Independent · CBN and SEC figures

GTBank Fixed Deposit vs GT Money Market Fund: Which Pays More?

The two ways most GTBank customers park cash, compared on the official numbers: the average fixed deposit rate GTBank reported to the CBN and the yield the Guaranty Trust Money Market Fund reported to the SEC. With the same 10% tax assumed on both, the comparison is mostly about rate, access and protection.

Sources: CBN weekly deposit rates as at 3 Jul 2026; SEC weekly NAV table as at 9 Oct 2026. CheckInvestNg is not affiliated with GTBank, GTCO or Guaranty Trust Fund Managers.

GTBank fixed deposit

8.00%

CBN average · rank 32 of 32 banks

GT Money Market Fund

16.88%

SEC yield · rank 26 of 49 funds

Gap

8.88 pp

in favour of the money market fund

₦1m for a year, net

+₦79,920

extra from the fund after 10% WHT, assumed for the fund

What ₦1,000,000 earns after tax

Fixed deposit at the CBN average with simple interest paid at maturity; money market fund at its SEC yield with returns reinvested. Both net of 10% withholding tax (an assumption for the fund). At an equal rate the two would be within a few naira of each other at every period shown, so the difference below is almost entirely the gap in rate.

Period	GTBank FD net interest	GT MMF net return	Difference
3 months	₦17,753	₦35,788	+₦18,035 fund
6 months	₦35,507	₦72,999	+₦37,493 fund
12 months	₦72,000	₦151,920	+₦79,920 fund

For scale, GTBank's CBN-reported savings account rate the same week was 7.95%. The CBN fixed deposit figure is an average across every tenor and amount booked that week, not a rate card.

The differences that matter beyond the rate

	GTBank fixed deposit	GT Money Market Fund
Rate	8.00% CBN average, fixed for the tenor once agreed; negotiable on larger amounts	16.88% SEC-reported, floats weekly (−1.14 pp since 11 Sept 2026)
Access to your money	Locked for the tenor (30 to 365 days); early withdrawal usually forfeits some interest	Redeem any business day, usually paid in 1 to 2 days, no penalty
Protection	NDIC deposit insurance up to ₦5 million per depositor per bank	Not insured; SEC-regulated, fund assets ring-fenced from the manager
Tax	10% withholding tax on interest, deducted at source	10% withholding tax assumed on distributions; whether it applies is an unresolved interpretation question
Who holds your money	Guaranty Trust Bank, a CBN-licensed deposit money bank	Guaranty Trust Fund Managers, an SEC-licensed sister company under GTCO
Suits	Money you will not need for a set period and a rate you want locked in	Emergency funds and idle cash you may need at short notice

A simple rule of thumb

Cash you might need this year: the money market fund. Same tax, no lock-in, and on the current figures a higher rate as well.
Cash you can commit for a fixed period: get a fixed deposit quote from GTBank on your actual amount. Any quote above 16.88% beats the fund at today's yield and locks the rate in. Quotes above the CBN average are common on larger placements.
Above ₦5 million: the NDIC cover on the deposit stops at that limit per depositor per bank, so the insurance advantage of the deposit shrinks as the amount grows.

GTBank fixed deposit calculator

Preloaded with GTBank's CBN-reported average of 8.00%, labelled as such until you change it. Replace it with the figure GTBank actually gives you to see the net maturity value for your amount and tenor, or pick a bank from the list to compare.

Indicative rate — confirm with your bank before investing

Fixed Deposit Calculator

Principal Amount₦1,000,000.00

₦50K₦500M

Investment Tenure

Select Bank

CBN-reported average (% p.a.)

GTBank's average across all fixed deposits it booked in the week ended 3 Jul 2026, as published by the CBN. Edit it to run your own quote instead.

Interest Calculation

Results

Maturity Value (after tax)

₦1,072,000.00

Net interest: ₦72,000.00

Gross interest₦80,000.00

Withholding tax (10%)− ₦8,000.00

Gross Annual Rate

8.00%

Net Annual Yield (after 10% WHT)

7.20%

Per 30 days (net equivalent)

₦5.9K

Tenure

1yr

Rate Used

CBN-reported average — 8.00% p.a.

Applied to 1yr: 8.00% p.a.

Simple vs Compound — Interest Earned (before tax)

Maturity Value Across Banks (1yr)

Bank Rate Comparison

Indicative — verify with bank

Bank	6-Month Rate	12-Month Rate	24-Month Rate
Sterling Bank	14.8%Best	16.0%Best	16.5%Best
GTBank	14.5%	15.5%	16.0%
Fidelity Bank	14.2%	15.2%	15.8%
Zenith Bank	13.5%	15.0%	15.5%
Access Bank	14.0%	15.0%	16.0%
First Bank	13.5%	14.8%	15.5%
UBA	13.0%	14.5%	15.5%

GT Money Market Fund calculator

Preloaded on the Guaranty Trust Money Market Fund at its SEC-reported yield. Switch to “Earn ₦X/Month” to see the balance needed for a target monthly income.

