duni04:
10% in 365 days??! When you can make10% in 1 day on equities. Only really ignorant people still subscribe to fixed deposits.

pls can you throw more light on equities?

duni04:

U never lose money in equities. You buy a stake in a company and if the company does well, the price climbs and you sell higher. If it doesnt, you wait till the next quarter. Very simple. That's apart from the dividend they pay u.

If only it is as neat and simple as you make it sound. The volatility of the equities market is such that it can drive heavy losers into suicide as it did around 2008/9 here in Nigeria and around the world. The money market instrument we are discussing here isnt as volatile.

duni04:
10% in 365 days??! When you can make10% in 1 day on equities. Only really ignorant people still subscribe to fixed deposits.

Pls shed more light on equities bro

ify84:
While will I do 365 days: 10%
And get 30 days at 9.25%...

Won't I just keep repeating the 30 days option

abi, they won't allow me to keep fixing every 30days

d rate is per annum. So for 30 days. Divide 9.25% by 12. Hahahaha. Used to think like u bro. Till i went to a bank to subscribe. Only to find out.

naijacutee:


Thanks - hope it helps someone.

pls u did nt state d least amount first bank accepts

garrimallam:
Bros pls get the computation right:
7% interest of N500,000 for 60day is computed thus;
0.07 x 500000 x 60\365
= N5,753.425

What u assumed for 60days for 1year ie 365 days.

Thanks

The correct answer

sekzy99:
pls u did nt state d least amount first bank accepts

100k

Caracta:
Besides, these rates depend on negotiations. They are not fixed. I look at how much you are bringing in and the duration.

Again, these rates are not fixed. We only have fixed limits or benchmarks. Get your facts right.

For 400000 at first bank what's the fixed limit

soonest:

For 400000 at first bank what's the fixed limit

For how long? It depends on the duration/tenor. What you get depends on your negotiation with the bank.

naijacutee:


Thanks - hope it helps someone.

You don't know how this has really opened my eye. God bless you for posting the most reasonable topic I have seen on Nairaland for 2 months now.

I have a question, can the time be extended to 2-3yrs or any time I want. For example, I want 1million naira to be withdrawn from my account and and paid back in 3yrs time with the interest

ernie4life:

Advice: instead of fixing your money for 90 days in banks and the will still charge u 10% withholding tax, why not buy treasury bills from CBN which comes with no withholding tax, the interest is paid upfront, it's very secured even more than banks and the rates are always higher than the inflation rate which is about 8% now



Disclaimer : Everything written here is my opinion not yours so keep your criticism to your self

Nice one. However, for treasury bills, there is an annual charge now...though very little. It's "risk-free" too. Though sometimes, if you negotiate well, you can get higher rates from fixed deposit than treasury bills, Treasury bills has a minimum tenor of 91 days unlike fixed deposits that still takes 30 days.

Weselion:
You don't know how this has really opened my eye. God bless you for posting the most reasonable topic I have seen on Nairaland for 2 months now.

I have a question, can the time be extended to 2-3yrs or any time I want. For example, I want 1million naira to be withdrawn from my account and and paid back in 3yrs time with the interest

You can fix for a year and give an instruction for it to be rolled over at maturity, either principal only or principal + interest. It can go on for as long as you want. It's risky though. Just be sure it's not a bank that can disappear .

Good thing is, you have the option of terminating your investment at any time, You just get to lose 20% of the accrued interest. Your principal would still be intact.

Caracta:


For how long? It depends on the duration/tenor. What you get depends on your negotiation with the bank.

For 90days. Just give me the benchmark. Thanks

Caracta:


Nice one. However, for treasury bills, there is an annual charge now...though very little. It's "risk-free" too. Though sometimes, if you negotiate well, you can get higher rates from fixed deposit than treasury bills, Treasury bills has a minimum tenor of 91 days unlike fixed deposits that still takes 30 days.

My advice was specifically for 90 days tenored investment. I forgot to add range of amount though because if you are investing 5m and above u could probably negotiate a better rate on fixed deposit. Thanks for your correction

ednut1:
100k

tnks. Wish dis came earlier. Squander 150k around oct on a useless course

Dalby:
The interest rate given is annual not monthly, so the calculations are wrong.
N500,000 at 7% means N35,000 / year.
for 30days i.e 1 month it is N35,000/12 since 12 months make a year N2,916.67. At the end of 30days you have N502,916.67.

