Interest Rate On Fixed Deposit Accounts In Nigeria

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.

brother the highest you can get is 22% on 10 million naira per annum.
but i think you can double that money than giving it to this bank chiefs to make more money for themselfs.best of lucks

actually seun that depends on the bank, the amount you deposit, and the duration of your deposit, more money+longer duration = higher interest rates (usually), plus if you have enough dough you can negotiate better terms. for more info check out some  of the bank websites

www.ibtc.com  www.gtbplc.com those are the ones i know off the top of my head

i will advise instead of depositing on a fixed deposit for 5-year duration and get 12% per annum, depending on the bank.  Why not go for stock like Guinness, Taxaco  etc., check what your turnover will be after 5 years.

 selling MTN carsds is not no way way out.

15.6 % in 2005

y'all should know that fixed deposits is not a way of making much money, unless you already have a lot of it, you can use it to keep your money from depreciating, but if u really want to make some money, you'll have to take some risks, e.g stock market investment,  starting a bizness or something like that before you can expect to make real dough.

We all know that fixed deposit is not a way to make money, but when the fixed deposit rate is 7% and inflation rate is 15%, that means that you cannot even prevent your money from depreciating by using fixed deposit accounts.

Like its bin said earlier,the facts are these:
You don't make much money using a fixed deposit facility
You can't stop your money from depreciating using fixed dep
You can get some higher % though depending on d amount and tenor
Am aware u can get between 9%-12% depending on amount invested and tenor.
I dig d idea of Landed property.Its d rave now and am into it,L-I-V-E
Take care.

the fixed deposit thing, is not really working

See they say you get 8-10 percent interest per annum which means

your money/100*10/12

I hope i got that right. its close to getting nothing, even if i invest in one peper business or the oda, i ll sure get more than 12% in a year and remember, should incase you have need to withdraw when your money is still fixed, the bank ll charge you and d only advantage is that, it helps you keep your money at that time and instead of paying the bank your kobo they ll pay you some coin this time!

I was obviously mistaken, because I thought Nigerian banks offered a more attractive rate on Fixed deposit than their American counterparts. With the high rate of inflation back home, then, it probably does not make economic sense, to deposit your money in fixed deposit, because your Naira would depreciate in the long run. Some banks, like WAMU and HSBC are offering rates of 5 and 6%, which actually boosts the value of your money, because inflation in the states generally isnt high, it is around 2-3 percent, for consumer goods.

Still, there are other ways of beating inflation, if you have the money. Mutual funds and the stock market are one of the ways of combating inflation from depreciating the value of your money.

Tmoni, you have to tie in the inflation rate with the performance of the interest rate. So, while we may be rejoicing that Nigerian banks would pay you 12 percent on your cash, remember, as one member wrote, the inflation rate is about 15 percent, which means that your money is depreciating. On the other hand, if the inflation rate in Britain is less than 4 percent a year, and your funds yields about 4 percent interest, accrued from the bank, then you are better off investing in the UK banks. Remember, it is not how much money you have, but the value of your currency.

@Tmoni

You also need to factor in Exchange rate, last November it was around 248 now it is 256, plus there are still some accounts in uk offering 6% and above Barclays currently has 6.5% for their ISA (which is Tax Free). Alliance is offering 12% but you need to open a premier current account.

So UK bank ain't that bad and has the added advantage of being within easy reach (although this is a downside if you are a big spender).

I do think there is a limit to how much can be saved, check their website for details.

R u buvered, just collect the interest jeje.

Which bank in Nigeria did u say is giving you the 12%?

@tmoni

Yes I have strong ties with the Queen, send to dollypno1@yahoo.com

Interest rates do not really reflect the best you can make out of your hard earned money. You could use some of that to buy a computer, hook up to the internet and learn the tricks of the masters who make money daily. As long as what you earn from your deposits does not beat inflation, all is a waste of time. Discover some of these tricks at www.9jasfinest.com Hit me back