hello nairalanders please I need an advice on a long term investment. am the first child and in the look of thinks in 5 years time I will be carrying heavy responsibilities because already it is showing up. I want to put 300 thousand naira in a fix deposit account from now till like 6 years from now where my younger ones will be starting the higher institution. I check a bank and I was told the interest rate is 3 percent per month and it could be roll over after 3 months. please I want to know if it will help because from my calculation I can collect up to 120k in a year and if I add it to the 300k it become 420k and fix it again and like that for 5 years. please am just trying to plan for the future of my family and secure it. I don't want to risk this money in business but I will do it latter,I just want a security someway. please those that work in financial institution please help me. please your advice is very important and you constructive criticism is useful..




mood a beg biko help me. mbok.
thanks.

please don't only view please comment

i need to know too!

asumo12:
i need to know too!

that is why am calling on this professional to please help me/us with advice

Interest rates on Fixed Deposit is not static. It changes. But no bank gives you such rates on monthly basis, but yearly(per annum). What you state suggest about 36 percent per annum which is not feasible with any bank now.

On average, I think you will get 10 percent per annum on Fixed deposit for that amount. That means in 1-year from when you fix it, it will average 300k plus 30k interest giving 330k at end of year one. Just a guide.

sholatech:
Interest rates on Fixed Deposit is not static. It changes. But no bank gives you such rates on monthly basis, but yearly(per annum). What you state suggest about 36 percent per annum which is not feasible with any bank now.

On average, I think you will get 10 percent per annum on Fixed deposit for that amount. That means in 1-year from when you fix it, it will average 300k plus 30k interest giving 330k at end of year one. Just a guide.

it is either the lady on customer is trying to make me put my money and go or she is not well trained. because that was what she told me and she said after three month the money could be rolled over if I want to. thanks man. I think I should go yo other banks

Jorian1:


it is either the lady on customer is trying to make me put my money and go or she is not well trained. because that was what she told me and she said after three month the money could be rolled over if I want to. thanks man. I think I should go yo other banks

Firstly, I will suggest you go to at least 3 banks and compare their rates. After you have done that, contact me and I will tell you what to do next.