Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,754,727 members, 6,543,907 topics. Date: Monday, 18 October 2021 at 12:45 PM

Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema - Investment - Nairaland

Nairaland Forum / Nairaland / General / Investment / Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema (40857 Views)

Banks With Best Fixed Deposit Rates? 2017 / Fixed Deposit Rates (2) (3) (4)

(1) (2) (Reply) (Go Down)

Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by naijacutee(f): 6:24pm On Feb 17, 2016
On my previous posts on fixed deposits, I have been repeatedly asked for current rates as there is a lot of conflicting information out there. As a result of this, I have contacted a few banks directly in order to get current fixed deposit rates. The rates provided below are valid as at 16th of February 2016.

Recap: how do fixed deposits work?

A fixed deposit is a lump sum deposited with a bank for a varying period, in exchange for interest.

You will need to have an existing account with the bank of your choice, and then you deposit the sum you want to fix into this account. You will then need to inform your bank of your intention to "fix" the said sum for "X" number of days. It is very important that before you make your decision, that you shop around for the best rates.

The money to be fixed is removed from your account and the interest is paid into your account monthly. So for example, you want to fix ₦500,000 for 60 days and the bank has offered you an interest rate of 7%. You have ₦550,000 in your account. Once you confirm you're making the arrangement and sign all the necessary documentation, the ₦500,000 "disappears" from your account to be "fixed", leaving you with a balance of ₦50,000. After 30 days , you get ₦2,625 interest paid into your account: [(7% x ₦500,000) / 12] - 10%. After another 30 days, you get ₦2,625, again plus your initial ₦500,000.

Fixed deposit rate comparison: GTBank, First bank, Diamond bank, Sterling bank, Stanbic, Wema


That's it. It looks like Sterling bank offers the most competitive rates for now, but it's a good idea to always check before making a commitment.

Am I an agent? I work for neither of these banks. My selection of these banks is purely by chance and accessibility of contact information via the bank websites. I simply picked the banks with the most prominent contact information via websites. My reviews are unbiased, and if I haven't reviewed any others yet, don't worry - "life is turn by turn".

Source: http://www.mrpepe.com/banking/february-2016-fixed-deposit-interest-rate-comparison-6-banks/

2 Likes 1 Share

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by doomsdayII(m): 6:40pm On Feb 17, 2016
I still don't get why gtb didn't pay my interest last month. I fix for every 30 days or rollover. I did a rollover this month cos I didn't have much to extend and they didn't pay my interest for last month.
Any ideas naijacutee? I will appreciate
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by EdDave(m): 8:12pm On Feb 17, 2016
These banks are very funny. You had better call them.
Naijacutee, hope u know you will be taxed on the interest?
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by doomsdayII(m): 8:20pm On Feb 17, 2016
EdDave:
These banks are very funny. You had better call them.
Naijacutee, hope u know you will be taxed on the interest?
Seriously? Do u mean just interest or the capital and shed a Lil light. It'll enable me to fold up if not favourable or not

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by Nobody: 8:29pm On Feb 17, 2016
doomsdayII:

Seriously? Do u mean just interest or the capital and shed a Lil light. It'll enable me to fold up if not favourable or not

Its the normal withholding tax of 10% of ur interest. Your advised letter of your fixdeposit must have shown that detail there. Confirm IT
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by doomsdayII(m): 8:33pm On Feb 17, 2016
Ryder306:


Its the normal withholding tax of 10% of ur interest. Your advised letter of your fixdeposit must have shown that detail there. Confirm IT
I wasn't given any letter

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by Nobody: 8:35pm On Feb 17, 2016
@naijacutee: Thanks for the update......Kindly keep us updated of any upward review of these rates....... have bookmark dis page.
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by YoungExec: 8:37pm On Feb 17, 2016
seriously?! Some people still do Fixed Deposit?!

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by Nobody: 8:39pm On Feb 17, 2016
doomsdayII:

I wasn't given any letter

Brother: i tried my first fd with stanbic......i got a letter which i even signed to confirm n seal d agreement. dunno how gtbank run there own but chill for a while let experience nairaland folks advice you......or visit your bank to discuss it
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by Nobody: 8:42pm On Feb 17, 2016
YoungExec:
seriously?! Some people still do Fixed Deposit?!

