Fixed Deposit Interest Rates in Nigeria (2026)
Every bank's average fixed deposit rate as reported to the Central Bank of Nigeria for the week ended 3 July 2026, ranked highest to lowest. This is the only official, bank-by-bank deposit rate table published in Nigeria.
Source: CBN, Deposit and Lending Rates in the Banking Industry, ref. BSD/DIR/GEN/DLR/007/001. Transcribed and checked 4 Sept 2026.
22.40%
Ecobank
17.04%
Sterling Bank
13.83%
13.49% across commercial banks
8.00%
GTBank
Fixed deposit rates by bank
Each page shows the bank's CBN-reported rate, what ₦100k to ₦5m earns after withholding tax at 30 days to one year, and a calculator preloaded for that bank.
All 32 banks ranked by average fixed deposit rate
Week ended 3 July 2026. “pp” is percentage points above or below the industry average of 13.83%. A dash means the bank reported no figure for that row.
| # | Bank | Avg. fixed deposit | vs. industry avg. | Avg. savings |
|---|---|---|---|---|
| 1 | Ecobank | 22.40% | +8.57 pp | 7.20% |
| 2 | Keystone Bank | 19.08% | +5.25 pp | 7.95% |
| 3 | Alpha Morgan Bank | 18.00% | +4.17 pp | 7.95% |
| 4 | FSDH Merchant BankMerchant | 18.00% | +4.17 pp | — |
| 5 | Greenwich Merchant BankMerchant | 17.50% | +3.67 pp | — |
| 6 | Rand Merchant BankMerchant | 17.27% | +3.44 pp | — |
| 7 | 17.04% | +3.21 pp | 7.95% | |
| 8 | Unity Bank | 16.50% | +2.67 pp | 7.95% |
| 9 | Providus Bank | 16.00% | +2.17 pp | 7.95% |
| 10 | Coronation Merchant BankMerchant | 15.50% | +1.67 pp | — |
| 11 | 15.00% | +1.17 pp | 7.95% | |
| 12 | Premium Trust Bank | 15.00% | +1.17 pp | 7.95% |
| 13 | 14.75% | +0.92 pp | 8.10% | |
| 14 | Tatum Bank | 14.66% | +0.83 pp | 7.95% |
| 15 | Globus Bank | 14.51% | +0.68 pp | 7.95% |
| 16 | SunTrust Bank | 13.90% | +0.07 pp | 8.00% |
| 17 | Nova Bank | 13.77% | −0.06 pp | 8.00% |
| 18 | Standard Chartered | 13.74% | −0.09 pp | 7.95% |
| 19 | 13.00% | −0.83 pp | 4.25% | |
| 20 | Signature Bank | 12.77% | −1.06 pp | 7.95% |
| 21 | Parallex Bank | 12.73% | −1.10 pp | 7.95% |
| 22 | 12.57% | −1.26 pp | 7.95% | |
| 23 | Union Bank | 11.24% | −2.59 pp | 7.95% |
| 24 | 11.05% | −2.78 pp | 8.25% | |
| 25 | Wema Bank | 10.77% | −3.06 pp | 7.95% |
| 26 | Polaris Bank | 10.50% | −3.33 pp | 7.95% |
| 27 | 10.20% | −3.63 pp | 2.65% | |
| 28 | 10.00% | −3.83 pp | 7.95% | |
| 29 | Quest Merchant BankMerchant | 9.92% | −3.91 pp | — |
| 30 | Optimus Bank | 9.04% | −4.79 pp | 7.95% |
| 31 | Citibank | 8.07% | −5.76 pp | 7.95% |
| 32 | 8.00% | −5.83 pp | 7.95% |
What ₦1,000,000 earns in one year
Simple interest for 365 days at the highest, average and lowest CBN-reported rates, with the 10% withholding tax banks deduct at source. Figures are derived from the table above.
| Scenario | Rate | Gross interest | WHT (10%) | Net interest | You receive |
|---|---|---|---|---|---|
| Highest — Ecobank | 22.40% | ₦224,000 | − ₦22,400 | ₦201,600 | ₦1,201,600 |
| Industry average | 13.83% | ₦138,275 | − ₦13,827 | ₦124,447 | ₦1,124,448 |
| Lowest — GTBank | 8.00% | ₦80,000 | − ₦8,000 | ₦72,000 | ₦1,072,000 |
How to read the CBN table
Every week the Central Bank of Nigeria publishes the deposit and lending rates of all deposit money banks, as reported by the banks themselves. For deposits it gives three figures per bank: the average rate on demand (current) accounts, on savings accounts, and on time deposits, which is the banking term for fixed deposits.
