Top 5 Banks With High Interest Rates In Nigeria (2024)

When it comes to increasing your savings in Nigeria, finding the top 5 banks with high interest rates in Nigeria is essential. The best banks with high interest rates in Nigeria for savings accounts offer competitive interest rates on savings accounts, fixed deposits, and other investment options. However, it can be difficult to figure out which bank to choose. In this blog post, we will show you some of the top 5 banks with high interest rates in Nigeria, helping you make the right decision to increase your savings.

What is an Interest Rate in a Bank?

An interest rate is the percentage of your savings that a bank pays you for keeping your money with them. It’s simply the amount of money you get back when your money begins to grow. In banking, interest is the money you earn on your deposits. It’s the bank’s way of compensating you for allowing them to use your money for loans and other investments.

How is Interest Given and Paid in Banks?

Banks calculate interest based on your account balance and the interest rate. This can be compounded daily, monthly, or annually, which significantly impacts the total interest earned. Generally, interest is always credited to your account either monthly or annually.

How Do You Get Money from Bank Interest?

To get money from bank interest, you simply need to maintain a balance in your savings account or fixed deposit account. The bank calculates and credits interest to your account monthly or annualy depending on your choice.

Basically, if you’re looking to discover how to save money fast on a low income, choosing accounts with high interest rates and maintaining a good balance will help you grow your savings overtime. Regular deposits and interest payments contribute to this growth.

Top 5 Banks with High Interest Rates in Nigeria

5. First Bank of Nigeria

First Bank of Nigeria is one of the best banks with high interest rates in Nigeria for savings account known for its reliability and high interest savings accounts in Nigeria. The bank provides a range of savings products that cater to different financial goals, ensuring you earn significant interest over time.

First Bank Interest Rates:

Savings Accounts: First Bank interest rate on Savings Account in Nigeria is up to 1.15% per annum.
Fixed Deposits: First Bank interest rate on Fixed Deposit Account in Nigeria is up to 6% per annum (depending on tenure [days] and amount).
Loan Interest Rates: First Bank interest rate on Loan in Nigeria is 15% – 25% per annum (depending on loan type and tenure).

First Bank Key Features:

Multiple savings account options.
Additional benefits such as digital banking services.
Special savings schemes for students and children.

4. GTBank

Guaranty Trust Bank (GTBank) offers one of the best high interest savings accounts in Nigeria, making it to our list of top 5 banks with high interest rates in Nigeria. Their interest is typically paid monthly, and they provide various options for both personal and business savings accounts.

GTBank Interest Rates:

Savings Accounts: GTBank interest rate on Savings Account in Nigeria is up to 1.15% per annum.
Fixed Deposits: GTBank interest rate on Fixed Deposit Account in Nigeria is up to 7% per annum (depending on tenure [days] and amount).
Loan Interest Rates: GTBank interest rate on Loan in Nigeria is 16% – 28% per annum (depending on loan type and tenure).

GTBank Key Features:

Competitive interest rates on savings and fixed deposits.
Easy access to funds through a robust digital banking platform.
Special accounts for different customer needs.

3. Access Bank

Access Bank is another top contender when it comes to high interest savings accounts in Nigeria, creating clever ways to save money in Nigeria. They offer flexible savings plans with high interest rates in Nigeria that help you earn money from bank interest regularly in Nigeria.

Access Bank Interest Rates:

Savings Accounts: Access Bank interest rate on Savings Account in Nigeria is up to 1.15% per annum.
Fixed Deposits: Access Bank interest rate on Fixed Deposit Account in Nigeria is up to 7% per annum (depending on tenure [days] and amount).
Loan Interest Rates: Access Bank interest rate on Loan in Nigeria is 17% – 29% per annum (depending on loan type and tenure).

Access Bank Key Features:

Varied savings account options with attractive interest rates.
Fixed deposit accounts with competitive rates.
Access to digital banking services and financial tools.

2. Zenith Bank

Zenith Bank is renowned for being one of the best banks offering high yield savings accounts in Nigeria. The interest rates are attractive, and the bank’s robust financial products cater to various saving needs. Whether you are saving for the short or long term, Zenith Bank provides options that allow you to grow your money efficiently.

Zenith Bank Interest Rates:

Savings Accounts: Zenith Bank interest rate on Savings Account in Nigeria is up to 1.15% per annum.
Fixed Deposits: Zenith Bank interest rate on Fixed Deposit Account in Nigeria is up to 8% per annum (depending on tenure [days] and amount).
Loan Interest Rates: Zenith Bank interest rate on Loan in Nigeria is 18% – 30% per annum (depending on loan type and tenure).

Zenith Key Features:

High interest rates on savings and fixed deposits.
Comprehensive digital banking services.
Various savings products tailored to different customer segments.

1. Globus Bank

Although not as popular as other banks, Globus Bank is among the best banks with high interest rates in Nigeria for savings account. They offer some of the highest interest rates on their savings accounts, making it an excellent choice for those looking to earn money from bank interest regularly in Nigeria.