Sir, kindly advice on the risk free alternatives

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by nnamdiosu(m): 9:56pm On Feb 17, 2016
doomsdayII:
I still don't get why gtb didn't pay my interest last month. I fix for every 30 days or rollover. I did a rollover this month cos I didn't have much to extend and they didn't pay my interest for last month.
Any ideas naijacutee? I will appreciate


they probably did. but what gtb does is they add the interest to ur principal and fix the whole sum.....that's if the money is being rolled over
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by nnamdiosu(m): 9:58pm On Feb 17, 2016
doomsdayII:

Seriously? Do u mean just interest or the capital and shed a Lil light. It'll enable me to fold up if not favourable or not

the interest on the deposits is liable to a 10% tax.
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by naijacutee(f): 10:22pm On Feb 17, 2016
EdDave:
These banks are very funny. You had better call them.
Naijacutee, hope u know you will be taxed on the interest?

Yes, I'm quite aware of the 10% tax on interest. It was taken into account in my calculations - unless there are other additional charges to be aware of? Stamp duty?

2 Likes

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by doomsdayII(m): 10:31pm On Feb 17, 2016
nnamdiosu:



they probably did. but what gtb does is they add the interest to ur principal and fix the whole sum.....that's if the money is being rolled over
Thanks for clearing the air. I understand it all now
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by Ohonba(m): 5:04pm On Feb 18, 2016
I know of reliable place that will give as much as 11% for 1m,
want to know how? reach me on hnb_matthew@yahoo.com
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by Nobody: 6:26pm On Feb 18, 2016
Ohonba:
I know of reliable place that will give as much as 11% for 1m,
want to know how? reach me on hnb_matthew@yahoo.com

Share it here

10 Likes

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by ogogoro: 6:40pm On Feb 18, 2016
Ryder306:

Share it here

Abi. Share it here
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by freeman67: 7:08am On Feb 19, 2016
doomsdayII:
I still don't get why gtb didn't pay my interest last month. I fix for every 30 days or rollover. I did a rollover this month cos I didn't have much to extend and they didn't pay my interest for last month.
Any ideas naijacutee? I will appreciate

GTB Normally send investment advice/notice for transactions like this. You can check you e-mail to see if it was sent probably it was rolled over with the interest. You are free to go and ask them how much was rolled over if they didn't send.
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by ernie4life(m): 7:29am On Feb 19, 2016
freeman67:


GTB Normally send investment advice/notice for transactions like this. You can check you e-mail to see if it was sent probably it was rolled over with the interest. You are free to go and ask them how much was rolled over if they didn't send.

I don't understand why people do fixed deposit with banks when we have investment houses offering better and more juicy rates. why do we find it hard to do a market survey before taking a decision. Even mutual funds offer better yields than fixed deposit and to think there is a thread on fixed deposit in this section.

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by doomsdayII(m): 7:35am On Feb 19, 2016
ernie4life:


I don't understand why people do fixed deposit with banks when we have investment houses offering better and more juicy rates. why do we find it hard to do a market survey before taking a decision. Even mutual funds offer better yields than fixed deposit and to think there is a thread on fixed deposit in this section.
It'll be appreciated if you share us your advice. Everyone is trying to grow please

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by zamirikpo(m): 7:45am On Feb 19, 2016
nice post but u should have also asked for rates with sum above 500k......cos i fixed a sum higher than that and i got 8.5%.....with skye bank.....these rates are negotiable depending on the sum and the tenure...

2 Likes

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by zamirikpo(m): 7:50am On Feb 19, 2016
@ernie4life pls wots mutual fund, people cant invest in what they dont know about. enlighten us pls......fixed deposit i know, treasury bills i know.......mutual funds......i dont.....also enlighten us on other credit houses that offer more.....with 0.01% risk like with fd
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by ernie4life(m): 8:32am On Feb 19, 2016
doomsdayII:

It'll be appreciated if you share us your advice. Everyone is trying to grow please

here is all the advice you will ever need, make sure you start from page 1 till finish, it's lengthy but it's worth it https://www.nairaland.com/1912965/mutual-funds
zamirikpo:
@ernie4life pls wots mutual fund, people cant invest in what they dont know about. enlighten us pls......fixed deposit i know, treasury bills i know.......mutual funds......i dont.....also enlighten us on other credit houses that offer more.....with 0.01% risk like with fd
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by freeman67: 9:48am On Feb 19, 2016
ernie4life:


I don't understand why people do fixed deposit with banks when we have investment houses offering better and more juicy rates. why do we find it hard to do a market survey before taking a decision. Even mutual funds offer better yields than fixed deposit and to think there is a thread on fixed deposit in this section.

people still invest in fixed deposit because;

1. There already have account with the bank they transact with no need of going through the stress of opening account with the investment house u want to transact with again.

2. There can easy access their money when the need arises. At most 24hrs whether it matures or not and your capital will be safe.

3. when it matures and you don't want to roll over capital and interest will be dropped in your account.