It's even 365days or 366( as the case may be in a leap year) used in calculating and not 12months

Bear in mind that 10% of your interest goes to govt in the name of Withholding Tax

soonest:

For 90days. Just give me the benchmark. Thanks

9.75%

ernie4life:

My advice was specifically for 90 days tenored investment. I forgot to add range of amount though because if you are investing 5m and above u could probably negotiate a better rate on fixed deposit. Thanks for your correction 

True that.

@ OP dis pos is totally misleading tnx 2 @ Dalby u tried 2put d OP ryt but bear in mind dat even ur interest is taxed, eventually u r left with a paltry miserable sum dat gets u pretty disgusted angry

duni04:
10% in 365 days??! When you can make10% in 1 day on equities. Only really ignorant people still subscribe to fixed deposits.

bros abeg school me on this equity stuff.

Tenim47:
how does dis ad to my amount? Mtchew

cos u brain is dead. Poverty don finish u sorry.

angelo82:
Rates from Access head office will be good but the mixture of old inter-continental bank staff has create Fixed Deposit cartel and the information is not clear.Access bank was doing FRD before which means fixed rate deposit and the rate was very high but the branch network cartel of Old Intercontinental has destroyed it.....Thats why contact center can't give you any viable information......Good work though!....

The reason the F R D has a high interest rate is because it is a special product and when you fix your money there, there will be no liquidation until maturity no matter the emergency, unlike the ordinary fixed deposit. They still do the fixed rate deposit in access, problem is their front desk officers don't market it.

They have removed it from their website....And the staff they don't want you to buy into it.....I have done it two times both 180days and 365days and its good until their branch starts suppressing my deposit.....Access Bank really need to pay off Intercontinental staff so that the corporate appearance of Access can actually look like Access bank because to me the behavior of some of their branches is still within Akingbolas structure....

femummy:



The reason the F R D has a high interest rate is because it is a special product and when you fix your money there, there will be no liquidation until maturity no matter the emergency, unlike the ordinary fixed deposit. They still do the fixed rate deposit in access, problem is their front desk officers don't market it.

DonDiego:

If only it is as neat and simple as you make it sound. The volatility of the equities market is such that it can drive heavy losers into suicide as it did around 2008/9 here in Nigeria and around the world. The money market instrument we are discussing here isnt as volatile.

Funny u mentioned 2008 cos after the burst that year, many people bought equities at record lows and turned into overnight billionairs from 2009 to 2011, while people like you were screaming that venturing into the stock market would lead to suicide.

I don't know how anyone in his right mind will go and fix a sum of money below #1M as fixed deposit, when there are several other ways of increasing ur money. FD pays very low interest. On 500k, u will get less dan 6K for 2months, wen one can get over 70k investing in other tins. Treasury bill is better,but still no worth it to me, and Equity is quite risky cos most Nigerian company are shrouded in secrecy.

erico2k2:

Yes but the risk in them biz is way higher than that of Banks

Yeah I get it

Was actually referring to "Outside The Risk" thingy

duni04:

Funny u mentioned 2008 cos after the burst that year, many people bought equities at record lows and turned into overnight billionairs from 2009 to 2011, while people like you were screaming that venturing into the stock market would lead to suicide.

imagine i had shares in afribank. Oceanic and intercontinental like my family friend worth over 1. 5m. And it all vanished. Stop painting dis tin as if der are no risks involved. I suspect ur a stock broker

Ebenezerk2:
No bank on earth can pay you this amount for a month, it must be for a year, you must have fixed it for a year, so they paid you upfront, you better ask them

12monthis man...

Duni04 please enlighten us on equities

duni04:
10% in 365 days??! When you can make10% in 1 day on equities. Only really ignorant people still subscribe to fixed deposits.

Nsonaso:
Which bank

First bank... for duration of 12months.

duni04:

Funny u mentioned 2008 cos after the burst that year, many people bought equities at record lows and turned into overnight billionairs from 2009 to 2011, while people like you were screaming that venturing into the stock market would lead to suicide.

You are right. But stock trading and equity isnt for everyone, no need forcing pple into it by painting it as sometin easy n risk free. Its meant for accredited investor (pple who can afford to loose their money not pple who ar still struggling). I will rather invest in start up biz dan in big firms for reasons best know to me,though i have conditions i will check out first