₦airaland Forum

emperoracro:
7% on how much for how long?

Caracta:
You are right. Especially when the business is illegal. Feasibility studies can help too. Trust is also important. I try not to invest in start up businesses because I can't shout. Growing businesses offer lesser risks. Even some banks don't give loans to new businesses.

Forex trading? Hmmm. I don't want to go there. Lol. Maybe I've just been unfortunate. Isn't it gambling in a well-packaged form?

Caracta:
Some people get 7% on 5 million for 90 days. The day someone told me that was what he was offered, all I could do was pity him. Depends on the bank though. They must earn from investors too

uboma:
What year did you invest the 1 million Naira? And what bank pls?

emperoracro:
Gambling!?? Hahahahhaahahahahahaha
Anyway some say it is but to me its not.
1) U can predict a trend fundamentally from a countries economic policies. Take for example, it was very obvious the dollar will rise against the naira wen our half brain leaders decided to devalue the naira. Other form of gambling doesnt give one d chance to analyse lik dis.
2) with gud money management n trainin u will stay long in d market n mak more profit.
NB: am nt affiliated with any broker,so am nt a marketer, infact am currently on a break from forex cos contrary to public opinion, i see forex as time consuming, and am very busy rite now wt oda tins.

naijacutee:
Last month, I happened upon some money from an old investment which had matured. Rather than have it collect “one one naira” in my standard savings account, I decided not to be the fly that follows the corpse to the grave, and put it in a fixed deposit. Fixed deposits are a very popular investment option in Nigeria, and you’ll hear about them 8 times of out 10 if you do happen to ask for advice regarding how to invest money. The attraction to this sort of investment is that returns are guaranteed, and the duration of your investment is flexible. We probably like this sort of investment because they help us mitigate risks – in a country where nothing is guaranteed, we don’t tend to tie money down in long term investments and fixed deposits are the perfect solution to this investment problem. In the course of my search for a decent return on my investment, I “burnt” at least N5,000 in credit, calling banks and waiting in queues for information, and was only able to reasonably compare two banks – GTBank and First Bank.

What is a fixed deposit?
A fixed deposit is a lump sum deposited with a bank for a varying period, in exchange for interest.
How to put your money in a fixed deposit: You will need to have an existing account with the bank of your choice, and then you deposit the sum into this account. You will then need to inform your bank of your intention to “fix” the said sum for “X” number of days. It is very important that before you make your decision, that you shop around for the best rates. You are not obliged to fix your money with your existing bank, just because you bank with them. You can earn a significantly higher amount by just picking up the phone. It is the more difficult route when you consider call waiting times, credit spent etc but it is worth it, and what’s more I have done some of this hard work for you.

How long is my money fixed for?
Most banks offer flexible periods of 30 days, 60 days, 90 days, 180 days and one year.

How do I get paid?
Usually, the money is removed from your account and the interest is paid into your account. So for example, you want to fix N500,000 for 60 days and the bank has offered you an interest rate of 7%. You have N550,000 in your account. Once you confirm you’re making the arrangement and sign all the necessary documentation, the N500,000 “disappears” from your account to be “fixed”. At the end of 60 days, you get paid back your original N500,000 + an additional N35,000 interest accrued. A simplified version of what really happens behind the scenes is that the N500,000 is given to another customer who has asked for a loan – but he will be charged 20% interest (or N100,000). After 60 days, you get back your N500,000 + N35,000 (7% interest from the other customers N100,000). Not bad business for banks, if you ask me.

Bank interest rate comparisons
For my enquiries, I called First Bank and GTBank.
I rated both banks on customer service quality (pet peeve of mine, because time is money) and interest rates.
tbankvsfirstbank

Interest rates
First Bank
7 days (First bank does not offer this service)
30 days – 9.25%
60 days: 9.50%
90 days: 9.75%
365 days: 10%
GTBank
Available from N100,000 to N1m.
7 days – 3.75%
30 days – 180 days : 6.25%
Some notes:
Call times. My initial contact with both banks was on a Friday afternoon, at about 5.30pm. My second contact attempt with GTBank after the first one proved futile was at 3.20pm on a Sunday.
Omissions. I initially wanted to include Accessbank in this exercise, but have been unlucky in getting through to a knowledgeable person on customer service. The frontline staff I have spoken to, all seem to lack basic knowledge regarding what services their banks offer and where to get information outside the limits of their knowledge. I would recommend that training is provided for all front line staff as a matter of urgency, as customers otherwise have no way of getting informed about competitive rates for your most lucrative services.
Am I an agent? I work for neither of these banks. My selection of this two is purely by chance and accessibility of contact information via the bank websites. I simply picked the banks with the most prominent contact information via websites. My reviews are unbiased, and if I haven’t reviewed any others yet, don’t worry – “life is turn by turn”.

Courtesy: http://www.mrpepe.com/banking/which-is-the-best-account-for-a-fixed-deposit-gtbank-or-firstbank/

duni04:
10% in 365 days??! When you can make10% in 1 day on equities. Only really ignorant people still subscribe to fixed deposits.

Caracta:
Hmmm. It works for you then.

It's all good. Real Estate is a good one if money is available.

Or to be on the safe side, just fix your money and sleep well at night.

GoldStandard:
Mehnn....cos of OP, I would have entered 1 chance with firstbank or GTBank.
Now I know betteR, thank God foR NL!

emperoracro:
FD is nt my tin! I will rada go n bike tricycle wit my money n give it out on higher purchase dan fix it.
No reasonable investment without risk ma

Caracta:
Some people get 7% on 5 million for 90 days. The day someone told me that was what he was offered, all I could do was pity him. Depends on the bank though. They must earn from investors too

Caracta:
Lol. It's not that bad na. Yeah, risk makes the business and the profit.

