₦airaland Forum

Just when I thought Access Bank’s 6% interest rate was the best zero - risk alternative to tbills, their rates have now been reviewed downward.

If this Rate is anything to go by, I advice low risk investors to open a Stanbic Max yield account as the rate is slightly above all 91 , 180 and 364 tenors.

You also get the opportunity to compound monthly as interest is paid every 30 days.

Picture 1 is for stanbic max yield savings account

Picture 2 is for tb rates from afrinvest

In line with the topic, if anyone is interested, Afrinvest has reasonable rates with short to long tenures.

Visited access bank today ( I had locked in fixed deposits earliers at 8%, 6.5% & 5.5% at different intervals ranging from 30 to 60 day tenors with the aim of waiting to see what first quarter 2020 holds)

The above rates were gotten within the past one month or so.

To my surprise, access bank fixed deposit was quoted at 0.02 today (i want to believe my account officer was joking)

Tbills at 5%

Advice from the Bank : why don’t you consider HIDA with the following returns credited to your account monthly as long as you don’t make more than 3 transactions on the account in a month.

shegzhkn:
Hello house , to those who have solid idea on how investment work i have a question - How much will 50 million naira yield at the end of 5 years in a fixed deposit account ?

If all things been equal and you intend to compound the 50 million. You are likely to be advised to invest in T.bills rather than Fixed deposit.

Locking down fantastic rates every January for the next 5 years (13% yearly on average for T.bills or 8% for fixed deposit) without touching your capital or interest will amount to approximately

92 million for T.Bills and for Fixed Deposit 73 million.

Sounds like a joke but thats the power of Compound Interest.