Financial institutions in the country including Access Bank, Wema Bank, Standard Chartered Bank, First Bank, Stanbic IBTC, Guarantee Trust Bank (GTB) among others have adopted new interest rates for customers’ savings accounts.
This is following the Central Bank’s new update on saving deposit interest rates for various Deposit Money banks (DMBs). A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
The changes reflect the most recent decision by the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate (MPR).
Recall that after a 2-day meeting held on the 22nd and 23rd of July 2024, the apex bank decided to hike the MPR to 26.75% from the previous rate of 26.25%. The MPR serves as a guide for commercial banks to determine their interest rates for customer loans and deposits.
According to reports, the new rates published by the CBN showed that banks now offer savings deposit rates ranging from 7.88% to as high as 21.87% Coronation Bank offers the highest savings deposit rate, while FCMB has the lowest savings interest rate.
According to the new rates published by CBN, Access Bank new interest rate now stands at 7.88% and First Bank stands at 7.88%.
Stanbic IBTC interest rate stands at 2.63% while Standard Chartered Bank new interest rate stands at 7.88%.
Also GTB new interest rate stands at 7.88% while Coronation Bank with the highest interest rate stands at 21.87%. Wema Bank new interest rate stands at 7.88% and UBA interest now stand at 7.88% also.
Union Bank, Unity Bank, Keystone Bank, Optimus, Polaris, Premium Trust, Providus Bank, Sterling Bank, Citibank, Sterling Bank sll have 7.88% as their new interest rates while Zenith Bank’s new interest rate stand at 7.89%.
Ecobank;s new interest rate stands at 7.86%, while FCMB new rates stands at 1.15%. Fidelity Bank’s new rate stands at 7.43% and while Globus Bank’s rate stands at 1.4%.