Nigerian banks with highest interest on Fixed deposit accounts

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Posted by on Friday April 26, 2013 at 15:15:58:

When you've worked hard enough, there comes a time when allowing your money work for you may very well be a smart thing to do.

Investing in fixed deposit accounts are what a lot of smart investors are used to. With such an investment, one would not be bothered about the viability of a manufacturing or small business you may have invested into where capital gains or dividends are not certain. With a fixed investment that pays fixed returns, fixed deposit accounts remain one of the safest and most trusted forms on investment.

Talk about a passive flow of income and when you consider the risks involved in doing different types of business, at times you may just want to let your money lie down safely and still kick back some returns to you.


Ok, to cut the long story short, here are some Nigerian banks who pay the best interest on Fixed deposits and I'm talking double digits as at 2012 year end - Not much has changed since then.

Average Fixed deposit rates of Nigerian banks as at August 10 2012
=================

Those with Fixed rates
==============
FCMB 13.75%
Stanbic IBTC Bank 13.26%
Diamond bank 10%

Those with varying rates
==========
Access bank 3.75% - 14%
Unity bank 3% - 12.75%
Union bank 6.00% - 12.00%
Zenith bank 3.00% to 11.50%
Sterling bank 7.25% - 10.25%


So, now that you know which bank is more accommodating to your Fixed deposits, don't let millions of naira lie waste in a savings account when you could actually make more income from it by demanding higher rates.




Comments:
    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by chinedu nobert on Saturday June 15, 2013 at 12:41:47:

    pls tell me interest rate of three hundred thousand naria for fixed deposit account in Nigeria banks,another question gose like this Stanbic IBTC Bank 13.26% for one mouth?am looking forward to hear from you.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday June 15, 2013 at 12:41:47:

    Hi Chinedu, if you want to invest N300,000 into a fixed deposit account and the interest rate is 10%, you would make around N30,000 per year from that investment.

    The interest rate for Stanbic or any other bank offering fixed deposit is normally based on a 12 month period and not per month.

    If you want to know how much you would make from a fixed deposit account per month, you would have to divide that annual interest by 12. In your case, if you earn N30,000 per year on a 10% interest, that means you will be making N2500 per month which is better than what you will be getting if put in an ordinary savings account.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Tunechi on Wednesday June 19, 2013 at 5:3:22:

    Thanks for the good work. What of GT Bank Interest rates for a fixed deposit acct?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by CHINEDU on Saturday June 15, 2013 at 17:22:19:

    Mr Felix thank you so much God bless you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 19, 2013 at 5:3:22:

    As at June 14, GTBank was offering around 7.7% for fixed deposit accounts.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by chinedu on Wednesday June 19, 2013 at 19:19:9:

    Tell me about fidelity bank interest rate fixed deposit account.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 19, 2013 at 19:19:9:

    Well Chinedu, As at last week, Fidelity bank was offering around 10% per annum on fixed deposit accounts. This means that if you invest around N200,000, they will pay you N20,000 per annum.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bankole on Monday June 24, 2013 at 14:2:40:

    Pls, i want to know which banks are currently offering highest interest rate on N1m and above. And i read on a blog that the safest period to fix is for 90 days. Thank you. You're doing a great job.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday June 24, 2013 at 14:2:40:

    Well, as at last week, the following banks offered the highest:

    Diamond bank
    Wema bank
    Keystone bank
    Heritage bank
    Stanbic bank
    Fidelity bank

    They all offered above at least 10% last time I checked



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by BAYO on Wednesday June 26, 2013 at 17:40:29:

    Hi Felix, Pls, i want to know more about this fixed deposit thing, why did you say that 10% in 90 days is better than 10% in 30 days. Thank you very much, more grease to your elbow.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 26, 2013 at 17:40:29:

    Hi Bayo, I'm not sure where exactly I said that. If you are however considering putting money into a fixed deposit account at 10%, you stand to earn more in 90 days than in 30 days since interest rate is based on a yearly basis and not days.

    If you've got N1m in a fixed account at 10% p.a, you stand to earn more on it in 90 days than in 30 days since you'd only earn about N8300 in 30 days but earn up to N25,000 in 90 days. I hope you get that?

    Interest on fixed deposit in calculated on a yearly basis and not monthly basis.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mrs Okechukwu on Wednesday July 3, 2013 at 21:41:27:

    how do i calculate a fixed deposit interest rate of 13.75% if i fix 200,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday July 3, 2013 at 21:41:27:

    If you invest N200,000 for 1 year at 13.75%, it will earn you an additional N27,500. If you ask me, that's nto a bad passive investment.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by prince on Thursday July 4, 2013 at 15:35:7:

    Pls what if I bank with bank A that has low interest rate, and wish to invest my money in bank B. How do I make the transfer without accumulating much charges. Im talking abt huge fund. Thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday July 4, 2013 at 15:35:7:

    I think the best way to go about it is by making use of inter bank transfer requests.

    Just fill an interbank transfer form at your bank or use internet banking to do the transfer. Most banks charge a small flat fee for those transfers and you can ask them for the costs associated with inter-bank transfers before making the transfer.

    Withdrawing cash would cost you a lot if it is is big money involved falls into CBN's cashless policy on Lagos.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Agboola Philip on Monday July 8, 2013 at 8:35:54:

    (A)Is fixed deposit the same with term deposit. (B)What is first premium term deposit? Is it more better or offer higher attractive interest rate than Fixed Deposit.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday July 8, 2013 at 8:35:54:

    A. Yes
    B. Yes


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Agboola Philip on Monday July 8, 2013 at 12:8:56:

    (a)Which banks operate that and what is the interest rate range (b)What is the procedure for opening it.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday July 8, 2013 at 12:8:56:

    (a)Almost all the banks I know operate it and the interest rate varies between 5% to 10%.

    (b)There is no long procedure other than first having a savings account with the bank and then applying for it in writing or filling a form.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Godwin on Friday July 12, 2013 at 5:20:12:

    treasure bill & fixed deposit which one is higher in returns for 30days maturity.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 12, 2013 at 5:20:12:

    It all depends on the interest rate for either of them. Based on what I've seen, TBs tend to come with higher rates.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Samson on Friday July 12, 2013 at 5:21:37:

    thanks a lot for this blog. i finally understand it now. just one question though, in terms of investment do you have any other forms you could enlighten me about?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 12, 2013 at 5:21:37:

    There are many other ways to invest in a bank such as TBs, mortgage investments and shares.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Christy on Monday July 15, 2013 at 16:32:50:

    Whats d interest rate for fixed deposit of first bank of nigeria,i want 2 fix #100,000 naira.




