Major Nigerian banks, including Access Bank, UBA, GTB, and Zenith, have announced adjustments to their savings account interest rates, giving customers the opportunity to earn higher returns. According to new data released by the Central Bank of Nigeria (CBN), the average savings deposit rate has increased from 7.88% to 8.03%, with several banks aligning their rates accordingly.
This development comes as part of the CBN’s efforts to stimulate savings and offer customers better financial benefits. Ecobank, one of the commercial banks, confirmed the changes, announcing an interest rate boost to 8.175% per annum for savings accounts.
Other banks that have followed suit include Fidelity, First Bank, Union Bank, and Polaris, all offering an 8.03% interest rate, while GTB remains at 5.55% and FCMB at 1.15%.
This new savings deposit rate will benefit customers looking to grow their finances, as higher interest rates mean more earnings from savings accounts.