4. All term and conditions are well spelt out, no fluctuations on that particular transaction.


You cannot get all these from investment houses.. The worst of them all is that mutual funds. You can't just liquidate it at will and not all has a guaranteed interest.

9 Likes 1 Share

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by ernie4life(m): 10:12am On Feb 19, 2016
freeman67:


people still invest in fixed deposit because;

1. There already have account with the bank they transact with no need of going through the stress of opening account with the investment house u want to transact with again.

2. There can easy access their money when the need arises. At most 24hrs whether it matures or not and your capital will be safe.

3. when it matures and you don't want to roll over capital and interest will be dropped in your account.

4. All term and conditions are well spelt out, no fluctuations on that particular transaction.


You cannot get all these from investment houses.. The worst of them all is that mutual funds. You can't just liquidate it at will and not all has a guaranteed interest.

money market mutual funds are a lot more stable than capital market mutual funds.

no 1 it's an investment account not bank account meaning you are not expected to have a minimum balance, and procedures for opening it is same with your normal bank account.

no 2 when you fix your money with an investment house( am not talking of mutual funds) you can always get your money within 24 hours.

No 3 at point of investment you can give instructions that upon maturity your money should not be rolled over automatically.

No 4 all terms are spelt out when dealing with an investment house ( remember they are regulated by SEC) and there is no fluctuations because most of them give you an investment letter showing how much you've invested and how much the exact yield would be upon maturity.

No 5 some mutual funds have a guaranteed interest rate


get the facts right

1 Like

Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by glamk(f): 9:32pm On Feb 19, 2016
Hello house,
I'm a university graduate currently running a boutique, I need an investor to enlarge the business, it's profit yielding because I travel to Lagos or Onitsha to buy things and resell in a university in d northeast, the competition is low here due to the insecurity. If you are interested, kindly call me on this line so i'll proof everything I need to so you'll be sure i'm for real-09056313676 joy
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by bamdexfarms(m): 10:25pm On Feb 19, 2016
Treasury bills is better and more profitable.
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by freeman67: 10:48pm On Feb 20, 2016
ernie4life:


money market mutual funds are a lot more stable than capital market mutual funds.

no 1 it's an investment account not bank account meaning you are not expected to have a minimum balance, and procedures for opening it is same with your normal bank account.

no 2 when you fix your money with an investment house( am not talking of mutual funds) you can always get your money within 24 hours.

No 3 at point of investment you can give instructions that upon maturity your money should not be rolled over automatically.

No 4 all terms are spelt out when dealing with an investment house ( remember they are regulated by SEC) and there is no fluctuations because most of them give you an investment letter showing how much you've invested and how much the exact yield would be upon maturity.

No 5 some mutual funds have a guaranteed interest rate


get the facts right

so what is/are the name of the investment house(s) you propose for the house and what the deals they have?
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by ernie4life(m): 10:52pm On Feb 20, 2016
freeman67:


so what is/are the name of the investment house(s) you propose for the house and what the deals they have?




First bank capital
Investment -one financial services ( GTB asset management)
ARM
Stanbic ibtc Capital

approach any of them and the give you their deals
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by nitrogen(m): 1:25am On Feb 21, 2016
glamk:
Hello house,
I'm a university graduate currently running a boutique, I need an investor to enlarge the business, it's profit yielding because I travel to Lagos or Onitsha to buy things and resell in a university in d northeast, the competition is low here due to the insecurity. If you are interested, kindly call me on this line so i'll proof everything I need to so you'll be sure i'm for real-09056313676 joy

Hi, did you just say Northeast? Wow, anyway, am ready to invest, so far returns will be high, what rate are we looking at and how much do u want to raise for the expansion?

Regards.
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by glamk(f): 2:52pm On Feb 22, 2016
nitrogen:


Hi, did you just say Northeast? Wow, anyway, am ready to invest, so far returns will be high, what rate are we looking at and how much do u want to raise for the expansion?

Regards.
Yes Northeast, I'm looking forward to discuss with you in private though so we could discuss business proper. How do I contact you because I don't knw how to send a pm?
Re: Feb 2016 Fixed Deposit Rates: GTB, Diamond, Firstbank, Stanbic, Sterling, Wema by grosy: 2:59pm On Feb 22, 2016
fcmb fix deposite what is d rate

(1) (2) (Reply)

Why Ponzi Schemes Always Fail (Graphic And Mathematical Proof) / MMM Crash: Over 3million Nigerians Lose Over N18.765billion / Ponzi/Scam/Fraud Schemes Fronting Forex Trading As Their Line Of Business.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 152
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.