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Interest Rate On Fixed Deposit Accounts In Nigeria - Investment - Nairaland

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Zenith Bank Fixed Deposit Interest Rate / Interest Rate On Fixed Deposit Accounts In Nigeria / Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks (2) (3) (4)

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Interest Rate On Fixed Deposit Accounts In Nigeria by bedone(m): 5:56am On Jan 05, 2006
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.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by layi(m): 1:07pm On Jan 05, 2006
The highest i ever heard was 16% per annum- First Atlantic Bank but the bank no longer exist. I think the rates varies btw 8-12% per annum depending on duration.

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Seun(m): 12:07am On Jul 01, 2006
I was told that I can earn just 7% on a fixed deposit account, which is nowhere near the rate of inflation.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by debosky(m): 12:10am On Jul 01, 2006
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

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by nferyn(m): 11:45am On Jul 01, 2006
So unless you're depositing huge amounts of money, you can't even top the inflation rate, what a ripoff. No wonder so many rich Nigerians take their money abroad.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by ify2love2(f): 11:59am On Jul 01, 2006
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.

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by otokx(m): 2:08pm On Jul 01, 2006
don't be deceived, by the time the bankers do their compounding of the money you intend to deposit; you will discover its not worth a candle. If you like fix 10 million in any bank, you will make more money using that money to sell MTN recharge cards.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by ify2love2(f): 2:27pm On Jul 01, 2006
selling MTN carsds is not no way way out.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by zebudaya(m): 7:54pm On Jul 01, 2006
what's our inflation rate?
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by nferyn(m): 7:59pm On Jul 01, 2006
zebudaya:

what's our inflation rate?
15.6 % in 2005
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by zebudaya(m): 8:15pm On Jul 01, 2006
15.6% sucks so even if you get a 16% deposit you're still not going to make money.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by debosky(m): 1:19am On Jul 02, 2006
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.

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Christino(m): 1:32am On Jul 02, 2006
Don't know what you do with money anymore, okay,

Breed Ducks or pigeons, no more bird flu, damn, you could be a billionaire before the next elections grin

Fixed Deposit ma ass. I'd rather buy all the plots closest to the Island and sell them in 5 years, there;s no better deal than that in Nigeria, anyone got better investments then Landed Property - Fix your ass in a bank instead grin
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Seun(m): 2:51am On Jul 02, 2006
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.

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by debosky(m): 3:12am On Jul 02, 2006
like i said, it depends on the quantity of money you have, i'm sure there are banks offering better rates than 7%, do your research wink
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by kellybaba(m): 7:04pm On Jul 02, 2006
Like its bin said earlier,the facts are these:
U dont make much money using a fixed deposit facility
U cant stop ur money from depreciating using fixed dep
U can get some higher % though depending on d amount and tenor
Am aware u can get btw 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.

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by chopup1(m): 9:36am On Jul 03, 2006
The interest rates are between 9.5% and 15%.Unless you can fix about 10m and above,the interest gained is not too attractive. embarassed
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Ashiwaju(m): 4:10pm On Jul 05, 2006
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 ur kobo they ll pay you some coin this time!
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Seun(m): 1:17am On Jul 18, 2006
kellybaba, you can use FIxed deposits to prevent your money from depreciating outside Nigeria.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Ndipe(m): 7:20am On Apr 30, 2007
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.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Tmoni(m): 7:31am On Apr 30, 2007
nigerian banks offer far more than the british banks,
that i am very sure off,

i have a fixed deposit in nigeria where i earn 12% interest and my acct with lloyds TSB here in england gives me only 4% on my money.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Ndipe(m): 7:36am On Apr 30, 2007
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.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Tmoni(m): 8:00am On Apr 30, 2007
@ndipe,

fair enough, stock is getting the jitters now
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by dollyp1cute(f): 10:42pm On May 01, 2007
@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).
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Tmoni(m): 3:01pm On May 02, 2007
i am going to withdraw my money with that Lloyds Tsb,

the bank of england rate is about 5.25% so hw can a bank give interest at 6-12%, surprising?
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by dollyp1cute(f): 10:36pm On May 02, 2007
I do think there is a limit to how much can be saved, check their website for details.

Tmoni:

the bank of england rate is about 5.25% so hw can a bank give interest at 6-12%, surprising?
R u buvered, just collect the interest jeje.

Which bank in Nigeria did u say is giving you the 12%?
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Tmoni(m): 12:12am On May 03, 2007
i also have investments in treasury with my stock broker and it hs nt been bad, i do nt even pay tax on it.
if u are really interested, send me a mail and i would send u their addy,

i presume u are in the Uk, they also send daily reports of the stock market to me so its nt been to bad
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by dollyp1cute(f): 10:26pm On May 03, 2007
@tmoni

Yes I have strong ties with the Queen, send to dollypno1@yahoo.com
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by atilla(m): 1:10pm On Aug 09, 2007
@Tmoni------------- im interested in the treasury bills thing.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by mrceaser: 12:46am On Aug 11, 2007
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
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by PROFITCRAZ: 1:14pm On Aug 11, 2007
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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by bonjee: 2:22pm On Aug 12, 2007
man theres this other one people arent talking about
www.antonioshares.com
selling clubfreedom , diamond cashclub shares for cheap
900-1500
people are rushing it
and i got paid
was a little skeptical, so didnt get much
lets see how it runs

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