MMM any day, any time.

Adesiji77:


Bros, you may have to edit the "no bank in Nigeria" part.

I can tell you authoritatively that 4.2% pa is the official rates for Zenith Bank, Stanbic IBTC Bank, Skye Bank, Union Bank, Diamond Bank and other banks that I can't readily mention right now. A few banks that I know even pay higher for customised savings products.

It could be that the displayed rate guide in the banking hall of that particular bank/branch has not been updated. If any bank pays you less than 4.2% pa, report them to CBN!

GTBank is still at 3.6%. Diamond bank (HIDA) is still at 4% for N1m and above. I confirmed the rates from GTB CC and my account officer at DBP. Plus, it should also be factored in that interest will be forfeited after 3 withdrawals

I GUESSED IS UNION BANK OF NIG. PLC i.e IF YOU HAVE A SAVINGS ACCOUNT WITH THEM

Godmother:


This explanation is so detailed, thanks. But mehn, these banks are terrible o; 4.2% per annum! It will favour me to put the money under my bed or dig a hole in the ground.

You can also try a money market fund. ARM, STANBIC, AIICO Capital funds are doing pretty good now as a result of the high yields on Treasury Bills

Eco bank for me, GT BANK is the worstest bank in this world. no interest, keep deducting from you.

benileo:
If you want a good rate in Nigeria, go to the MFB's, I will recommend Fortis MFB Plc.

PLZ how do 1 get qualified for the loan

invest in Gold. Invest in Eagle Aurum Company. only €40 euros, onetime. for life. thank me later.

Mmm bank Plc.... With 30% interest rate every month

7footre:

Oh that's two years ago... rates have improved much now. if you want the cash readily available, you can try any of the two banks above

Please what's the minimum amount for the Tbills?

try MMM and all other ponzi schemes

Na GTB i dey use nd pay me 2;56% in every month

MMM

Certainly not eco bank. They deduct more than they pay so at the end of the month, your balance doesn't go up but down.

searay:
Please what's the minimum amount for the Tbills?

247Dior:
bro please enlighten me about this TREASURY BILL. kynbasil@yahoo.com.. tnx

Please do well to check out the thread on nigerian treasury bills in the investment section of nairaland

Tips you can get as much as 17.5% or more if you do a one year tenure or 14.3% or more if you do 90 days

MMM bank

Adesiji77:


If you have idle cash (N100K and above) that you can spare for up to 30 days but not more than 60 days, you can go for fixed deposit.

For 91 days and above, I will suggest TBills. Current rates are the best that you can get in recent times. Be right back with the last stop rates.

Is ARM good recommendation for investment?

Godmother:


If the rates have gotten better that will be good o and one can now consider it sef.

I have 3 pieces of advice for those who want to be richer.
Firstly invest your money.
Secondly invest your money.
Thirdly invest your money.
Start with short and medium term trials.
That's all. Saving money in banks is lazy man's style. Where are monies invested in Savannah and Allied banks? Many more banks are anemic and some in coma. Thank me later.

Who still bothers about Interest Rate these days?

Godmother:


This explanation is so detailed, thanks. But mehn, these banks are terrible o; 4.2% per annum! It will favour me to put the money under my bed or dig a hole in the ground.

lol

Who can tell me more about treasury bills

7footre:
1st bank and ecobank try for mua .... but if you don't have immediate need for the money, you can try treasury bills.. it's safe and much better

Wts treasury bills

Most people don't know they forfeit their interest when they withdraw more than 3times from their saving account in a month.

otunbacarter:
Who can tell me more about treasury bills

Lending your money to Nigerian govt .
Interest is paid upfront.
As at Oct/ Nov last yr, interest rose to about 17℅.
Most Nigerian bank accept from 500k and above with option of 30, 90, 180, 365 days

Roseey0:

Lending your money to Nigerian govt .
Interest is paid upfront.
As at Oct/ Nov last yr, interest rose to about 17℅.
Most Nigerian bank accept from 500k and above with option of 30, 90, 180, 365 days

thats sound interesting, if i know about this b4 my interest will amount to millions by now

Wuminity:
GT Bank is the best, infact i love the bank, based on savings account.
My interest is always at the end of the month, meanwhile it increases month by month if i did not touch the money before the month ends.

Iro ti pa e wunmi...oya jewo you be gtb staff.

masterplan303:
Iro ti pa e wunmi...oya jewo you be gtb staff.

Fear God now, i am not.

Godmother:


I tried TBills two years ago with First Bank and was given 9.6% . Would have gone for it again but want the cash available.

Are you guys serious? Does T Bills offer a better interest rates than the Fixed Deposit?

Godmother and @7footre, abeg comment. If so I will move my money to T-bills once it matures in a few months.

Adesiji77:


I can authoritatively say that most banks (if not all) pay 4.2% per annum.

The reason for this is simple: The Central Bank of Nigeria (CBN), being the regulator of the banking industry, directed banks to pay a minimum of 30 per cent of the Monetary Policy Rate (MPR) as interest on savings accounts.

The MPR is an interest rate at which CBN lends to commercial banks. It is also the benchmark rate by which the apex bank determines interest rate.

Currently, MPR is 14%. 30% of 14%=4.2%

While the minimum is 4.2%, most banks pay just the minimum. This enables them to reduce their interest expense and make more profits

This is understandable; banks, like every profit-oriented business, wants to make as much profit as possible.

4.2% per annum?
wen mmm gvs 30% per month. smh

I have asked myself some questions on how banks calculate commission on turnover especially when import is involved. But I do not have a definite answer to them. some banks exclude value of letter of credit from the customer's induced debits while others include such transactions in the turnover for the month before charging COT. is there no standard guideline on this? And should banks charge COT on LC transactions even after taking a spread of 50k each on the exchange rate between Naira and USD?

mmm