Three things follow from the word average. First, the figure blends every tenor from 30 days to over a year, so it is not a quote for any one tenor. Second, it blends every ticket size, from small retail placements to large corporate ones, so a customer placing several million naira for a year will usually be offered more than the average. Third, it moves week to week as the mix of deposits changes, even when a bank's rate card has not.
Use the table to see which banks are paying up for deposits and to set your expectations before you walk in or call, then ask the bank for its rate on your amount and tenor. Our fixed deposit calculator shows what any quoted rate is worth after withholding tax, and how it compares with treasury bills, money market funds and the tax-free FGN Savings Bond.
Risk profile — Bank Fixed Deposit
An obligation of a commercial bank, not the Federal Government. NDIC deposit insurance covers up to ₦5 million per depositor per bank; balances above that limit are exposed to the individual bank’s solvency. Investors may still face inflation risk, reinvestment risk and liquidity risk, since early termination usually forfeits part of the accrued interest.
| Risk type | Assessment | Why |
|---|---|---|
| Credit / default risk | Low | Bank obligation, NDIC-insured to ₦5m per depositor per bank; the excess carries bank-specific risk. |
| Inflation risk | Present | The rate is locked for the tenor, so rising inflation erodes your real return. |
| Interest-rate / market-price risk | Present | If market rates rise during your tenor, your money stays locked at the older, lower rate. |
| Liquidity risk | Moderate | Breaking a deposit early typically forfeits a substantial share of the accrued interest. |
| Reinvestment risk | Present | On rollover the bank re-prices to prevailing rates, which are negotiable and may be lower. |
These are CheckInvestNg’s own qualitative assessments for retail investors, not credit ratings from a rating agency and not personalised investment advice. Risk levels can change with market conditions.
Where these rates come from
Every rate on this page is traceable to a named official or published source. Rates can change between updates — always confirm the binding figure with the issuer or your provider before investing.
Bank fixed deposit rates — CBN-reported weekly averages
- Source organisation
- Central Bank of Nigeria (CBN), Banking Supervision Department
- Source document
- Deposit and Lending Rates in the Banking Industry, week ended 3 Jul 2026 (ref. BSD/DIR/GEN/DLR/007/001)
- Source published
- Week ended 3 Jul 2026
- Last verified
- Manually transcribed 4 Sept 2026
- Update method
- Manually transcribed from the CBN weekly PDF — no machine feed. Figures are each bank’s average across all tenors, not a tenor-specific quote
- Next expected update
- Next CBN weekly table
Original publication: CBN — Banks' Deposit and Lending Rates. CheckInvestNg is not affiliated with the CBN or any bank named above.
Frequently Asked Questions
Which bank has the highest fixed deposit interest rate in Nigeria?
In the CBN's table for the week ended 3 July 2026, Ecobank reported the highest average time deposit rate at 22.40%. Among the large retail banks most people bank with, Sterling Bank led at 17.04%. These are averages across every tenor and deposit size the bank booked that week, so the rate you are offered will depend on your amount and tenor.
What is the average fixed deposit rate in Nigeria in 2026?
The simple average across all 32 banks in the CBN table is 13.83%. Across the 27 commercial (retail-facing) banks alone it is 13.49%. The spread is wide: from 8.00% at GTBank to 22.40% at Ecobank.
Is this the rate I will actually get from my bank?
Not necessarily. The CBN figure is each bank's average across all time deposits booked that week, including small short-tenor placements. Nigerian fixed deposit rates are negotiated per customer and move with the amount, the tenor and the CBN Monetary Policy Rate. Treat the table as the benchmark to negotiate from, and confirm the binding rate, minimum and tenor with the bank before placing funds.
Why do some big banks report low average fixed deposit rates?
A bank with a very large base of cheap deposits and strong liquidity has less need to pay up for fixed deposits, so its average lands low. Smaller and newer banks, and merchant banks that fund themselves mainly through wholesale deposits, tend to offer more to attract funds. A low average does not mean the bank will refuse to negotiate on a large placement.
What is a merchant bank, and can I open a fixed deposit with one?
Merchant banks (marked in the table) serve corporates, institutions and high-net-worth clients rather than walk-in retail customers, and their minimum placements are typically far higher than a commercial bank's. Their rates are included because the CBN publishes them, but most individual savers will use a commercial bank.
How often is this page updated?
The CBN publishes a new table every week. Because the CBN website blocks automated downloads, the figures here are transcribed by hand from the PDF; this page currently shows the table for the week ended 3 July 2026 (ref. BSD/DIR/GEN/DLR/007/001), checked on 4 Sept 2026.
How is fixed deposit interest taxed in Nigeria?
Banks deduct 10% withholding tax (WHT) from fixed deposit interest at source. On the industry average rate, ₦1,000,000 placed for one year earns about ₦138,275 gross, loses ₦13,827 to WHT and pays out ₦124,447 net. Our fixed deposit calculator applies the deduction automatically.