Latest data published by the Central Bank of Nigeria shows that the Nigerian banking industry pays its customers an average interest rate of 5.32% on savings in their bank accounts.

The figures released on its website capture deposit rates across 31 commercial and merchant banks.

Coronation Bank offered the highest average interest rate on savings deposits in Nigeria at 10.12%.

Banks such as Access Bank, Zenith Bank, GTBank, and UBA maintained this standard rate, reflecting ongoing competition for retail deposits amid tight liquidity.

What is the savings deposit rate?

The deposit rate is the interest rate paid by commercial banks or financial institutions on cash deposits made by account holders.

The savings deposit rate is typically pegged at a minimum of 30% of the MPR, but becomes inapplicable if customers make more than four withdrawals from their savings account within a month.

Higher deposit rates provide savers with increased earnings, which can help their funds grow more significantly over time.

In a move to enhance transparency and foster informed financial decision-making, the CBN’s Monetary Policy Committee (MPC) mandated the public disclosure of lending rates across all Deposit Money Banks (DMBs).

Commercial banks' savings rate

Among the 31 banks listed, Coronation Bank offers the highest average interest rate on savings deposits in Nigeria at 10.12%.

A large group of banks including Stanbic IBTC, Access Bank, Citi Bank, Ecobank, Fidelity Bank (5.625%), First Bank of Nigeria, Guaranty Trust Bank, Heritage Bank, Nova Merchant Bank, Optimus Bank, Providus Bank, Sterling Bank, Titan Trust Bank, Union Bank, Unity Bank, Wema Bank, and Zenith Bank offer a uniform average savings interest rate of 5.63%.

Polaris Bank and Keystone Bank offer slightly lower returns at 5.40% and 5.28%, respectively. Standard Chartered Bank, SunTrust, and United Bank for Africa each offer 4.20%, which falls below the average among major banks.

Rand Merchant Bank Nigeria Ltd offers a 1.88%, while Globus Bank Ltd and FCMB rank among the lowest with rates of 1.40% and 1.15%, respectively.