers that want their savings to earn more for them while enjoying partial withdrawals from the account without losing the interest earned. With max yield, you can earn as high as 6.2% per annum (subject to CBN-advised MPR) for minimum daily balances of N100,000. However, to enjoy this rate, you must not withdraw more than once per month.

For normal savings account, you earn an interest rate of 4.2% per annum (subject to CBN-advised MPR) if you withdraw more than once a month or daily account balance is less than N100,000.

Unity Bank

With Unity Bank, you get an interest rate of 5% per annum on monthly average balances above ₦100,000 – payable monthly. Other bonuses may apply, depending how long you leave your funds without making withdrawals.

To get specific details, visit any Unity Bank near you to speak with a customer care representative.

Zenith Bank

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All of Zenith Banks’ savings accounts have an interest rate of 4.20%. However, the bank provides a savings account called Save4me, a high interest yielding account designed for customers to save towards a specific target. Save4me offers an interest rate that is 0.8% higher than the Individual Savings Account.

Before you open an account with Zenith, I advise you to speak to customer care so that you’ll know the terms and conditions of the various account types.

Polaris Bank

Generally, Polaris bank has an interest rate that conforms to the standard 4.2% rate set by the CBN. The bank also offers a high interest-bearing account of 6% per annum, with no maintenance fee and a minimum operating balance of N10,000.00. You also have access to a debit card and internet/mobile banking. The bank doesn’t explicitly state the withdrawal limits and minimum balance to qualify for the interest, so it’s better to visit any Polaris Bank near you for further clarification.


Guaranty Trust Bank Plc offers a wide range of savings account types with different interest rates. For example, GTarget offers a 3.6% interest rate per annum and an additional 1% bonus interest to customers who maintain Standing Order deposit for 1 year; this brings it to a total of 4.6% if you’re can trigger the bonus.

Other account types include GTSave and SmartKidSave (0-12 years old children), which both offer competitive interest rates at 4.05%. Other conditions may apply, so visit any GTBank branch near you for additional clarification.


The average interest rate for First City Monument Bank, popularly known as FCMB, is 4.20. It is one of the few banks that offer Domiciliary accounts in Savings at an interest rate of over 4% per annum. In other words, you can begin to save your money in foreign currency for added benefits.

Also read: What are domiciliary accounts and how do they work?

Union Bank

With Union Bank, regular savings accounts can earn up to 4.2% interest per annum for Naira accounts and 0.2% interest per annum for foreign currency accounts.

There’s another account type called UnionMax, which is suitable for individuals who want to reduce the effect of inflation on their savings, or for those who intend to set funds aside for retirement or investment. You can save as low as N5,000 every month for as long as you want (minimum is 2 years). And for every year, you earn an interest rate of 10% on your savings.

Wema Bank

In Wema Bank, the savings interest rate ranges between 3.6% to 4.5% depending on the amount of money in your account. For Wema Treasure Account (WTA), interest rate is 3.6% +1% to 4.5%+1% depending on volume. Furthermore, you get an additional interest of 0.5% if, within the one year, you don’t make any withdrawal for at least three months stretch.

Keystone bank

Keystone offers a savings account type called Xtra that functions as a current account, with an Interest rate of 4.2% per annum (terms and conditions apply).

Access Bank

Generally, access Bank offers an interest rate of 4.05% per annum on its savings accounts. If you want to know the requirements for qualifying for such rates, then visit any branch near you.

Finally, the rates above are subject to change in the event of a reform. We will make sure we notify you of such changes as soon as we notice any. Meanwhile, feel free to visit any of the banks above for further clarification on their rates.

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