I want to take a bold step of divesting into Fixed Deposit Savings. However, like any investor, I'm very concerned on what my returns(interests on savings) would be. Please which of the Nigerian banks has the best form of Fixed Deposit Savings? Your factual contributions will be well appreciated

@ Op: as far as I know, UBA and first give d highest interest rate on fixed deposit. But depending on how much u are depositing, u can always negotiate the rate with any bank. The more your cash, the more bargaining power you've got!!!

dawnomike:
@ Op: as far as I know, UBA and first give d highest interest rate on fixed deposit. But depending on how much u are depositing, u can always negotiate the rate with any bank. The more your cash, the more bargaining power you've got!!!

Hi,

What is the interest rate per bank, what is the minimum deposit and the tenure?

I know FCMB is about 9.25% per annum (Depending on the rates for the month and tenure) and the minimum deposit is N250,000.00

i would love to know too.Is 50k possible?

dawnomike:
@ Op: as far as I know, UBA and first give d highest interest rate on fixed deposit. But depending on how much u are depositing, u can always negotiate the rate with any bank. The more your cash, the more bargaining power you've got!!!

. Okay, but what's d lowest rate/ the highest rate that can be received as interest.

Mods please help move to front page, Information is power. A whole lot of people can benefit from this. Cc Seun

Corrections madame, any percentage you are given on fixed deposit is per annum. Meaning if you fix 100,000 at 9.5%, you would get 109,500 at d end of a fiscal year!

In otherwords, (using the above scenario) if you fix 100,000 for only one month, your interest would be 9,500 ÷ 12 = 792

So, at the end of one month, for your 100,000 at 9.5%, only 100,792 would be returned to you!

Take note that NO bank would give you 9.5% for you 100,000. To get that kind of interest rate, your money MUST be in millions!

bukatyne:


Hi,

What is the interest rate per bank, what is the minimum deposit and the tenure?

I know FCMB is about 9.25% per month (Depending on the rates for the month and tenure) and the minimum deposit is N250,000.00

DirtyGold:
Corrections madame, any percentage you are given on fixed deposit is per annum. Meaning if you fix 100,000 at 9.5%, you would get 109,500 at d end of a fiscal year!

In otherwords, (using the above scenario) if you fix 100,000 for only one month, your interest would be 9,500 ÷ 12 = 792

So, at the end of one month, for your 100,000 at 9.5%, only 100,792 would be returned to you!

Take note that NO bank would give you 9.5% for you 100,000. To get that kind of interest rate, your money MUST be in millions!

Hi DirtyGold,

I was interested and made consultations. I engage them again.

Thanks

You welcome dear. All the best.

bukatyne:


Hi DirtyGold,

I was interested and made consultations. I engage them again.

Thanks

DirtyGold:
You welcome dear.

You can also consider Diamond bank HIDA account. Its a high interest account like fixed deposit but you can withdraw your money any time like you would your normal savings account.

All the best.

Funnily, I ran into them again and have cleared it...

You were right, the interest rate is P.a

Thanks

You welcome,
I'm glad I could help.
Cheers!

bukatyne:


Funnily, I ran into them again and have cleared it...

You were right, the interest rate is P.a

Thanks