I noticed my roll over paper scanned to me in Nigeria and found 2% for the next 30days.

I knew quite alright that interest rate had gone done,but same Gtbank give me 2.5-3%,but dislike 2% when other can pay a bit more.


I will like to advise from guys that know something bout it please.

This may be a dumb question to experts,but I just have to ask because I do not know

Whats the 2% rate for,is it for a savings account or a fixed deposit?

Well,if u really read my question very well,i said , "the money was roll over for another
30days"

Banks can only roll over investment after expiry daysof certain time. Savings cannot be roll over except fixed deposit.

Again,it wouldn't make sense to lodge 18million into saving account.

But you can have make as much as 4% from our investors on the said amount and it is a secured loan.

Name of your company.

Yankeeboi, I can give you 5% a month and I will only take 1.5 million naira or less for the business I want it for.
If interested then email me at : eenweazu@yahoo.com
To your question I, think the 2% GTB paid you is high and I think it is high because of the volume of cash.
This 2% translates to more than 70% per annum as compounding interest. In your present situation the money is not fixed
and so the bank can not really not make good use of it for long term lending.
If you asked me 70% is regarded as high for any zero risk sleeping partner investment.

I never said, i'm looking to invest my money not even in any other banks for now.

I think the above statement is full of shit!

Too smart 4 it.

can you invest a million naira to get 7% monthly

If you never wanted anything then why did you post to complain.
It either you are idle or you want to show off, or you think you have arrived.
For you to mention poo shows your type of person.

Gold22z, How can say i'm trying to show off? TO WHO.

2% over a 30 day period is not bad. That means you would get a 24% return over a 12 month period.

Its 2% per annum that mean 30,000naira montly excluding 10%vat o!

Try another Bank, i know Oceanic will give u like 4-5%. But why are you exposing yourself

What!!! 2% per annum? If u r an investor then that is jst too little but if u r lookn to leave an inheritance to ur children's children's children den way to go dude.

Here in naija that rate is suppose to be used for financial companies while you as an individual should be getting about4-5% in other Banks. So I will say that rate is very low for a non financial services customer. Try and negotiate with GTB for 5% because rate is negotiable. I hope this answers you question.

@Poster: The higher the risk, the higher the return. When MPR goes up, interests you can earn on banks' liability products go up.

For GTBank, there is the GTMax account which you can open and earn higher interest than savings.

There are also other investments like BAs and CPs though CPs are riskier, these investments can guarantee higher returns than you can get on FDs

I have always known GTB as a rogue bank. Run away from there to banks like First Bank or UBA and you'll get better rate.

well i dont like dealing with bank when it comes to business,if the above is true is better you enter and experience a business that is ok plssssssssssssssssssssssss like agroproduct either within or export out of the country like arabic gum,sesame seed,cashew etc .just get real info about it.ig4urneed@yahoo.com

dappssee! What's the rate on Gtmax account?pls.

Yankeeboi. I am in the same boat as you. Currently getting 2% on 12 million Naira fixed deposit. Not happy but still better than keeping the money in a UK bank. I know other banks may offer higher rates but I trust GTB and can monitor and opearate my accounts online from the UK so I don't mind. I only go back home to Lagos every 3 years and don't have the time to monitor any business or investment in Naija. Too much fraud and long story dey happen with business in Niaja if you yourself no dey physically on ground. At least with GTB I know my capital dey 100% kampe as they have never disappointed me or failed to pay the agreed interest. Anyway the main reason I set up the fixed deposit na to use the interest dey help pay school fees for my relations and help out family members in Naija so I go just maintain with GTB.

O boy na so we see am oooo

@ All

I'd rather leave the funds in a savings account and later deploy them in my business

What percentage do banks offers in savings account?


I talked to my account officer yesterday,that i cannot accept 2%again,told her a friend of mine offer me 4.5% @ Inter.,bank, She told her senior @ the bank that i wanna move my fund.

Eventually,the rate will be increase to 3.2% after expiry day of 15 of this month.

I am still not satified thought,but cannot move the fund while here, wanna be in lagos to do it myself.
I still prefer Gtbank,but the rate with other banks is not acceptable.

Thanks very much guys, really appreaciate your contribution.

^^^^
To me,it's not about what percentage banks offer in savings account,it's just for me to have the convenience of accessing my funds at anytime without having to pass through the paper work rigours of breaking a BA investment and avoid paying any charge in any form

Poster, as at the time you got the 2% on your investment, rates were very low in the market. but it is increasing now, for the volume you have, you can actually get up to 6% with other banks you can call our bank on 01-2713435 or 2713436

What's the name of your bank?

I cannot just wait 2 get back, GTBANK IS RATE FUCKING ANNOYING! compare to
other rated banks.

My Bank is Afribank and you can get a better rate through Afribank Trustees & Asset Management Company. they do real good rates. for N10 you can get up to 7%p.a for 90days and 5% for 30days.

I think 7% is not bad, wouldn't mind 90days tenor.

I was given 3.25% for 60% as of this month till Dec @ Gtb.
I've told my account officer i'm done fixing money @ Gtbank come Dec.,

I was offer 4.5% @ Diamond bank today,but have to be in Nigeria to do the transaction. Atleast i should be gaining 18,750naira more every month,if i'm banking with Diamond.
Snami, i really appreaciate your information. I'm very wise now with the rates.

Pity.

Cmarketer: But you can have make as much as 4% from our investors on the said amount and it is a secured loan.

Is it an online investment or what?

I just called my account officer at GTBank now and she told me that the give 6.5%.
Thinking of fixing my money in there this week if what she told me is true!

Yankeeboi:
I noticed my roll over paper scanned to me in Nigeria and found 2% for the next 30days.

I knew quite alright that interest rate had gone done,but same Gtbank give me 2.5-3%,but dislike 2% when other can pay a bit more.


I will like to advise from guys that know something bout it please.

you are so on the verge of loosing your money with the number of scam artist that will come at you with the thread you created