Banks With Highest Interest Rate - Investment - Nairaland
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Banks With Good Interest Rate For Fixed Deposit / Interest Rate On Fixed Deposit Accounts In Nigeria (2) (3) (4)
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| Banks With Highest Interest Rate by Jimiyke(m): 10:35am On Jun 30, 2007 |
I NEED TO OPEN AN ACCOUNT, PLS I NEED TO KNOW WHICH BANK HAS THE HIGHEST INTEREST RATE  ?? I HEARD OF GTB, BUT I NEED TO CONFIRM FIRST, ANY IDEA? |
| Re: Banks With Highest Interest Rate by sbucareer(f): 11:25am On Jun 30, 2007 |
In ideal world all banks within a country or geographical location are all suppose to have the same interest rate. Interest rate are set by the CBN in Nigerian. In the Uk it is set by CBE. Every year banks borrow money from CBN depending on the asset - liabilities + liquid cash. These money are borrowed against the set interest rate. Now, the bank have to pay back the capital + interest. Normally CBN gives very low interest rate like 2% or 2.5% if at any time it goes up to 3% we will have what we call inflation, which is what America is suffering because of the interest rate. Now, the bank obviously would not borrow you money at the same rate they got it from CBN. They would add their cost, profit, expenditures and borrow you like at the rate of 6% 7% or even 8%. If a bank has lower administration and management they could borrow you at a low rate like 6% or less. These rate include insurance against defaults and deaths. So, if you are really looking for low rate banks look at those that are not popular, then again you run the risk of them liquidating or merging with bigger banks and interest rate souring up. The best thing to do is wait till interest rate comes down. If you are a business person and you have some money. The interest rate is really hitting had on some people. People want to sell off. There is low or no demand for buy because of the interest rate. You could approach people that are really struggling for their repayments and make them an offer at a very low and competitive rate. Sell it when the demands goes up and interest rate adjusted. You could wait a little for the equity to rise and make couple of millions. Advise, a bank offering low interest rate has got some hidden agenda, you have to be careful. Most loans anyway are variable, meaning they can't afford a fix rate |
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