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday July 15, 2013 at 16:32:50:

    The last time I checked, First bank's interest was at around 7%. So N100,000 with them can probably earn you more than N7000 a year.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Christy on Saturday July 13, 2013 at 22:21:29:

    Is first bank of nigeria gud 4 fixed deposit? Wats their interest rate? Ur doing a gud job weldone.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday July 13, 2013 at 22:21:29:

    First bank is ok for fixed deposit but doesn't offer the highest rates.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by samson on Sunday July 14, 2013 at 3:42:36:

    ok i guess TBs is treasure bills? rt? really don't know much about mortgage investment.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by OLA on Friday July 19, 2013 at 9:25:21:

    IF I FIXED 1M FOR ONE YEAR, HOW MUCH WILL I GET. THANKS



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix okoli on Friday July 19, 2013 at 9:25:21:

    It depends on the bank you invest in. If you invest in a bank that pays 10% interest, then you will earn N100,000 for that year.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Eric on Friday July 19, 2013 at 11:37:30:

    pls sir investment on treasure bill and mortgage investment how do we make profit from it thanks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 19, 2013 at 11:37:30:

    You make profit on it based on interest you are paid from it. Treasury bills in Nigeria are sold at discounted values so you get to make profit from the discount you bought them. You will get paid at the maturity date which can be 3months, a year or more. How it works is like this: If for instance TBs are currently being offered for a 10% interest, it means that with N1m, you get to earn N1.1m at maturity date, no questions asked. It is guaranteed by the Federal government of Nigeria.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Christy on Friday July 19, 2013 at 13:33:7:

    First bank of Nig,deir maximum fixd deposit is N200,000, Plz COMMENT ON DIS.
    Wat are oda banks dat i can fix 100,000 n wats deir interest rates. FBN jxt turned me down 2dy.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 19, 2013 at 13:33:7:

    You can try going for other banks like Sterling or Access. But which branch of First bank did you go to. Last time I checked their website, they said they accepted N100,000. Anyway, there are many other banks in Nigeria that would accept your N100k. Just make inquiries.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Olu on Saturday July 20, 2013 at 23:44:11:

    Hi Felix,

    Do you know about long term fixed deposit, I am looking into saving monthly for 25 - 30 years.. Do you have idea of any bank in Nigeria that does that and the interest rate..?

    Thanks




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday July 20, 2013 at 23:44:11:

    Fixed deposit accounts by their nature are not meant for long term meaning that they usually expire after or within 1 year. You however have the option of continuing with the FD using a roll over approach. You just have to make an agreement with your bank to keep continuing with the FD even after the agreed time has expired. Once you agree with the bank and tell them the account to be used to paying you the interest, they will keep the FD account in operation as long as you want.

    So what I'm saying is that you can ask your bank to keep the FD for as long as you want using a roll over approach. You can make that arrangement at the beginning.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Stella on Sunday July 21, 2013 at 14:52:12:

    Thanks for putting us through all this fixed stuff. I keep having enemies because i can't deny borrowing. I really want to fix the last coin left on me since i can't lie to them each time they come... Pls i have 500k and i want to fix it for 6month, I operate two of those banks u'vr mention which their interest rate is below 7%. I want an advice from u, how shd i invest this money to get the best interest? Thanks in advance.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday July 21, 2013 at 14:52:12:

    I would advise you invest all the money in just one bank if possible and choose a bank that offers you the highest rates. Some banks would pay you at least 10% for your capital. You can try Wema or Heritage bank for now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Happy on Sunday July 21, 2013 at 23:42:33:

    Well done Felix, very good job.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Catherine Okeke on Monday July 22, 2013 at 3:26:58:

    What will be my interest if i fixed N500,000 with diamond bank for 90 days?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday July 22, 2013 at 3:26:58:

    @Okeke, currently, the minimum deposit for diamond bank's fixed deposit starts at N5m. They however offer a higher interest of 5% on savings if you save N500,000 >N999,999 with them.

    So assuming you invest in Diamond's bank High Yield savings at 5% for 90 days, you'd only earn N6000 plus.

    You can also try other banks like Wema, Fidelity and Keystone bank. They could offer you higher rates for Fixed deposit on your capital.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Nk E. Nkanta on Thursday July 25, 2013 at 13:5:39:

    Thanks very much. Your questions and answers have enlightened me on this fix deposite stuff. Now i can no how to go about it. One more question: would they open a new fd account for me since i have a savings account with the bank i want to use? Tnx for ur kind gestures.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday July 25, 2013 at 13:5:39:

    Yes, a new fixed deposit account would be opened for you. It would be different from your savings account


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Dr. Ogbonna; chimax@hotmail.com on Thursday July 25, 2013 at 18:27:46:

    I have my money in trading stocks, now want to try fixed deposit with the highest intrest rate paying bank. Please advise.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday July 25, 2013 at 18:27:46:

    Well if you have big money in stocks, maybe you should move it to a fixed deposit account that can pay you at least 10% p.a. I would only advise that though if your capital is above N5m.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Austin on Friday July 26, 2013 at 9:38:43:

    I have N10 million I would like to fix with GT as I reside outside Nigeria and I already have online accounts with them. Do you know what rates GT pay ?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 26, 2013 at 9:38:43:

    Last time I checked, GTBank offered around 7% on their fixed deposit accounts.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ELLA on Friday July 26, 2013 at 13:11:8:

    PLEASE WHAT IS THE CURRENT CBN RATE FOR AVERAGE DEPOSIT AND LENDING OF COMMERCIAL BANKS IN JULY 2013 AS REGARDS SAVINGS AND AS PUBLISHED ON QUARTERLY BASIS IN THE DAILIES?

    COULD YOU ALSO HELP OUT ON THE WEB URL/PAGE
    FROM CBN WEBSITE WHERE TO FIND THIS ARTICLE EITHER AS CIRCULAR OR PUBLICATION?

    THANK YOU!



