The Central Bank of Nigeria has released the latest saving deposit interest rates for various Deposit Money banks (DMBs).... CLICK TO READ THE FULL NEWS HERE▶▶
A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
The changes reflect the most recent decision by the CBN to raise the Monetary Policy Rate (MPR).
Legit.ng earlier reported that after a 2-day meeting held on the 22nd and 23rd of July 2024, the apex bank decided to hike the MPR to 26.75% from the previous rate of 26.25%.
The MPR serves as a guide for commercial banks to determine their interest rates for customer loans and deposits.
Breakdown of banks’ lending rates
In reaction to the change, Nigerian banks, including Access, United Bank for Africa, and Zenith, among others, have adjusted savings deposits.
Checks by Legit.ng show that the new rates published by CBN indicate that banks now offer savings deposit rates ranging from 7.88% to 21.87%.
Access Bank: 7.88%
Citibank: 7.88%
Coronation Bank: 21.87%
Ecobank: 7.86%
FCMB: 1.15%
Fidelity Bank: 7.43%
First Bank: 7.88%
Globus Bank: 1.4%
GTB: 7.88%
Keystone Bank: 7.88%
Optimus: 7.88%
Polaris: 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: 7.8% Titan
Trust Bank: 7.43%
UBA: 7.88%
Union Bank: 7.88%
Unity Bank: 7.88%
Wema Bank: 7.88%
Zenith Bank: 7.89%
