Independent · CBN and SEC figures

Stanbic IBTC Fixed Deposit vs Money Market Fund: Which Pays More?

The two ways most Stanbic IBTC customers park cash, compared on the official numbers: the average fixed deposit rate the bank reported to the CBN and the yield Nigeria's largest 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 Stanbic IBTC.

Stanbic IBTC fixed deposit

10.20%

CBN average · rank 27 of 32 banks

Stanbic IBTC Money Market Fund

16.73%

SEC yield · rank 30 of 49 · largest fund in Nigeria

Gap

6.53 pp

in favour of the money market fund

₦1m for a year, net

+₦58,770

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	Stanbic IBTC FD net interest	Stanbic IBTC MMF net return	Difference
3 months	₦22,636	₦35,488	+₦12,852 fund
6 months	₦45,271	₦72,375	+₦27,104 fund
12 months	₦91,800	₦150,570	+₦58,770 fund

For scale, Stanbic IBTC's CBN-reported savings account rate the same week was 2.65%. 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

	Stanbic IBTC fixed deposit	Stanbic IBTC Money Market Fund
Rate	10.20% CBN average, fixed for the tenor once agreed; negotiable on larger amounts	16.73% SEC-reported, floats weekly (+1.32 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	Stanbic IBTC Bank, a CBN-licensed deposit money bank	Stanbic IBTC Asset Management, an SEC-licensed sister company under Stanbic IBTC Holdings
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 Stanbic IBTC on your actual amount. Any quote above 16.73% 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.

Stanbic IBTC fixed deposit calculator

Preloaded with Stanbic IBTC's CBN-reported average of 10.20%, labelled as such until you change it. Replace it with the figure the bank 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.)

Stanbic IBTC'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)

₦1,091,800.00

Net interest: ₦91,800.00

Gross interest₦102,000.00

Withholding tax (10%)− ₦10,200.00

Gross Annual Rate

10.20%

Net Annual Yield (after 10% WHT)

9.18%

Per 30 days (net equivalent)

₦7.5K

Tenure

1yr

Rate Used

CBN-reported average — 10.20% p.a.

Applied to 1yr: 10.20% 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%

Stanbic IBTC Money Market Fund calculator

Preloaded on the Stanbic IBTC 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)

₦1,150,570.00

Total Income (after 10% WHT)

₦150,570.00

Monthly Income (after WHT, avg)

₦12,547.50

Reported Yield Applied

16.73%

Selected fundStanbic IBTC

Reported yield p.a.16.73%

Fund managerStanbic IBTC Asset Mgt. Limited

Fund size (NAV)₦3.14trn

Change in 4 weeks+1.32 pp

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

Gross income over 12 mo (before tax)₦167,300.00

Withholding tax (10%)− ₦16,730.00

Net income after WHT₦150,570.00

Net total (your ₦1,000,000.00 plus net income)₦1,150,570.00

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)).

Share this scenario

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

16.73% MMF vs 4% savings account over 12 months — both before tax

Over 12 months, the MMF earns you ₦127,300.00 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). Stanbic IBTC is a trademark of its owner, used here to identify the products. See also Stanbic IBTC fixed deposit rates, all 14 Stanbic IBTC funds, the same comparison for GTBank, every bank's CBN fixed deposit rate and all 49 money market funds ranked.

Frequently asked questions

Which pays more right now: a Stanbic IBTC fixed deposit or the Stanbic IBTC Money Market Fund?

On the latest official figures, the Stanbic IBTC Money Market Fund pays more: 16.73% reported by the Stanbic IBTC Money Market Fund to the SEC for the week ended 9 Oct 2026, against Stanbic IBTC Bank's average fixed deposit rate of 10.20% reported to the CBN for the week ended 3 Jul 2026, a gap of 6.53 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 the bank 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 10.20% simple interest, ₦1,000,000 in a Stanbic IBTC fixed deposit for 365 days earns ₦102,000 gross and ₦91,800 after 10% WHT. At 16.73%, the same amount in the Stanbic IBTC Money Market Fund for 12 months earns ₦167,300 gross and about ₦150,570 net, with returns reinvested. That is ₦58,770 more from the money market fund over the year, before any fees. Use the calculators on this page with the rate Stanbic IBTC actually quotes you.

What rate would Stanbic IBTC 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 16.73% would out-earn the Stanbic IBTC 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 the bank for a quote on your actual amount and enter it in the fixed deposit calculator's custom rate field.

Why is the Stanbic IBTC Money Market Fund yield lower than some other funds?

Size. The fund holds ₦3.14trn for 390,143 unitholders, roughly 47% of all money market fund assets in Nigeria, and a fund that large has to place money across many instruments rather than chase the best-paying paper. It ranks 30 of 49 funds by yield; the NAV-weighted average is 16.85% and the highest reported is 21.31% (First Ally Money Market Fund). Even so it still beats Stanbic IBTC Bank's own fixed deposit average of 10.20%.

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 Stanbic IBTC Bank 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 Stanbic IBTC Bank, while the fund is run by Stanbic IBTC Asset Management, a sister company under Stanbic IBTC Holdings. There is also a middle option, the Stanbic IBTC Enhanced Short-Term Fixed Income Fund (₦6bn, unit price ₦183.93, +1.65% over four weeks), which holds slightly longer paper than the money market fund and whose unit price moves.

Where do these figures come from?

The fixed deposit rate is Stanbic IBTC'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 the bank ranks 27 of 32 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. CheckInvestNg is independent and not affiliated with Stanbic IBTC.