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 26, 2013 at 13:11:8:

    It seems the CBN doesn't publish it always on their website. They do more publications on newspapers than on their website on these rates based on what I've seen. You may still checkout their official website at cenbank.org


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ELLA on Saturday July 27, 2013 at 13:28:59:

    THANKS FOR THE TIMELY RESPONSE... HAVE YOU GOT ANY KNOWLEDGE ON WHAT STANBIC BANK OFFERS FOR FIXED DEPOSIT INVESTMENT?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday July 27, 2013 at 13:28:59:

    Stanbic IBTC bank does offer a good rate for Fixed deposit accounts in Nigeria. As at early July, I read that their rates were at about 10% but not sure about the minimum capital requirement


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by patrick ogwuche on Sunday July 28, 2013 at 11:0:5:

    Thank you Mr.Felix you've been a source of enlightenment to us all may God bless you. I am a final year student with a balance of 500k in First bank i am looking for the bank with a profitable/highest interest rate on fixed deposit and would be glad if you could refer me to a bank that offers such rates..
    Thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday July 28, 2013 at 11:0:5:

    I think First bank is among the banks that offer good rates. Inquire first from their customer service cos I know they can offer you something like 8% p.a. Stanbic IBTC can also offer you 8% on your N500,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by David on Sunday July 28, 2013 at 17:11:15:

    Please I have 100k to invest, and I am thinking about treasury bill or fixed deposit ... Please which would you advice me to go for ?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday July 28, 2013 at 17:11:15:

    Treasury bills require higher capital investors. I suggges you go for fixed deposit. You can get around 8% from Stanbic IBTC with your N100,000 for now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Nosa on Thursday August 1, 2013 at 7:34:5:

    Pls I have 1 million to to invest.can you tell me the best bank with best fixed deposit interest rate for me? Thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday August 1, 2013 at 7:34:5:

    For now, I can recommend Access Bank and Stanbic bank. They offer good rates as from 8% to 11% per annum. Call at their customer service to inquire first


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by decland on Thursday August 1, 2013 at 20:33:28:

    One who have 1 million with zenith, what is the rate and is there any other that can give higher rate. How can one use it to invest in any other bank.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Grace on Friday August 2, 2013 at 13:9:41:

    Can someone increase there investment lets say after a year without having to close the existing one in the same bank.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday August 2, 2013 at 13:9:41:

    Fixed deposit are normally short term investments meaning they expire after 30, 60, 90 days or a year. You can always increase the investment after the initial period has expired. You should also know that rates tend to change from time to time.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Matthew on Saturday August 3, 2013 at 9:7:46:

    THANK YOU FELIX FOR EDUCATING US ON THIS FORUM,
    PLEASE IS THERE ANY BANK IN NAIJA THAT OFFERS UP TO 6-7% FOR SIX MONTHS ND CAN I ROLL OVER FOR THE UPPER SIX MONTHS WITH THE SAME BANK AT THE SAME RATE, MAKING MORE GAINS ON TWO DIFFERENT SIX MONTHS THAN ONE YEAR TOGETHER.
    THANK YOU



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday August 3, 2013 at 9:7:46:

    Yes, most banks would offer you that option. You can try stanbic and Diamond bank


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by patrick ogwuche on Saturday August 3, 2013 at 11:38:1:

    Good Morning Mr. Felix thank you for advice I contacted first bank and I was told that they offer 7% interest rate for 300k on fixed deposit, Do you think its worth investing? Also I would be glad if you give me more hints about the amount I will get in return. I applied for 90days after which I will do a roll over but I want to know if the 7% interest will paid every 30 days or 90 days I'm little confused please help me out. God bless you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday August 3, 2013 at 11:38:1:

    I think it's ok for 300k. Most banks offer similar rates between 6 to 8% for less than N1m. As for the interest you'll earn, that would be credited to your account after the agreed time period. So for 90 days investment, it will only be credited after 90 days.
    7% p.a on 300,000 for 90 days means that your investment will earn you an extra N5250 after 90 days.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Sola on Monday August 5, 2013 at 15:56:33:

    Hi, thanks for the good insight.
    I've 1m and I'm wondering if I can buy treasury bills with it. If yes, what bank do you advise and at what interest rate?
    I currently bank with gtb and they offered me 6% for fixed deposit. I thought it was kind of low

    Thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday August 5, 2013 at 15:56:33:

    Yes you can buy treasury bills with your capital and in most cases, they earn better than fixed deposit.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Maureen. on Wednesday August 7, 2013 at 15:38:57:

    Pls wat is the interest rate for UBA fixed deposit and wat is the min capital requirement?Thanks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by CHINEDU on Wednesday August 7, 2013 at 19:53:30:

    Thank you so much,I was givin 8.5% at IBTC bank,month of june end for 300,000 for yr so have fixed deposit acc with them now stil june 2014 and ibtc told me that can add money anytime befor expired date.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by DD on Wednesday August 7, 2013 at 24:48:33:

    Pls I am seriously looking for a reliable and stable bank to invest on. I bank with GT bank and the rates they gave me seems rather too low than I thought. So, I would rather invest that money in another bank. I reside outside Nig. So, my question is which bank can I invest in that has the highest rate for now. I am trying to start with at least 1million. Also, am I able to invest in treasury bill? Bcos I don't work with CBN nor reside in Nigeria. I heard they have some requirements. If not TB, I could invest in fixed deposit but needs the banks with the highest rates at this time. Thanx



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 7, 2013 at 24:48:33:

    With N1m, you can invest in treasury bills with GTbank and for better rates too. Just call your bank. As for fixed deposits, there are other banks that pay better than GTB like stanbic and Diamond.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Didi on Thursday August 8, 2013 at 21:36:1:

    Good Evening Mr Felix, God bless you indeed for this very informative forum. Please I'm looking at a high yield interest account, where I will gradually build up with constant monthly deposits. Compounded interest will be preferable if available. Can you kindly advice on where best and how to go about this. Thank you.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday August 8, 2013 at 21:36:1:

    Diamond bank and Stanbic have good Fixed deposit rates but I think Diamond requires higher capital for fixed deposits.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by DD on Friday August 9, 2013 at 2:6:11:

    Thanx much! I would enquire 'bout TB from GT bank.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by victor samuel on Friday August 9, 2013 at 7:6:11:

    Am interested in the tressure bills...but i need enlightenment on the t-bills...i want to invest 3 million naira.thanks




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by hisxlency on Friday August 9, 2013 at 17:28:13:

    Felix pls u have not being recommending fcmb bank, or is their sumting we are yet to know abt the bank



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday August 9, 2013 at 17:28:13:

    FCMB is also good just that I don't know much about their rates. I hear they offer good rates for high networth investors.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Adejumo Adewale on Sunday August 11, 2013 at 21:48:36:

