The Central Bank of Nigeria (CBN) has recently updated the interest rates for savings accounts across major Nigerian banks. This update is part of the CBN’s ongoing commitment to transparency and aims to provide essential information to help bank customers make informed financial decisions. The interest rates, which vary by bank, reflect changes in the CBN’s Monetary Policy Rate (MPR).
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As of June 28, 2024, the latest data shows that Deposit Money Banks (DMBs) have adjusted their rates following the CBN’s decision to increase the MPR to 24.75% in May 2024, up from 22.75% in February. This adjustment marks a significant shift from the average savings interest rate of 5.55% observed in June 2023.
Overview of New Savings Interest Rates:
- Access Bank: 7.88%
- Citi Bank: 7.88%
- Coronation Bank: 21.34%
- Ecobank: 7.86%
- FCMB: 1.15%
- Fidelity Bank: 7.43%
- First Bank of Nigeria: 7.88%
- Globus Bank Ltd: 1.40%
- Guaranty Trust Bank: 7.88%
- Keystone Bank Ltd: 7.88%
- Optimus Bank: 7.88%
- Polaris Bank: 7.88%
- Premium Trust: 7.88%
- Providus Bank: 7.88%
- Signature Bank: 6.63%
- Stanbic IBTC: 2.63%
- Standard Chartered Bank: 7.88%
- Sterling Bank: 7.88%
- Wema Bank: 7.88%
- Titan Trust Bank: 7.88%
- Union Bank: 7.88%
- Unity Bank: 7.88%
- Zenith Bank: 7.88%
These changes are consequential not just for savings but also for other financial products. With the rise in the MPR, the cost of loans, mortgages, and other credit products has also increased, affecting personal and business finances.
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Customers are encouraged to visit the official CBN website or contact their respective banks for further details and updates. This ensures they are fully informed about the best available savings and financial planning options.