GoldStandard:
Mehnn....cos of OP, I would have entered 1 chance with firstbank or GTBank.
Now I know betteR, thank God foR NL!

centje:
seun, and moderators involved should correct that 'cause it's very deceptive...this money involved here, and not every one will read comments down the thread especially Guest, who are non-nairalanders.

ednut1:
d rate is per annum. So for 30 days. Divide 9.25% by 12. Hahahaha. Used to think like u bro. Till i went to a bank to subscribe. Only to find out.

olaric:
GTBank's rate is ridiculously low; I would rather go for First Bank. Moreover, what's the matter with customer service personnel in Nigeria? From Glo to MTN to other companies; it's a sorry state!

jaybee3:
How much would you offer for 5 FD at 30 days rolling?

emperoracro:
Risk is thrilling! Can i send u a pm?

Caracta:
Sure you can

Can I pm you too?

Scrypt:
[color=#000077]Can I pm you too? [/color]

Caracta:
Lol. Gerraway!

naijacutee:
Last month, I happened upon some money from an old investment which had matured. Rather than have it collect “one one naira” in my standard savings account, I decided not to be the fly that follows the corpse to the grave, and put it in a fixed deposit. Fixed deposits are a very popular investment option in Nigeria, and you’ll hear about them 8 times of out 10 if you do happen to ask for advice regarding how to invest money. The attraction to this sort of investment is that returns are guaranteed, and the duration of your investment is flexible. We probably like this sort of investment because they help us mitigate risks – in a country where nothing is guaranteed, we don’t tend to tie money down in long term investments and fixed deposits are the perfect solution to this investment problem. In the course of my search for a decent return on my investment, I “burnt” at least N5,000 in credit, calling banks and waiting in queues for information, and was only able to reasonably compare two banks – GTBank and First Bank.

What is a fixed deposit?
A fixed deposit is a lump sum deposited with a bank for a varying period, in exchange for interest.
How to put your money in a fixed deposit: You will need to have an existing account with the bank of your choice, and then you deposit the sum into this account. You will then need to inform your bank of your intention to “fix” the said sum for “X” number of days. It is very important that before you make your decision, that you shop around for the best rates. You are not obliged to fix your money with your existing bank, just because you bank with them. You can earn a significantly higher amount by just picking up the phone. It is the more difficult route when you consider call waiting times, credit spent etc but it is worth it, and what’s more I have done some of this hard work for you.

How long is my money fixed for?
Most banks offer flexible periods of 30 days, 60 days, 90 days, 180 days and one year.

How do I get paid?
Usually, the money is removed from your account and the interest is paid into your account. So for example, you want to fix N500,000 for 60 days and the bank has offered you an interest rate of 7%. You have N550,000 in your account. Once you confirm you’re making the arrangement and sign all the necessary documentation, the N500,000 “disappears” from your account to be “fixed”. At the end of 60 days, you get paid back your original N500,000 + an additional N35,000 interest accrued. A simplified version of what really happens behind the scenes is that the N500,000 is given to another customer who has asked for a loan – but he will be charged 20% interest (or N100,000). After 60 days, you get back your N500,000 + N35,000 (7% interest from the other customers N100,000). Not bad business for banks, if you ask me.

Bank interest rate comparisons
For my enquiries, I called First Bank and GTBank.
I rated both banks on customer service quality (pet peeve of mine, because time is money) and interest rates.
tbankvsfirstbank

Interest rates
First Bank
7 days (First bank does not offer this service)
30 days – 9.25%
60 days: 9.50%
90 days: 9.75%
365 days: 10%
GTBank
Available from N100,000 to N1m.
7 days – 3.75%
30 days – 180 days : 6.25%
Some notes:
Call times. My initial contact with both banks was on a Friday afternoon, at about 5.30pm. My second contact attempt with GTBank after the first one proved futile was at 3.20pm on a Sunday.
Omissions. I initially wanted to include Accessbank in this exercise, but have been unlucky in getting through to a knowledgeable person on customer service. The frontline staff I have spoken to, all seem to lack basic knowledge regarding what services their banks offer and where to get information outside the limits of their knowledge. I would recommend that training is provided for all front line staff as a matter of urgency, as customers otherwise have no way of getting informed about competitive rates for your most lucrative services.
Am I an agent? I work for neither of these banks. My selection of this two is purely by chance and accessibility of contact information via the bank websites. I simply picked the banks with the most prominent contact information via websites. My reviews are unbiased, and if I haven’t reviewed any others yet, don’t worry – “life is turn by turn”.

Courtesy: http://www.mrpepe.com/banking/which-is-the-best-account-for-a-fixed-deposit-gtbank-or-firstbank/

emperoracro:
I don't know how anyone in his right mind will go and fix a sum of money below #1M as fixed deposit, when there are several other ways of increasing ur money. FD pays very low interest. On 500k, u will get less dan 6K for 2months, wen one can get over 70k investing in other tins. Treasury bill is better,but still no worth it to me, and Equity is quite risky cos most Nigerian company are shrouded in secrecy.

Reference:
10% a day on equities. Chai Nigerians and tales. I prefer to be ignorant please. She was recommending what an average person can do and will succeed in doing. You my friend have just staked your reputation. Now retract and say sorry.