    Mr. Felix thank you so much for your wonderful work, you've been a light to the path of so many people,including me. I av 1m and wanted to go for fixed deposit, before i came across about TB here on your blog. And like you've said if am right,that with such amount, i could make close to N1.1m. My questions are:
    A. Is TB a risk investment or just like fixed deposit?
    B. If not, i would like to know more about the TB; what it is, how it works and the best bank to patner with when it comes to TB.
    C. And lastly, is TB like shares which only comes out at a particular period?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday August 11, 2013 at 21:48:36:

    A. TB is less risky than Fixed deposit since they are insured by the Federal government

    B. It is normally offered at a discount price when you buy and then the full value would be paid to you on maturity which can be 91 days

    C. TB is an investment that is normally issued weekly/monthly by the CBN from time to time and it can also be traded at the secondary market.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mathias on Monday August 12, 2013 at 10:52:9:

    What are the requirement for fixed deposited account



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Audu Samuel on Monday August 12, 2013 at 24:9:50:

    U are doing incredibly well by giving sight to the sightless and directions to the confused.Please keep it up.I hope to be part of the beneficiary as time roles by.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by benedict eke on Tuesday August 13, 2013 at 10:1:31:

    please what is the interest rate for zenith bank,i want to invest 500k



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday August 13, 2013 at 10:1:31:

    I'm not sure but you should call them. You should know that most big banks don't offer high interest rates.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Folorunsho ibrahim on Wednesday August 14, 2013 at 14:14:57:

    Pls , mr felix.i want to fixed 100k .october 2013;and anoda 100k may 2014 and anoda 100k dat same yrs. In 2015 anoda100k total is 400k... For the yrs 2015... Is it possible to fixed for a year and d half..and wat interest, will i earn monthly on dat... And i want to use first bank..and if , i want to collect my money, would dey be giving me small small. Or they will give me all... Thanks mr felix.... Reply sir.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 14, 2013 at 14:14:57:

    I'm not sure if you can open fixed deposit with just N100k. I think 200k is the minimum for most banks. Also the interest would be paid to you at the end of the period and not monthly. How much you will earn depends on the interest rate which varies from bank to bank


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by wisdom on Thursday August 15, 2013 at 13:43:12:

    pls how much can one use to start up fix deposit



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday August 15, 2013 at 13:43:12:

    Around N200,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Emeka Paul on Friday August 16, 2013 at 21:41:58:

    pls, can i open a FD at Diamond bank with 1M.




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by friday on Sunday August 18, 2013 at 5:6:4:

    Please how do I go about investing on treasury bills



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday August 18, 2013 at 5:6:4:

    You will have to meet with your bank and apply for it.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Nonye on Monday August 19, 2013 at 21:51:7:

    Pls which bank offers d highest interest rate on fixed deposit for 1month or 3months with 500,000 or 1million as of date 19/08/2013



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Anselm on Tuesday August 20, 2013 at 9:37:21:

    Trust me felix, you are really doing a great job. God bless you more.
    Let me quickly say that here in stanbic IBTC Bank, we offer 11% rate on 365days Fixed deposits ranging from N100,000 t0 N1,000,000.Rates vary based on your investment and the maturity period You are most welcome to our world.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by chinedu kema on Tuesday August 20, 2013 at 20:30:37:

    Hi felix.it take people that have other people`s progress at heart to do what u are doing.well done.Am suggesting u give a schedule of the various ranges of capital & their interest rates of TB & fixed deposit of Access Bank & Stanbicibtc Bank currently.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Nlang Francis Mbum on Wednesday August 21, 2013 at 16:55:52:

    I went to Diamond bank last week to make some enquiries about their fixed deposit interest rate and these was the reply; below five hundred thousand is 4 percent and from five hundred and above is 5 percent monthly. I really want to fixed money please advise me.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 21, 2013 at 16:55:52:

    Try stanbic ibtc, they would offer you a much better rate for your N500,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Lami isa on Wednesday August 21, 2013 at 23:16:23:

    Pls can u tell me what amount will b my interest if I deposit 500,000 in fidelity bank for fixed deposit for 30days cos am really confused.thank u for being there to enlighten us.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 21, 2013 at 23:16:23:

    It depends on their interest rate per year and then you divide the annual interest by 12 to get 30 days. Contact them first and ask for their interest rate for fixed deposit


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ikeji N. f. (Mr) on Sunday August 25, 2013 at 15:5:6:

    Mr Felix, I so much appreciate the way you answer and educate us on different banks saving methods and their modus operandi.
    Just last 2 days I was approached by a markerter for Mutual Benefit Insurance plc. I got interested in the Investment Savings they offer. according to the markerter she said I can be paying in money monthly and that they offer a compound interest of 7.5% per annum. the savings is for a period of 5 yrs , but that I can withdraw 50% of my money after 2 yrs.
    My questions is as follows; 1.Is it it safe and wise to invest my money in Insurance company? 2. What is the difference between saving money in a bank and saving In an insurance company? 3. do banks interest for savings also in compound? what is your own professional advice for me.

    Thanks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday August 25, 2013 at 15:5:6:

    Why invest your money in a less secure Insurance company for 2 years when you can invest in a strong bank for at least 10%. I believe Stanbic can pay you more interest for 1 year and you can re-invest afterwards.

    Bottomeline, investing in a bank is much safer than outside the bank. When we talking about compounding interest, it is basically allowing your interest to accumulate along with your original capital. Normal banks can do this if you keep doing a roll over with them


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mr Raugh H.I on Wednesday August 28, 2013 at 3:56:50:

    Thank you Mr Felix for the enlightment,My question (A) What is the risk behinde fixed deposite accout if the invested bank got a problem ,like amagamation of banks ? (B) Can you plz keep on updating Banks with highest rate in monthly basis ? Fixed deposite is my means of surviving since a year ago when I lose my Daddy ..I just Graduated now..hope to recieve your reply Mr felix.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 28, 2013 at 3:56:50:

    A. If the bank is liquidated which hardly happens, your money is still protected by the NDIC up to N500,000

    b. Rates change from time to time and only few banks really offer high fixed deposit rates.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Amanda on Wednesday August 28, 2013 at 11:50:20:

    I want to open a fixed deposit a/c with 100,000. Which bank do I go for? Dnt hv up2 200000



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 28, 2013 at 11:50:20:

    You can try with First bank. They accept from N100,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by lex ibrahim on Thursday August 29, 2013 at 24:39:22:

    I have 5million for a fixed deposit of 90 day, Pls what will be my interest at the best bank rates? And pls explain tb properly and how much interest with the same 5million? thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday August 29, 2013 at 24:39:22:

    If you invest 5m with a bank for 90 days and you are given an interest rate of say 8%, then after 90 days, your earnings would be about N100,000. Stanbic bank can offer you a good rate. If you hold it for up to a year, you'll earn more.
    Treasury bills will pay you more given that you have a reasonable capital but there are not always available like Fixed deposit. TBs are issued on a periodic basis.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Chris Bubu on Friday August 30, 2013 at 1:18:7:

    Thank you for taking out time to answer these questions. My Question: Is it a must that all FD has to be p.a.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday August 30, 2013 at 1:18:7:

    It is not that Fixed deposit accounts are per annum but rather it is the interest rate that is calculated on an annual basis. This means that if you hold an account for say 30 days, then that would be 1 month and how much you'll earn would be the annual interest divided by 12 months.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by gemston on Thursday August 29, 2013 at 1:30:1:

    if i wana deposit 100000k wit gtbank 4 3mnths,hw much is my interest?




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday August 29, 2013 at 1:30:1:

    I don't think they accept 100k for fixed deposit


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Chris Bubu on Friday August 30, 2013 at 16:19:42:

    Pls sir is there any bank that their rate is not by p.a or is there any kind of saving account that can give you 5% upward that is not by p.a. Thank u



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday August 30, 2013 at 16:19:42:

    Interest rates are based per annum but you can divide it by 12 to know the amount per month.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by martins o martins on Saturday August 31, 2013 at 24:3:20:

    i want to invest 5M in fd with firstbank 9.25% bt with post i read here is like i wll change my mind and go for TB. Pls is it a good idea because i'm already planning to go there come monday mrning but can stll change plans towards that pls advise me sir



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday August 31, 2013 at 24:3:20:

    You can still go for first bank's fixed deposit if you want as long as you are ok with their interest. However, if your bank is also offering TB services, you can as well invest in it


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Omoba on Monday September 2, 2013 at 8:43:36:

    Bros well done for the work you're doing. However I noticed you've not said anything about first bank plc. They offer fix deposit account as low as one month and you (the customer) decides is you want to continue or not after the one month. Please help me look into this and tell me what they're not telling me.thank you.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday September 2, 2013 at 8:43:36:

    When they say they offer 1 month fixed deposit, it means you can collect back your money and the interest after 1 month. However the interest rate is not based on 1 month but on 1 year. This means that the interest they would pay you after 1 month would only be 1/12 of the total annual interest. For example, if the interest rate is 8% p/a and the amount invested is N10M, it means you would earn about N66,666 after the first month.

    The good thing about their package is that you can invest at a good interest and collect you interest after 30 days. Some banks may not offer that option so it is an advantage for the bank.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Julie on Monday September 2, 2013 at 16:53:1:

    Thanks for ur kind gesture, plz i have 100,000 which bank do i fixed deposit it.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday September 2, 2013 at 16:53:1:

    You can open one with First bank. They currently offer about 8% p.a.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Oluebube Benson on Monday September 2, 2013 at 23:38:32:

    hi, thanks for everything your doing here...please i would like to know if www.advansghana.com is real or fake, because they claim to give between 20.50-22% interest on fixed deposit. Although the firm is in Ghana, i want to know if you have heard about them or know if they are legimit. Although they claim to be licinsed by The bank of ghana. But am still not convinced, please check their website and tell me what you feel. THANK YOU SIR!



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday September 2, 2013 at 23:38:32:

    First of all, they don't have a contact address listed on the website so I don't think it is safe to invest in them yet. Any serious business should at least have a contact address that lists their registered office on their website.


    Re: Nigerianterest on Fixed deposit accounts Reply by austin on Wednesday September 4, 2013 at 1:59:35:

    Presently, which bank has the hieghest interest rate on fixed deposit and what is the minimum amount that can be fixed, thank you.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Solomon Adacha on Thursday September 5, 2013 at 9:26:51:

    Thanks Mr Felix,please at what rate does zenith bank pays for their fixed deposit account for a deposit of 500k.
    I would also like to know about their minimum amount for deposit...



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday September 5, 2013 at 9:26:51:

    Last time I checked, they offered around 7% and the minimum capital was N100,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Olusola on Thursday September 5, 2013 at 14:25:37:

    I want to fixed 100k in wema bank, According to there interest rate as at now, how much will I gain. Thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday September 5, 2013 at 14:25:37:

    They have good rates now. With your capital, you can make up to 10,000 per year at 10%


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by owoeye Daniel on Friday September 6, 2013 at 3:52:25:

    Gudmorning Mr. Felix, honestly, only God will reward u for ur kindness, u are d best! Pls, I actually to went access bank 2days ago n D said deirs for 200k is 5%. Pls, is dre any bank dat has a higher rate compare to dis as at this month and if yes, pls recommend one for me and lastly hw do I go abt it bcos, I currently av d 200k in ma savings Acct. Wit access bank, i.e. If I wud av to switch to a better option. Thanks. Av already bookmark this webpage, on ma phone browser.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday September 6, 2013 at 3:52:25:

    As at now, I know that banks like Stanbicibtc and Firstbank can offer you a higher rate. You can try them


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Arthur on Saturday September 7, 2013 at 17:57:54:

    U r doing a great job. As at 6-9-2013. How much will I make if i invest 500k for 3months in stanbic fd



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday September 7, 2013 at 17:57:54:

    Last time I checked, they were offering around 8% and so for you N500k capital, you can expect to earn about N10,000 for 3 months.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Sunday Felix on Monday September 9, 2013 at 12:10:52:

    Good morning mr Felix i really do appreciate you for your great work. I am working in a place where i earn a menial pay and i am willing to keep aside N5000 every month,and would not want to lay hands on it. What should i do? Is there any investment account that allows monthly deposit of N5000?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday September 9, 2013 at 12:10:52:

    You can try Diamond bank High interest deposit account. You can start with a savings account and then later migrate it to a HIDA when your funds reach around N100,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Oluseyi on Tuesday September 10, 2013 at 12:31:31:

    Pls is there any bank that is paying up to 15% per annum. Im not encouraged by the interest rate of our banks. The different from interest rate and fixed deposit is too wide.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday September 10, 2013 at 12:31:31:

    I don't think any banks pays up to 15% for now. The highest I've seen is at around 13%.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by uche on Thursday September 12, 2013 at 12:36:38:

    Please sir which bank has the highest. Fixed. Deposit interest. Rate /



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Arthur on Thursday September 12, 2013 at 18:44:20:

    Hi, thanks a lot. As at 12-9-2013. Which bank offers up to 10 percent on fixed deposit.an what's treasure bills



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ibrahim on Wednesday September 11, 2013 at 18:2:15:

    pls i want to know one more thing pls the fixed account can u continue saving on it pls tanx



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Kayode on Wednesday September 11, 2013 at 20:39:0:

    Good job you're doing here. I'll like to ask about the associated costs that come with FD accounts on maturity. How much does the bank charge for such facilities.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday September 11, 2013 at 20:39:0:

    The only charge you will get on a Fixed deposit account is about 5% tax on your interest payable which is remitted to the govt. So if you make about N10,000 interest, you will only be paid about N9500 while the govt keeps N500.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Angel on Thursday September 12, 2013 at 1:3:32:

    Hi thanks for the info but based on ur info at d very top u said FCMB offered a fix rate of 13.75% which is d highest on ur list but i u still didnt recommend it to us...from what u posted that looks like d most attractive...pls is there a reason u r not recommending dem? I want to know cos i have 5M and i am looking for d highest fixed deposit rate. Thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday September 12, 2013 at 1:3:32:

    You know interest rates varya from time to time and from bank to bank. For now FCMB offers at least 7% for N250k but if you are investing more, the interest rate can be improved. You should inquire first from them before making the investment.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by uche on Thursday September 12, 2013 at 12:36:38:

    Please sir which bank has the highest. Fixed. Deposit interest. Rate /



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Adeyemi on Friday September 13, 2013 at 13:12:9:

    sir, which is better for fixed deposit 30,60, 90 or 1 year. how does the bank calculate the interest rate for this days.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday September 13, 2013 at 13:12:9:

    You get more interest when you fix your deposit for longer months rather than short. Banks normally calculate interest based on a yearly basis rather than monthly


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Oladotun Okungade on Friday September 13, 2013 at 15:48:32:

    Pls sir how much is the minimum opening balance and interest for ecobank?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by FESTUS ADDIMORA on Friday September 20, 2013 at 8:46:23:

    Thanks for the good works.if you invest N500000 for six months on a roll over bases on an interest rate of 10%. what is the difference when u fixed it for a straight one year bases.I Need the answer with figures



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by toyin afolabi on Friday September 20, 2013 at 8:47:39:

    well done and tanx for these expositions. what does ecobank offer on its fixed deposit



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday September 20, 2013 at 8:50:36:

    With a N500,000 investment for 6 months at 10%, you would earn N25,000 after that 6 months. If you allow it to roll over for another 6 months, you also make another N25,000 from the capital. Fixing it for a straight 1 year is different from fixing it for 6 months since you will be able to have access to your money after the 6 months unlike 1 year. For the 1 year investment however, your interest rate would be fixed while for the 6 months, it can change after the first 6 months are over.

    For the 1 year investment, interest would only be paid to your account after that 1 year but for the 6 months, you would have access to the interest after it is over. So, interest payment on 6 months is much faster than the 1 year investment.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday September 20, 2013 at 8:47:39:

    Last time I checked, Ecobank offered at least 7%.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ruthie on Monday September 23, 2013 at 14:47:28:

    God bless u real good for the clear and timely exposition.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bukkie on Wednesday September 25, 2013 at 7:33:20:

    Hi. Thanks for dis info. I hav bin duing bier bier investment with gtb for close to a year now at 6 percent. Forgive my language pls. Pls if i invest with fcmb can u telme my how much wuld be my gain for a capital of 7milloon? Tanx



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday September 25, 2013 at 7:33:20:

    I know that FCMB offers at least 8% if you invest with at least N250,000. You should be able to negotiate for higher interest if your capital is 7 million. There are other banks that would give you above 10% with your capital


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mogaji Remi on Wednesday September 25, 2013 at 13:18:22:

    Please, I like to know FCMB interest rate on 500k for 6 months and 1 year to know the different of which to make use of.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday September 25, 2013 at 13:18:22:

    For now, I think fcmb offers around 8% for 500k and for 6 months, you should earn around 20k.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mogaji on Wednesday September 25, 2013 at 15:16:31:

    Please, which bank gives high interest rate, list their names and their percentage of interest rate with the amount of money to start with the Fixed Deposit

    Thank you.




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by jerry on Wednesday September 25, 2013 at 17:12:16:

    sir,thank u for the wonderful job you are doing here,may Almighty God continue to give you more wisdom..my own question is that i operate with GTB,bt base on ur blog it seems like stanbic IBTC fixed deposit interest rate is more than GTB..now i want to invest with stanbic IBTC,how will i process it?? I ve about 300,000 naira in my account..hope to here from you sir!!




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday September 25, 2013 at 17:12:16:

    It's easy to open an account with Stanbic. Just go to them and first open a savings account. Fund the account with your capital and apply to fix it in a fixed deposit account. You just have to provide an id card, utility bill and passport photo to get started.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by amillion damian on Friday September 27, 2013 at 22:8:5:

    I want to invest 600,000naira wit fcmb for 6 yrs, if posible, wat z dre interest rate for dat 6yrs and dre requirement.. tanx, in adv. More fertilizer in ur roots, nd more minerals to ur tap root, bro.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday September 27, 2013 at 22:8:5:

    I think FCMB offfers at least 8% p.a and so for your N600k capital in 6 years, the total interest should be around N288,000 if interest rates remain at about 8% for those 6 years.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by weyno on Monday September 30, 2013 at 23:20:34:

    Helo sir, thanks for your wonderful help and advice.
    I wil like you to help me out. I have 100,000 which i want to put in a fixed acct and i bank with Fidelity bank
    pls sir what is the minimuim amount acceptable by fidelity and the interest rate?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday September 30, 2013 at 23:20:34:

    Most banks in Nigeria require at least N200,000 for fixed deposit


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Gbenga on Tuesday October 1, 2013 at 17:59:29:

    Pls what is the interest rate on N250000 in GTBank,



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday October 1, 2013 at 17:59:29:

    For GTBank, I think their interest rate is at around 6% p.a. for fixed deposit. First bank and Stanbic offer around 8%


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Olusegun Abimbola on Wednesday October 2, 2013 at 15:32:40:

    Greetings
    What Nigerian bank has the highest interest rate for 360-day fixed deposit? I plan to fix over Five Million Naira.

