@Olaisrich,
I the % you qouted above is per annum not monthly.
I did make enquiry too from some ghana banks some offer btw 7% to 14.5% all are per year not monthly.
Even our own gtb bank nigeria that offer just 2-3% per year offers btw 7-9% in ghana, this i think is largely due to the Moneytary Policy rate of the various CBN of each countries.
MPR NIG CBN= 6.5%
MPR GHANA CBN= 13.5%

@confluence,
Thanks! Though i made the enquiries via telephone cos i was out of Accra, now am back and am going to do it one on one, am using intercontinental bank Ghana, if what you said is true,they will never have my money!

@Saridon P

Can you mention the banks currently doing above the MPR? I checked a couple and they are all offering below the MPR.

Kip on rockin!

@ confluence,
you are 500% right! the bank % is calculated in per annum,what they are willing to give is too low. Meanwhile, i made an investment of GHC 1500 with 20% monthly interest with somebody which is more better than committing GHC 10000 with low interest in 3 month. I had made a U turn!

http://www.accessbankplc.com/Library/Documents/Weekly%20Rates%20Watch/2011_Rates_Watch/Rateswatch_March_7_2011.pdf

@olaisrich,
check the link i posted above, access bank seems to offer the highest now in the banking industry

confluence:

http://www.accessbankplc.com/Library/Documents/Weekly%20Rates%20Watch/2011_Rates_Watch/Rateswatch_March_7_2011.pdf

Thanks.

Fixed deposit rate seems to rise as the CBN has increase its MPR to 7.5% to fight inflation.

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/19417-cbn-surprises-markets-fights-inflation-with-1-rate-rise

It's not 7.5% as you stated .I spoke with my account officer on that, and he said its inter bank rate not for customer.Infact he said its been increased from 2% to 3.5%.Not encouraging at all.

@okwobome And buying and selling sms is making your money work for you?

@hugooh42 ,
as at today access bank gave me 7.5%per year for 10m and above,
bank phb is even doing 9% per year, so find out well

My God whats wrong with UBA? You can imagine 3.5%on 5million.And they are claiming it's uniform for all banks.

pls i want to know the best bank now to ve a fixed deposit account.

HI All,
Any ideas on the current rates for Fixed Deposits for Nigeria banks?

Regards,

Tony.

Plz What's the rate as at today?

It is true that banks give 2-3.5% rate on deposits, and more depending on the money involved. No bank will charge above CBN stipulated rate. If any bank charge up to 7%, calculate your investment turnover yourself to be sure of rate enjoyed. I am an account officer for P&C investment and lending Ltd. I can offer upto 8% on deposits of 100k-200k, and up to 11% on 1m+. You can forward all your investment enquiries to me via koom4real@yahoo.com or call/SMS 07038282058, 08027169080 Mr Olawoyin. All rates are per annum.

bedone: I Heard Interest Rate On Fixed Savings Account In Nigeria Is High. Is That True? I need to know the lowdown on this. Please enlighten me on this topic.

Go and start up a business if you want better returns on your Money, if you are generous and work with leverage, you might even make up to or more than 100 percent of your Money in a year. Just make use of your head or employ professionals to do it for you while you earn your cash. Simple as that!!

EMO GROUP: Go and start up a business if you want better returns on your Money, if you are generous and work with leverage, you might even make up to or more than 100 percent of your Money in a year. Just make use of your head or employ professionals to do it for you while you earn your cash. Simple as that!!

Fixed deposit account is an investment account not all people have time to trade by themselves. the risk is less than trader hence the low return, However if you are risk taker make your fixed deposit with micro finance bank as their rates are higher.

Advice : when negotiating for rates always take cognizance of inflation rate, it must be higher than inflationn any investment less than inflation rate means you are loosing money no matter the amount.

Always have it at the back of your mind that fixed deposit is an investment account not a savings so expect returns

which bank has the best interest rate on fixed deposit acct.

@jerk my company can give you 14% on N10m for 360days, we have very good rates, give us a try!

What am saying is that, instead of investing your Money on banks that uses the Money to do business and earn good returns on your Money, why not look for existing business and partner with the person or look for a good business idea and employ professionals to manage it for you. Am sure at worst you will make more than 50% of your Capital and you would have touche people lives.

jerk: which bank has the best interest rate on fixed deposit acct.

hrmgr: @jerk my company can give you 14% on N10m for 360days, we have very good rates, give us a try!

My brother considering the fact that inflation rate averagely 12% don't you think 14% is low considering the fact that you will deduct 10% of the interest as WHT and also at what rate are you lending it out I guess something above 24% all in?

@jerk the best rate are in MFB's due to the fact that they lent out most at 10% flat which means 120%pa so deposit rate as well may be high but mind you the risk too is very high

HAH:


My brother considering the fact that inflation rate averagely 12% don't you think 14% is low considering the fact that you will deduct 10% of the interest as WHT and also at what rate are you lending it out I guess something above 24% all in?

@jerk the best rate are in MFB's due to the fact that they lent out most at 10% flat which means 120%pa so deposit rate as well may be high but mind you the risk too is very high

tnks a lot.

Please what is the interest rate for fixed deposit account with GTBank and Access Bank or any other bank?

You can Build & Manage A Successful Personal Investment/Financial Profile In 2016 and Beyond.
with 500k invested In Omnibus Global you Get paid a Guaranteed N15,000 Interest Every Quarter throughout 2015.
You Also Get The Following Rates For the Listed Investments Values:

1m = N100,000/Year
2m = N240,000/Year
5m = N600,000/Year
10m = N1,400,000/Year
20m = N2,400,000/Year

OMNIBUS GLOBAL is duly Registered With The Association of Non-Bank Micro-Finance Institutions Of Nigeria (ANMFIN) & The Chartered Institute Of Loan & Risk Management Of Nigeria (CILRMN)
they are Involved In Agro Trade | Power Solutions| Finance | Insurance | Micro-Leasing & Enterprise Development.
Visit: http://www.omnibusglobal.org
Whatsapp 08185000488 Now For Probes, Verifications, Clarifications, Confirmations or Higher Investment Value Inquiries.
NB. they Welcome Inquest Into their Payment Claims.

You can Build & Manage A Successful Personal Investment/Financial Profile In 2016 and Beyond.
with 500k invested In Omnibus Global you Get paid a Guaranteed N15,000 Interest Every Quarter throughout 2015.
You Also Get The Following Rates For the Listed Investments Values:

1m = N100,000/Year
2m = N240,000/Year
5m = N600,000/Year
10m = N1,400,000/Year
20m = N2,400,000/Year

OMNIBUS GLOBAL is duly Registered With The Association of Non-Bank Micro-Finance Institutions Of Nigeria (ANMFIN) & The Chartered Institute Of Loan & Risk Management Of Nigeria (CILRMN)
they are Involved In Agro Trade | Power Solutions| Finance | Insurance | Micro-Leasing & Enterprise Development.
Visit: http://www.omnibusglobal.org
Whatsapp 08185000488 Now For Probes, Verifications, Clarifications, Confirmations or Higher Investment Value Inquiries.
NB. they Welcome Inquest Into their Payment Claims.

As of today ecobank can give 2% for 500K quarterly(3 months)