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In a time when banks don’t necessarily need money inflow through fixed deposits, one bank gives better fixed deposit interest rate more than some other banks. That bank is ACCESS BANK PLC. Firstly lets know what fixed deposit is.

A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.

The only downside to fix deposit is inflation. Inflation is the general increase in prices and fall in the purchasing value of money. this means that assuming you have $10,000 and you wish to fix it from the month of May 2016 to April 2017, now if there is rise in inflation, the prices of good will increase and the purchasing power of your $10,000 would reduce hence the value of your money has reduced. The other way is also true. If there is decrease in inflation then the purchasing power of the $10,000 would increase hence leading to increase in the value of the money.

Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. The bank’s headquarters is located in Lagos, Nigeria’s financial hub. Access Bank has in excess

of 300 bank branches in Nigeria’s major commercial cities. After the acquisition of Intercontinental Bank Plc,

Access Bank became a larger and stronger financial service provider, with an impressive assets base.

Investing in Access Bank means to securely investing in your future. This is because it is one of the youngest banks in Nigeria, hence one of the fastest growing banks in Nigeria.

Fixed deposit with Access Bank is one with assurance and peace of mind. Below are the breakdown of fix deposit rate for one year. N1,000,000 is with the rate 4.75%

Between N1,000,000 and N10,000,000 is 4.75% to 6%

N10,000,000 to N50,000,000 is 6% to 6.25%.

Please note that there is a withholding tax (WHT) of 10% on the interest earned on fixed deposit. This rate is subject to change by the bank.

For more enquiries please leave a comment and we will respond to you appropriately.

on fix deposit with other banks visit the source: http://www.talkasset.com/access-bank-updated-fixed-deposit-rate-2016/

One among the most trusted bank in Naija

with excellent customer care. Kudos to Access Bank

If the bank offers it to me my promise is to never touch the money unless the rate falls.

I want to negotiate a 8% on a fix deposit account is that still possible? After much discussion one of your staff members told me it was possible a while back.

helo anisalome this interest rate is it monthly or annually.

strong766:
helo anisalome this interest rate is it monthly or annually.

Depends on how many months you wanna do the FD.

30, 60, 90, 180 days....

You can also programme your interest to be dropping every month in your savings account.

Ben1975:
If the bank offers it to me my promise is to never touch the money unless the rate falls.

I want to negotiate a 8% on a fix deposit account is that still possible? After much discussion one of your staff members told me it was possible a while back.

How much are you fixing? If its 100,000,000 to 500,000,000 then it might be possible...but its supposed to be 7.5%

Democivil:
i will rather put my money inside pot and bury it, instead of fixing it with this ridiculous interest rate. have u heard about 'mmm''?

Then how will it yield interest?

Abduletudaye:


Then how will it yield interest?

It wont, but if thats what makes him happy...

Abduletudaye:


How much are you fixing? If its 100,000,000 to 500,000,000 then it might be possible...but its supposed to be 7.5%

These are not attractive percentages. What ever became of the days when we could get double digit interest rates?

The key is to live on the interest. So the bank has the money indefinitely. So can they not be flexible

Abduletudaye:


Depends on how many months you wanna do the FD.

30, 60, 90, 180 days....

You can also programme your interest to be dropping every month in your savings account.

I want to know d interest rate of 1 month savings and amount, also 1 year savings interest. I need full details CU's I want to start

Ben1975:


These are not attractive percentages. What ever became of the days when we could get double digit interest rates?

The key is to live on the interest. So the bank has the money indefinitely. So can they not be flexible

Rates are not smiling these days thats why...

strong766:
I want to know d interest rate of 1 month savings and amount, also 1 year savings interest. I need full details CU's I want to start

For how much? Because theres a rate guide. I just said all that from the top of my head.

So how much?

Abduletudaye:


For how much? Because theres a rate guide. I just said all that from the top of my head.

So how much?

like 50-60k savings every month for 1 or 2-3 years.

strong766:
like 50-60k savings every month for 1 or 2-3 years.

If im correct, you intend to start with 50k or 60k and you intend to keep adding same amount every month for one year?

Abduletudaye:


If im correct, you intend to start with 50k or 60k and you intend to keep adding same amount every month for one year?

exactly

the interest rate I presume is for 1 year. the reason for low interest rates is because banks have so much money. they prefer giving out loan now than to accept fixed deposits. loans come with double digits interest rate to the bank while we get less than half of that in fixed deposit. This does not encourage startups.

strong766:
exactly

Approximately 600K/year...

That means the 50k will be rolled over and fresh funds will be also added.

Are you in Lagos?

anisalome:
the interest rate I presume is for 1 year. the reason for low interest rates is because banks have so much money. they prefer giving out loan now than to accept fixed deposits. loans come with double digits interest rate to the bank while we get less than half of that in fixed deposit. This does not encourage startups.

Gbam...

We prefer cheap funds..

Abduletudaye:


Approximately 600K/year...

That means the 50k will be rolled over and fresh funds will be also added.

Are you in Lagos?

no, what is the interest

strong766:
no, what is the interest

Would get back to you today..

Abduletudaye:

Would get back to you today..

OK no problem.

strong766:
OK no problem.

Rate for today is 3.5% but as you increase the tenur and funds, it should up abit.

Abduletudaye:


Rate for today is 3.5% but as you increase the tenur and funds, it should up abit.

so is it calculated as thus; 3.5%*600000 or 3.5%*50,000 compounded for 12 months.

strong766:
so is it calculated as thus; 3.5%*600000 or 3.5%*50,000 compounded for 12 months.

You know what? If you can bring the whole 600k at once, its better. Rather than bring 60k every month. That means we have to terminate the investment every year and add funds to reinvest.

Why not save up the money, then invest?

Have a savings account that even yield you small interest, dnt get an atm. Then fix the money.

Abduletudaye:


You know what? If you can bring the whole 600k at once, its better. Rather than bring 60k every month. That means we have to terminate the investment every year and add funds to reinvest.

Why not save up the money, then invest?

Have a savings account that even yield you small interest, dnt get an atm. Then fix the money.

hmm

strong766:
hmm

Yes, assuming you bring in funds before the end of the month, you will have to preliquidate and preliquidation of investments will cost you.

I would rather invest my money in pure water distribution business than to fix it even if the interest rate is 10%

this business template gives a good understanding of the pure water distribution business

http://www.talkasset.com/how-to-start-up-a-bottle-water-or-sachet-water-distribution-business-in-nigeria/