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. Same 10% tax on both, so 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 14 Aug 2026. CheckInvestNg is not affiliated with Stanbic IBTC.
10.20%
CBN average · rank 27 of 32 banks
15.36%
SEC yield · rank 41 of 48 · largest fund in Nigeria
5.16 pp
in favour of the money market fund
+₦46,440
extra from the fund after 10% WHT
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. 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 | ₦32,731 | +₦10,095 fund |
| 6 months | ₦45,271 | ₦66,652 | +₦21,381 fund |
| 12 months | ₦91,800 | ₦138,240 | +₦46,440 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 | 15.36% SEC-reported, floats weekly (unchanged since 17 Jul 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 on distributions, deducted by the manager |
| 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 15.36% 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% as the quoted rate. 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.
Fixed Deposit Calculator
Gross rate before withholding tax, applied to every tenor. Enter the figure your bank quoted for your amount and tenor.
Results
Maturity Value (after tax)
₦1,091,800.00
Net interest: ₦91,800.00
Gross Annual Rate
10.20%
Net Annual Yield (after 10% WHT)
9.18%
Monthly Equivalent (net)
₦7.5K
Tenure
1yr
Rate Used
Your quoted rate — 10.20% p.a.
Simple vs Compound — Interest Earned (before tax)
Maturity Value Across Banks (1yr)
Bank Rate Comparison
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
₦1,153,600.00
₦153,600.00
₦12,800.00
15.36%
MMF vs Savings Account Projection
15.36% MMF vs 4% savings account over 12 months
Over 12 months, the MMF earns you ₦113,600.00 more than a 4% savings account.
| Fund | Yield | 4-week change | Fund size | Unitholders | Action |
|---|---|---|---|---|---|
FCMBAM Money Market Fund FCMB Asset Management Limited | 23.69% | +7.71 pp | ₦72.3bn | 4,408 | |
Coronation Money Market Fund Coronation Asset Management Limited | 19.64% | −0.10 pp | ₦96.8bn | 20,749 | |
Greenwich Plus Money Market Fund Greenwich Asset Management Limited | 19.08% | +0.20 pp | ₦15.4bn | 1,143 | |
STL Money Market Fund STL Asset Management Limited | 18.90% | +0.02 pp | ₦19bn | 2,037 | |
Trustbanc Money Market Fund Trustbanc Asset Management Limited | 18.79% | −0.01 pp | ₦19.3bn | 1,068 | |
Emerging Africa Money Market Fund Emerging Africa Asset Management Limited | 18.61% | +1.37 pp | ₦9.2bn | 1,345 | |
Meristem Money Market Fund Meristem Wealth Management Limited | 17.34% | −0.39 pp | ₦129.8bn | 12,374 | |
Guaranty Trust Money Market Fund Guaranty Trust Fund Managers | 16.95% | −0.28 pp | ₦586.8bn | 61,073 | |
ARM Money Market Fund ARM Investment Managers Limited | 16.74% | −0.14 pp | ₦444.7bn | 88,738 | |
Zenith Money Market Fund Zenith Asset Management Ltd | 15.98% | +0.23 pp | ₦166.9bn | 9,277 | |
United Capital Money Market Fund United Capital Asset Mgt. Ltd | 15.80% | +0.69 pp | ₦259.5bn | 100,000 | |
First Asset Money Market Fund First Asset Management Limited | 15.45% | +0.18 pp | ₦747.9bn | 44,202 | |
Stanbic IBTC Money Market Fund Stanbic IBTC Asset Mgt. Limited | 15.36% | unchanged | ₦3.00trn | 362,532 | |
AXA Mansard Money Market Fund AXA Mansard Investments Limited | 15.31% | −0.34 pp | ₦181.3bn | 41,893 |
Yields as reported by each fund manager to the SEC for the week ended 14 Aug 2026; they change weekly and are not guaranteed. 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. WHT of 10% applies to MMF distributions.
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.
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 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. |
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
Money market fund yields — SEC weekly NAV table (48 funds)
- Source organisation
- Securities and Exchange Commission (SEC), Nigeria
- Source document
- Net Asset Value and Unit Price of Collective Investment Schemes, week ended 14 Aug 2026 — "Yield (WTD)" column, MONEY MARKET FUNDS section
- Source published
- Week ended 14 Aug 2026
- Last verified
- Imported from the SEC workbook 4 Sept 2026
- Update method
- Workbook downloaded by hand from sec.gov.ng and parsed by scripts/import-sec-nav.mjs — no machine feed. Yields are as reported by each fund manager to the SEC; they change daily and are not guaranteed
- Next expected update
- Next SEC weekly NAV workbook
Original publications: CBN — Deposit and Lending Rates in the Banking Industry and SEC Nigeria — Weekly Net Asset Value for Collective Investment Schemes (workbook for 14 Aug 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 48 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: 15.36% reported by the Stanbic IBTC Money Market Fund to the SEC for the week ended 14 Aug 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 5.16 percentage points. Both are taxed at 10% withholding tax, so the gap carries through to your net return. 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 15.36%, the same amount in the Stanbic IBTC Money Market Fund for 12 months earns ₦153,600 gross and about ₦138,240 net, with returns reinvested. That is ₦46,440 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?
Because both products carry the same 10% withholding tax, the fixed deposit only needs to beat the fund's yield: any negotiated fixed deposit rate above 15.36% 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. 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 ₦3.00trn for 362,532 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 41 of 48 funds by yield; the NAV-weighted average is 16.01% and the highest reported is 23.69% (FCMBAM 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 (₦6.1bn, unit price ₦178.52, +1.93% 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 14 August 2026. CheckInvestNg is independent and not affiliated with Stanbic IBTC.