    Segun




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by weyno on Thursday October 3, 2013 at 7:11:28:

    Ok. Thanks for the reply




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 2, 2013 at 15:32:40:

    Rates by different banks tend to change from time to time and so the last time I checked, the following banks offered good rates at about 10%

    Banks like Diamond bank, Keystone, Stanbic, Heritage, Wema and Fidelity can offer you at least 10% with your 5 million.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by seun on Wednesday October 2, 2013 at 19:45:6:

    pls, i want to know how true is dis, i enquired from a gtbank staff their interest rate on100k and he told me 6% for 30days. so hw much interest wil i get on dat nd is dat real



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 2, 2013 at 19:45:6:

    I think it's normal for GTBank. At 6% for 100k, you will earn N500 after 30 days but eventually get paid N450 since withholding tax of 10% will be deducted.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Kene on Wednesday October 2, 2013 at 20:14:7:

    I have two questions Mr. Felix
    1. Please what is the penalty for liquidating a GTb FD account before the agreed period.
    2. If I fix some money for a period of 30 days with roll over when 30 days expires and i choose to liquidate in about 40 days; what happens since my 30 days has elapsed and i'm just 10 days into the 30 days roll-over period.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 2, 2013 at 20:14:7:

    1. You will simply lose your interest and get back your capital

    2. You will only get the interest for the first 30 days but lose that of the next 30 days.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ufoka Chukwualuka'a.k.a onwa on Thursday October 3, 2013 at 1:2:51:

    Plz sir, thankz 4 ur educatn bt i wld nd u 2 enlightn me on Mortage Investment .am grateful sir.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by becky on Friday October 4, 2013 at 20:21:41:

    pls mr felix i bank with zenith,wat is deir current fixed deposit amt,secondly which bank pays d highest price as at today nd lastly is it safe to invest in any of dis banks,or do you ave best nd safer banks to recomend?thnks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Emma on Saturday October 5, 2013 at 8:10:34:

    if i deposit 6million for 90days at 11% what will be my interest



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Emma on Saturday October 5, 2013 at 8:10:34:

    if i deposit 6million for 90days at 11% what will be my interest



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Emma on Saturday October 5, 2013 at 8:10:34:

    if i deposit 6million for 90days at 11% what will be my interest



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday October 5, 2013 at 8:10:34:

    @Emma, That should be about N165,000 after the 90 days.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Temple Godstime on Saturday October 5, 2013 at 17:10:28:

    Sir, I have #400k presently to open fixed deposit account, pls which of d bank is paying 10% presently and which bank can i go for. Thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday October 5, 2013 at 17:10:28:

    You can try first bank or Stanbic bank. They offer good rates.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Oyiowo on Sunday October 6, 2013 at 17:46:3:

    Tnx for this enlightenment sir. I have 10m n want to fix for 30days, which bank offers the best rate this October?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday October 6, 2013 at 17:46:3:

    Go for banks like Diamond, Stanbic and Wema. I think they offer good rates for high networth investors. They should be able to give you a rate higher than the usual rate.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix OKoli on Monday October 7, 2013 at 1:9:9:

    You should go for fixed deposit since it is easier to manage unlike Treasury bills.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Nifemi on Wednesday October 9, 2013 at 15:49:43:

    Hi Mr Felix,
    Someone helped me to fixed N500,000 in Intercontinental Bank for 2 month, and I got N70,000.Here are my questions,
    1. What was the interest rate then?
    2. from all your above calculations it seems my own is quite different and why is it?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 9, 2013 at 15:49:43:

    Did you mean N5m or N500k? Well if it is actually 500k for 2 months and you got N70k, then it means you must have received over 90% p/a on that investment which is actually unbelieveable. Unless it was not a fixed deposit account or the amount is not N500k.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Amos on Wednesday October 9, 2013 at 22:30:22:

    Thank felix for this great job
    I would like to know if fixed deposits interest are componded within a year,
    Like I invested a capital of 1m which interest would b 100k p.a for a 10% interest. This would b like 8.33k per month. Would dis b added to my capital for d next month?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 9, 2013 at 22:30:22:

    The interest would be added to your capital by the end of the month if you have opted for monthly fixed deposit. If you have however opted for yearly fixed deposit, then it would only be paid at the end of the year.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Simeon on Thursday October 10, 2013 at 18:16:54:

    Wat is d mgnimum period 4 rolln fd over?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Oluwakemi Ojo on Saturday October 12, 2013 at 12:28:14:

    Great job, welldone! i now know a lot.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mec on Saturday October 12, 2013 at 24:34:46:

    Which bank offers the highest as at now for fixed deposit and how and where can I get treasury bill?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by divine chomy on Wednesday October 16, 2013 at 24:20:52:

    what if i wnt to start up a fixed deposit wt 50,000 at first bank.pls is it possible n if yes what wll b d interest?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 16, 2013 at 24:20:52:

    For now, it is not possible to open a fixed deposit using a capital of N50k with First bank


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by kc on Saturday October 19, 2013 at 19:23:3:

    please thnx for ur good work i have 4 million and would want to know fixed deposit and treasure bill rates which one offers the best rate and also what is the different bank interest rate for fixed deposit and treasue bill as of now



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by dami on Sunday October 20, 2013 at 16:25:49:

    great job , A.could u pls throw more light on treasury bills and do u still get ur capital intact like fixed deposit capital
    B.if a bank liquidates which is safer fixed deposit capital or treasury bill capital




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday October 20, 2013 at 16:25:49:

    If a bank liquidates, you'd still get paid by the federal government for treasury bills. Fixed deposit are shorter term investment and you can pull out your money easily anytime. A fixed deposit is not as safe as treasury bills though.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Hadassah on Monday October 21, 2013 at 11:57:32:

    Pls i would lik to open a fixed deposit account with 150k bt i am nt quite sure which bank to go for with d highest interest......pls i woud need ur advice as i am timid about dis.
    Thanks soo much for ur effort


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday October 21, 2013 at 11:57:32:

    Not many banks would even accept 150k as a minimum for fixed deposit so that would limit you to a few banks. You can try first bank.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by DayG on Monday October 21, 2013 at 21:51:15:

    I have NGN 6,000,000 and I would like to fixed it for 180 days at 9%. What will be my interest at the end of this period?

    Also, if the initial instruction was 9% and am able to rollover for a period of time until my capital is about NGN 10,000,000 can I re-negotiate for a higher interest rate?

