I intend to invest in the Zenith Banks Fixed Deposit but first I like to know anything relating to investing in Zenith Bank. I want to have an idea before going to the bank.

I was advised to go to the bank but I know that the bank will only convince me to join. I will be glad if anyone can assist.

nobody can advice you better than the bank they are in a better potion to give you all the detail explanation you may need. good luck to you brother

Zenith Bank is one of naija's top banks, your money should be safe with them.

I guess this is what you want to know.

Hi,
I saw your issue about having a fixed deposit with Zenith.
I have a colleague who saved N500k with Zenith for some months and the profit he made was not even up to 50k.
It depends on your aim for having a fixed deposit. If u just wanna keep d money with them just to avoid spending it, then it's ok. But if u wanna make money from it, guy no be am at all !!!!!!
It's ur choice to make sha

i cant beleive young people could still be thinking of fixing thier money in the bank, the funniest part of it is that, you will hardly see a banker that will fix his or har money in the bank.Pease wise up and use the money to do better things or give it to someone that needs it.

Kinda wondering why anybody in this age and time will want to put his money into afixed deposit that barely yields 5 % per annum in most cases. The best you can get is less than 15 % and that is, if you deposit lots of money.  

Why not put your money into the stock market instead. If you buy an Oceanic Bank or UBA IPO now, by the end of the year you can be sure of some significant appreciation of your worth.

Alternatively, put the money in some mutual funds, buy treasury bills or bonds, if you can wait a couple of years for it to mature but whatever you do, a mere fixed deposit is not a wise way to use your money these days. It does not yield much returns. Even if you just want to keep the money somewhere safe, then buy the shares of some stable company. You can be sure your money won't be lost unless something terrible happens.

Zenith Bank Plc is No 2 in Nigeria today. I can help you in fixing your funds at a good rate. Do you need my phone No?

I think you'll get better returns from the top 5 banks in nigeria in a year.buy bank shares or cement companies

i heard something about oceanic pearl account, they give 30k a month on 500K _{>thats what i read in here some time ago<}

nazzyon:

I intend to invest in the Zenith Banks Fixed Deposit but first I like to know anything relating to investing in Zenith Bank. I want to have an idea before going to the bank.

I was advised to go to the bank but I know that the bank will only convince me to join. I will be glad if anyone can assist.

Nazzyon, I totally agree with funloving. Most fixed deposits won't give you more than 5% per annum which is much lower than the present inflation rate so in the long run, your money's losing value. You'll be better off investing in the stock market or into managed funds. IBTC Equity fund and ARM discovery fund will give you good returns. I have an article that might be of help available on my blog. Cheers.

nice blog @ Icon

And I thought that annual yield in savings in an American bank (which hovers between 1-6%) was low? Nigeria's case is not better. But the difference in America, is that any significant gains, accumulated from savings, is subject to being taxed by uncle Sam. Is that also applicable in Naija?

Icon, inspirational blog.

Thanks for your contributions. I have decided I will switch to shares after reading your replies. But I know of few banks who are selling shares right now. I tried accessing the NSE earlier today but I am have a Gateway err. I will keep trying. For now if you still have more infos to help I will be glad to go through them.

In the meantime, I will go through the various post on investments in this forum.

Thanks for refering me to the Blog "Icon". It is helpful.
Thanks once again.

Ciao

Ndipe, this na naija, no such thing but you have to pay your taxes here but surely not on returns from fixed deposits.

any banker or tax official here in this forum?

nazzyon:

Thanks for your contributions. I have decided I will switch to shares after reading your replies. But I know of few banks who are selling shares right now. I tried accessing the NSE earlier today but I am have a Gateway err. I will keep trying. For now if you still have more infos to help I will be glad to go through them.

Thanks for refering me to the Blog "Icon". It is helpful.
Thanks once again.

Ciao

Nazzyon Good Decision. You can check www.stockmarketnigeria.com for some info on the stock market. I can't do without that site.
Loverbwoy, Ndipe, thanks for checking out my blog and thanks for the comments.

y not fix the money in Oceanic bank.depending on how much u have.With 100k u will an interest of 8% for a month,500k and above, 9% for a month.

Thanks for the piece of information; was considering doing something stupid like this.

Please @ what rate are the following banks selling their shares:

UBA
GTB
FCMB
Diamond
Oceanic
Intercontinental

And if you have banks with better offers you can include it please.

"y not fix the money in Oceanic bank.depending on how much u have.With 100k u will an interest of 8% for a month,500k and above, 9% for a month."


Ndipe's comment.


8% a month for 100k? that's like 96% per annum for an interest? Is that feasible in today's economy? I am curious to know. Heck, I could start investing in Naija, afterall, if it is true, it sure beats the miserly returns on your savings account, dollar or no dollar.

The quoted interest rate of 8% is compounded over the year so in essence every month you get
8% / 12 = 0.67% per month.
This is roughly N3333 paid every month for N500,000

Not very much and lower than the rate of inflation which is given at 8-10% depending on your sources so your money is losing value due to inflation each month it sits in the bank

You are better off investing in a stock market fund
Fixed deposit accounts are for sums of money you will definitely be needing at a specified time, come what may ie house purchase, school fees etc in 3 months and want to take absolutely no risks with the money

In summary it is very low yield and very low risk. Your money will definitely be waiting for you at the end of the fixed term

I have fixed my money recently, i use the interest to offset the COT on my account so i dont end up with less than i put in and i also use it as an emergency fund
I will be taking it out as soon as the tenor expires as my investment plans have changed

Naijafresh, thanks for the information/clarification. Then, I am better off, investing out here. I used to think the savings rate back home was attractive, apparently, you just changed my mind on that, so investing in it, is not worth my while. A place that I am quite keen on exploring is the stock market back home. Wall Street has been volatile, lately, with the crisis in the housing market, but on a safer bet, mutual funds, are less riskier than investing in the stock market, with better returns/yields than the rate offered at some financial institutions. It is ridiculously low.