Fixed Deposit Interest Rates For Banks In Nigeria (2026)

In this article, we shall explore the fixed deposit interest rates for Nigerian banks this 2026. Do you want to increase the value of your savings in a risk-free and secure manner? The ideal answer might be one of the fixed deposit accounts that Nigerian banks provide.

In comparison to a standard savings account, a fixed deposit account allows you to invest a lump sum of money for a predetermined amount of time, typically between 30 and 365 days, and earn a greater interest rate.

The amount invested, the duration of the deposit, and the overall state of the economy all affect the interest rate on fixed deposit accounts in Nigerian banks.

It is important to compare interest rates before making an investment because banks in Nigeria provide varying rates on fixed deposit accounts.

ADVANTAGES OF FIXED DEPOSIT ACCOUNTS IN NIGERIA

There are various advantages to fixed deposit accounts in Nigeria, and some of them are highlighted below:

• Compared to savings accounts, fixed deposit accounts are reputed to give greater interest rates
• Since the interest rate is fixed, you can precisely forecast your returns
• Fixed deposit accounts are secure since the Nigeria Deposit Insurance Corporation (NDIC) insures them
• They also offer a great chance to save money for a particular objective, like retirement, a business venture, or education
• The inability to withdraw funds until the account’s maturity date is another benefit of fixed deposit accounts that promote pragmatic saving.

FIXED DEPOSIT RATES AMONG COMMERCIAL BANKS IN NIGERIA 2024

The following is a comprehensive list of the top commercial banks in Nigeria and their interest rates this 2026:

GUARANTY TRUST BANK

Guaranty Trust Bank (GTCo), offers a Fixed/Tenured Deposit account, which is a tenured investment account with a predetermined amount deposited at an agreed-upon interest rate and tenure.

At the end of the agreed-upon period, and depending on the instructions of the account holder, the investment can be re-invested or returned with the interest earned.

The duration is usually 30 days minimum or 180 days maximum. Customers that hold a Standing Order deposit for one year will earn a 4.95% annual interest rate plus an additional 1% bonus interest.

ACCESS BANK

The High-Interest Deposit Account offered by Access Bank is an investment account with a predetermined maturity date and interest rate.

While the interest on deposits is guaranteed, the investment may be used as security for a loan.

This account has interest rates ranging from 5.25% to 5.45% annually. The account can only hold a maximum of ₦50 million.

UNION BANK

Fixed deposits from Union Bank, whether they are short, medium, or long-term, provide investors with a high level of investment certainty, just like all of its financial products.

At the predetermined interval, the accrued interest on the term deposits may be paid to the customer or reinvested.

Union Bank offers interest ranging from 4.2% – 4.5%, and they also offer a minimum deposit of ₦100,000 and a minimum tenure of 30 days.

STANBIC IBTC

The Fixed Deposit Account from Stanbic IBTC is ideal for people who want to invest a large sum of money and earn great returns.

Depositors can receive higher interest on their money from the Fixed Deposit Account for as little as 30 days or as long as a full year.

Depositors might choose to receive interest only or interest + principle at term’s end with competitive interest rates. Currently, 10% of interest is subject to withholding tax.

FIDELITY BANK

Fixed deposit accounts from Fidelity Bank provide investment choices in Naira, Dollars, Euros, and Pounds.

Depending on the principal invested, it offers interest rates as high as 6% for Naira investments and 5% for investments in other currencies.

STERLING BANK

A Sterling Bank fixed deposit is an investment account intended for people and companies who want to benefit from a financial instrument that offers a fixed rate of interest for a predetermined amount of time.

It has a 30-day minimum term, competitive, negotiable rates, and interest paid upon full maturity. Additionally, the investment has a 2%–5% annual interest rate that is renewable upon maturity.

FIRST BANK

With its Fixed Deposit account, which enables you to invest a set amount of money for a predetermined amount of time at a predetermined interest rate, First Bank helps you grow your money.

The investment may be liquidated with the interest earned, or it may be rolled over at the conclusion of the predetermined time. This account can be operated by both individuals and corporate entities.

UNITED BANK FOR AFRICA

The Fixed Deposit Account offered by United Bank for Africa allows corporate entities to maximise their investment returns over a predetermined time frame.

The customer’s preference will determine the interest rate and term. Following the conclusion of the prearranged tenure, interest with the principal may be reinvested right away. The interest earned varies from 3.8% to 4% and is not taxed.

ECOBANK

A product of Ecobank, the Fixed Income Fund seeks to maximise predictable, long-term investments in Africa’s economic growth so that you can make more confident investments.

In addition, the fund permits holders to subscribe to units on behalf of minors who can either assume the investment or cash it out once they turn eighteen.

POLARIS BANK

The features of a savings, current, and fixed deposit account are all combined into one high-yield savings account called Polaris Wise.

In order to earn more, it motivates depositors to save more. It requires a minimum of ₦10,000 to open and operate.

If the monthly withdrawal limit is exceeded more than three times, or if the balance is less than ₦100,000, interest forfeiture will occur.

THINGS TO CONSIDER WHEN CHOOSING A FIX DEPOSIT IN NIGERIA

When choosing a bank to invest in a fixed deposit account, consider the following factors:

• Interest rate offered by the bank
• The reputation and stability of the bank
• Customer service
• Accessibility
• Minimum deposit amount
• Tenure
• Penalties for early withdrawal.

The above factors will influence both the overall investing experience and the investment returns.

Following receipt of the required information, the bank will process your application and initiate the process of opening your account.

Along with the account information, including the interest rate, term, and maturity date, you will also receive a certificate of deposit.

Fixed deposit accounts offer better interest rates than savings accounts and are a great method to save money.

When making an investment, it is really important to evaluate the rates offered by Nigerian banks on fixed deposit accounts.