Additionally, the bank ensures that your interest is paid monthly, providing a steady increase in your savings.

Globus Bank Interest Rates:

Savings Accounts: Globus Bank interest rate on Savings Account in Nigeria is up to 1.15% per annum.
Fixed Deposits: Globus Bank interest rate on Fixed Deposit Account in Nigeria is up to 9% per annum (depending on tenure [days] and amount).
Loan Interest Rates: Globus Bank interest rate on Loan in Nigeria is 15% – 25% per annum (depending on loan type and tenure).

Globus Key Features:

Competitive interest rates on savings and fixed deposit accounts.
Innovative digital banking solutions for seamless transactions.
Personalized banking services tailored to individual needs.

Why You Should Consider Globus Bank

If you’re looking to discover how to save money fast on a low income or searching for a bank that has the best high interest rates in Nigeria with excellent customer service, Globus Bank is a top choice. Here are a few reasons why Globus Bank stands out and why you should consider banking with Globus Bank:

High Interest Rates:

Globus Bank is a commercial bank that has the best high interest savings accounts in Nigeria. They offers some of the highest interest rates on fixed deposit and savings accounts in Nigeria, ensuring your money grows faster.

Innovative Digital Banking:

With advanced digital banking solutions, Globus Bank makes it easy to manage your finances from anywhere, anytime. Their user-friendly mobile app and online banking platform provide seamless and secure transactions.

best banks with high interest rates in Nigeria for savings account

Personalized Services:

Globus Bank offers personalized banking services tailored to meet individual needs. Whether you’re saving for the short term or planning for the future, Globus Bank provides solutions that align with your financial goals.

Customer Focused:

Globus Bank commitment to customer satisfaction is evident in its comprehensive range of products and services designed to enhance the banking experience.

Reliability and Trust:

Globus Bank is known for its reliability and trustworthiness. With a focus on transparency and integrity, they ensure your funds are safe and your financial growth is prioritized.

best interest rates for savings accounts in Nigeria

Globus Bank Core Values

Creativity: Globus Bank consistently seeks innovative ways to serve customers better.
Excellence: Globus Bank strives for excellence in all its services, ensuring high standards are maintained.
Respect: Customer respect is paramount, and Globus Bank ensures all interactions are conducted with the utmost respect and professionalism.
Reliability: You can count on Globus Bank for reliable banking services that meet your needs.
Simplicity: Globus Bank services are designed to be user-friendly and straightforward, making banking easy for everyone.

For more information on Globus Bank or if you need help opening an account, you can reach out to me at [[email protected]]

high interest savings accounts in Nigeria

FAQ

What Bank Account Earns the Most Interest?

High yield savings accounts in Nigeria and fixed deposits generally earn the most interest. Banks like Globus Bank and Zenith Bank are known for their attractive rates.

What Type of Bank Account Pays the Highest Interest?

High yield savings accounts in Nigeria and fixed deposits typically offer the highest interest rates. It’s essential to compare different banks’ offerings to find the best fit.

Which Bank Gives Interest on Savings Accounts in Nigeria?

Most commercial banks in Nigeria, including Globus Bank and Zenith Bank, offer interest on savings accounts. Comparing rates can help you find the best deal.

How Can I Put Money in My Bank and Make Money?

Deposit into a high interest account in Nigeria and let the interest grow your savings. Over time, compounded interest will significantly increase your balance.

How to Earn Money by Depositing in a Bank?

Deposit in high yield accounts, maintain the required balance, and let the interest accumulate. Some banks also offer promotional interest rates for new accounts.

Which Bank is Best for Monthly Interest?

Banks that pay interest monthly, such as Globus Bank, GTBank, and Access Bank, are ideal for those looking for regular income from their savings.

Which Bank Pays You to Open an Account?

Promotions vary, but sometimes banks offer bonuses for opening new accounts in Nigeria. These promotions can add extra value to your savings.

How to Save Money Smartly?

Open a high yield savings account in Nigeria, set savings goals, and automate your savings. This strategy helps in accumulating wealth over time.

Where is the Best Place to Put My Money?

For high interest rates, consider Globus Bank, Zenith Bank, and similar institutions. High yield savings accounts in Nigeria and fixed deposits are typically the best options.

Which Bank is Interest-Free in Nigeria?

Banks offering Islamic banking, such as Jaiz Bank, provide interest-free accounts, adhering to Islamic principles of finance.

Conclusion

Selecting a bank with high interest rates is a strategic move to enhance your savings. Banks like Globus Bank, Zenith Bank, Access Bank, GTBank, and First Bank of Nigeria stand out as the best banks with high interest rates in Nigeria for savings accounts. However, make sure to understand the terms and conditions associated with these top 5 banks with high interest rates in Nigeria, so you choose the right savings account to maximize your earnings.

By choosing the right bank from the list of high interest savings accounts in Nigeria and understanding how interest works, you can significantly grow your savings faster. Always compare the rates and terms of different banks to find the best fit for your financial goals.