See how your investment grows

Money Market Fund Calculator

Calculate your projected returns from Nigerian money market funds

Select Fund

Investment Amount

₦10,000.00₦500,000,000.00

Investment Duration

1 month36 months

Projected Value (after 10% WHT)

₦1,151,920.00

Total Income (after 10% WHT)

₦151,920.00

Monthly Income (after WHT, avg)

₦12,660.00

Reported Yield Applied

16.88%

Selected fundGuaranty Trust

Reported yield p.a.16.88%

Fund managerGuaranty Trust Fund Managers

Fund size (NAV)₦687.6bn

Change in 4 weeks−1.14 pp

Yield as reported (week ended 9 Oct 2026)SEC NAV table

Gross income over 12 mo (before tax)₦168,800.00

Withholding tax (10%)− ₦16,880.00

Net income after WHT₦151,920.00

Net total (your ₦1,000,000.00 plus net income)₦1,151,920.00

How this is worked out: The reported yield is treated as an effective annual yield and applied for the fraction of a year held. Over twelve months that equals simple annual interest; over longer periods it assumes income stays invested at the same yield. Withholding tax is the only deduction applied. CheckInvestNg applies 10% withholding tax to money market fund income as an assumption: whether it applies under the Nigeria Tax Act 2025 is an unresolved interpretation question (s.63(4) and s.162(1)(b)).

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The link includes only: fund, amount, duration. Anyone who opens it sees the calculator preloaded with those inputs and today's published rate; nothing about you.

MMF vs Savings Account Projection

16.88% MMF vs 4% savings account over 12 months — both before tax

Over 12 months, the MMF earns you ₦128,800.00 more than a 4% savings account, before tax on either.

Fund	Yield	4-week change	Fund size	Unitholders
First Ally Money Market Fund First Ally Asset Management Limited Highest yield	21.31%	+3.32 pp	₦16.6bn	3,111
Coronation Money Market Fund Coronation Asset Management Limited	20.01%	−0.99 pp	₦121.5bn	23,915
Greenwich Plus Money Market Fund Greenwich Asset Management Limited	19.07%	−0.11 pp	₦16.9bn	1,176
CardinalStone Money Market Fund CardinalStone Asset Mgt. Limited	18.80%	−0.49 pp	₦45bn	2,963
STL Money Market Fund STL Asset Management Limited	18.67%	−0.74 pp	₦22.5bn	2,297
Chapel Hill Denham Money Market Fund Chapel Hill Denham Mgt. Limited	18.53%	−0.20 pp	₦51.6bn	21,207
United Capital Money Market Fund United Capital Asset Mgt. Ltd	17.31%	+1.16 pp	₦276.7bn	100,000
Meristem Money Market Fund Meristem Wealth Management Limited	17.06%	−1.56 pp	₦131.1bn	12,361
Guaranty Trust Money Market Fund Guaranty Trust Fund Managers	16.88%	−1.14 pp	₦687.6bn	77,860
First Asset Money Market Fund First Asset Management Limited	16.83%	+0.72 pp	₦775.6bn	46,845
Stanbic IBTC Money Market Fund Stanbic IBTC Asset Mgt. Limited	16.73%	+1.32 pp	₦3.14trn	390,143
ARM Money Market Fund ARM Investment Managers Limited	16.72%	−0.62 pp	₦460.9bn	91,328
Zenith Money Market Fund Zenith Asset Management Ltd	15.88%	−0.65 pp	₦169.9bn	9,800
AXA Mansard Money Market Fund AXA Mansard Investments Limited	15.07%	−1.17 pp	₦178.5bn	42,600

Yields are the figures each fund manager reported to the SEC's weekly NAV table for the week ended 9 Oct 2026, shown as published; they change weekly and are not guaranteed. The SEC table does not state whether management fees have already been deducted, so confirm the basis in the fund's fact sheet. The result cards above are after the 10% withholding tax CheckInvestNg assumes on distributions (CheckInvestNg applies 10% withholding tax to money market fund income as an assumption: whether it applies under the Nigeria Tax Act 2025 is an unresolved interpretation question (s.63(4) and s.162(1)(b)).), with the gross figure and the deduction itemised in the summary; no entry or exit charges are modelled. The reported yield is treated as an effective annual yield and applied for the fraction of a year held. Over twelve months that equals simple annual interest; over longer periods it assumes income stays invested at the same yield. The list shows the highest-yielding funds with at least ₦5bn under management plus the largest funds by assets. Minimums and redemption terms are in each fund's prospectus.

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 dimensions for Bank Fixed Deposit, with an assessed level and explanation for each.
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.

Risk profile — Money Market Fund

A SEC-regulated collective investment scheme holding short-dated instruments such as Treasury Bills, commercial paper and bank placements. It is not government-guaranteed and not NDIC-insured: the yield is variable, not promised, and the fund carries the credit risk of the commercial paper and bank deposits it holds. Investors also face inflation and reinvestment risk.

Risk dimensions for Money Market Fund, with an assessed level and explanation for each.
Risk type	Assessment	Why
Credit / default risk	Low	Diversified short-dated holdings, but commercial paper and bank placements are not risk-free.
Inflation risk	Present	Yields have at times run below headline CPI, producing a negative real return.
Interest-rate / market-price risk	Low	Very short duration, so the unit price is stable — but the quoted yield floats down when rates fall.
Liquidity risk	Low	Typically redeemable within 24–72 hours, though the fund may impose notice periods.
Reinvestment risk	Present	The advertised yield is not fixed — it resets continuously as underlying instruments mature.

Original publications: CBN — Deposit and Lending Rates in the Banking Industry and SEC Nigeria — Weekly Net Asset Value for Collective Investment Schemes (workbook for 9 Oct 2026). GTBank and Guaranty Trust are trademarks of their owners, used here to identify the products. See also GTBank fixed deposit rates, all Guaranty Trust funds, the same comparison for Stanbic IBTC, every bank's CBN fixed deposit rate and all 49 money market funds ranked.

Frequently asked questions

Which pays more right now: a GTBank fixed deposit or the GT Money Market Fund?

On the latest official figures, the GT Money Market Fund pays more: 16.88% reported by the Guaranty Trust Money Market Fund to the SEC for the week ended 9 Oct 2026, against GTBank's average fixed deposit rate of 8.00% reported to the CBN for the week ended 3 Jul 2026, a gap of 8.88 percentage points. CheckInvestNg applies 10% withholding tax to both, so on that assumption the gap carries through to your net return; for the fund, whether it applies to money market fund distributions under the Nigeria Tax Act 2025 is an unresolved interpretation question, and if it does not apply the fund's net return is higher than shown. The fixed deposit figure is an average across every tenor and amount GTBank booked that week; a negotiated rate on a large placement can be higher.

How much does ₦1,000,000 earn in each over one year?

At 8.00% simple interest, ₦1,000,000 in a GTBank fixed deposit for 365 days earns ₦80,000 gross and ₦72,000 after 10% WHT. At 16.88%, the same amount in the GT Money Market Fund for 12 months earns ₦168,800 gross and about ₦151,920 net, with returns reinvested. That is ₦79,920 more from the money market fund over the year, before any fees. Use the calculators on this page with the rate GTBank actually quotes you.

What rate would GTBank need to quote for the fixed deposit to win?

On the assumption used here that both carry the same 10% withholding tax, the fixed deposit only needs to beat the fund's yield: any negotiated fixed deposit rate above 16.88% would out-earn the GT Money Market Fund at its current yield over a year, and would also lock that rate in for the tenor while the fund's yield floats. If withholding tax turns out not to apply to the fund's distributions, the deposit would need a higher rate than this to win. Rates above the CBN average are common on larger placements, so ask GTBank for a quote on your actual amount and enter it in the fixed deposit calculator's custom rate field.

What are the real differences beyond the rate?

Four things. Certainty: a fixed deposit rate is fixed for the tenor; a money market fund yield changes weekly with treasury bill and commercial paper rates. Liquidity: a fixed deposit locks your money for 30 to 365 days and early withdrawal usually forfeits some interest; a money market fund can normally be redeemed in one or two business days without penalty. Insurance: a GTBank deposit is covered by NDIC deposit insurance up to ₦5 million per depositor per bank; the fund is not insured, though it is SEC-regulated with assets ring-fenced from the manager. Provider: the deposit is with Guaranty Trust Bank itself, while the fund is run by Guaranty Trust Fund Managers, a sister company under Guaranty Trust Holding Company (GTCO).

What is the GT Investment Fund 724, and does it change the comparison?

It is a second Guaranty Trust money market fund, sold through the GTBank *724 channel, which reported 14.86% to the SEC for the week ended 9 Oct 2026 with ₦7.3bn in net assets and 30,668 unitholders. That is still above GTBank's 8.00% fixed deposit average, so the same conclusion holds, but the main Money Market Fund is the larger and higher-yielding of the two.

Where do these figures come from?

The fixed deposit rate is GTBank's average time deposit rate in the Central Bank of Nigeria's weekly "Deposit and Lending Rates in the Banking Industry" table for the week ended 3 July 2026 (ref. BSD/DIR/GEN/DLR/007/001), where GTBank ranks 32 of 32 banks against an industry average of 13.83%. The money market fund yield is from the Securities and Exchange Commission's weekly "Net Asset Value and Unit Price" table for the week ended 9 October 2026, where the fund ranks 26 of 49 money market funds against a NAV-weighted average of 16.85%. CheckInvestNg is independent and not affiliated with GTBank, GTCO or Guaranty Trust Fund Managers.