    Thanking you in advance for your assistance.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday October 21, 2013 at 21:51:15:

    Your Fixed deposit interest on 6m invested for 90 days at an interest rate of 9 per cent per annum will be NGN 135000. You can certainly negotiate a higher interest if you have a good capital like 10m.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by NoviceInvestor on Tuesday October 22, 2013 at 10:13:3:

    You are doing a great job!!!

    Please, how much money is required to purchase treasury bills in GTB, First Bank, or UBA? Do they accept customers with 100,000 naira, etc?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday October 22, 2013 at 10:13:3:

    I think banks like GTB require at least N1m for Tbills. I'm not sure about others. You can call their customer service


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by shola on Wednesday October 23, 2013 at 6:23:28:

    Pls I want details on the treasure bill investment and which bank do you think will be best for such



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by shola on Wednesday October 23, 2013 at 6:23:28:

    Pls I want details on the treasure bill investment and which bank do you think will be best for such



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by DAYG on Wednesday October 23, 2013 at 14:20:42:

    Could you please tell me the formula in calculating the interest rate on a capital for a fixed period of time.

    For example say:

    NGN 50000 for 30days at 10%?

    Or will it be 50000 x 30days x 10 / 100.

    Thanking you in advance



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday October 23, 2013 at 14:20:42:

    DayG, that is why I also provided a fixed deposit interest calculator here: http://www.nabanker.com/cgi-bin/fixed-deposit-calculator.pl


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Arthur on Sunday October 27, 2013 at 12:14:10:

    I guess I haven't seen anyone online who's as patient as Mr. Felix Okoli even when has little or nothing to gain. I have been knowledgeably enriched by the whole thread. I salute you, Sir! Just a little advice for fellows, please always try to read the whole thread before asking questions so as to prevent our financial guru from having to repeat himself too often. Cheers...



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Chidinma on Sunday October 27, 2013 at 17:27:42:

    Pls Mr Felix,I'd like to know the minimum amount Stanbic IBTC bank accepts for fixed deposits and its current interest rates(for #100k)for a year.thank u



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday October 27, 2013 at 17:27:42:

    I'm not sure but last time I checked, I think you need around N200k and interest rate at about 8%


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by vitalis on Monday October 28, 2013 at 23:4:6:

    P/s sir i want to through light on this. what is the essence of this fixed account why the intrest rate is not motivating



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Feranmi on Friday November 1, 2013 at 12:45:11:

    Pls sir, I'm a student, I've got N100,000 for my tuition and rent for next session meaning the maximum time should be 3-4 months, pls sir which of the banks is best for this?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday November 1, 2013 at 12:45:11:

    Perhaps you should go for a 90 day plan with your capital and invest with a bank like First bank or Stanbic.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ngele Ekwutosi on Friday November 1, 2013 at 21:5:31:

    Pls help me out in terms of Shares stock exchange



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Lawal Saddam on Sunday November 3, 2013 at 21:22:52:

    Good day Sir, please what is the minimum amount one can use to start the fixed deposit account or treasure bills? Thanks alot for your effort.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday November 3, 2013 at 21:22:52:

    Most banks require at least N200k as minimum balance


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ajagbe victor on Wednesday November 6, 2013 at 22:38:2:

    Pls, can interest rate change during the period of fixing the money



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday November 6, 2013 at 22:38:2:

    Interest rates can change anytime but the rate used for your fixed deposit will remain the same till the period expires. So for an existing investor, the interest rate will remain the same till the contract expires.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Akpoyibo Joy on Thursday November 7, 2013 at 18:36:27:

    sir pls how much wil they collect frm me if i wnt to withdrawl frm d FD Account?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday November 7, 2013 at 18:36:27:

    If your fixed deposit account is active and you want to withdraw from it before the term has expired, they won't charge you anything other than the fact that you will lose any interest attached to it.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Akinola Lawrence on Friday November 8, 2013 at 14:24:21:

    To be candid, u are realy doing a wonderful job for the information given on FDA. I went to fcmb about 4 days ago. They gave me 7% on 500k for 30 days and 8% for 90 days on the same amount, do u think it's a good bargain?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday November 8, 2013 at 14:24:21:

    I think it's a good deal given that that's the average rate in the industry


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ayoola on Sunday November 10, 2013 at 8:8:13:

    sir, wat bank can i invest a 100k wit a good interest nd wat term would do.....itz ma tuition fee



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Austin on Tuesday November 12, 2013 at 10:52:16:

    Do you know much about Investment One (used to be GTB Asset Management) ?. They have a product called mypass which pays 14% gross annually (12.6% net) for deposits N1 M and above. Are they are good brand ?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday November 12, 2013 at 10:52:16:

    I don't know about them but it' good to contact them first to know what their current interest rates are since rates tend to change from time to time


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by uc on Tuesday November 12, 2013 at 7:32:27:

    Gd day sir,pls i have 6mil naira to invest on fd,,currently,which bank is the best in terms of interest rate.

    Uc




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday November 12, 2013 at 7:32:27:

    You can check out the latest rates I wrote about here: http://www.nabanker.com/general/2/post/9


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Oyebanji Mathew on Saturday November 16, 2013 at 7:31:14:

    What are the risks involved in fixed deposit account?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday November 16, 2013 at 7:31:14:

    It doesn't carry much risk as far as I know except for rare cares when the bank is closed down for business. In that case, the NDIC which insures deposits will pay you back the amount of money that is covered by their insurance policy.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Usman Aliyu on Monday November 18, 2013 at 10:50:36:

    GOD BLESS YOU ! ! !



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Richard on Friday November 22, 2013 at 1:35:44:

    Mr Okoli,
    First of, good job on enlightening us and sharing great advice on the investment options in the Nigerian Banking sector. I have about N1m I am looking to invest in the next couple of weeks. I currently reside outside Nigeria:

    A) Do I opt for FD or TB investment?
    B) Which bank do you recommend I invest with, based on the N1m capital?
    C) Do you foresee me having issues (i.e. online access, withdrawals, deposits, etc) with the proposed bank while I am outside Nigeria?
    D) A previous comment in this thread, stated investing for 6 months and then rolling it over to the upper 6 months yields a higher return, as opposed to a 1-year investment. Should I do the same to obtain a higher return on capital?
    E) Since I intend to have this investment for at least 5 years, I am leaning towards a "roll over" arrangement. Will this be possible with either FD or TB?

    Per the questions above, please what do you propose/recommend? Thank you in advance.




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday November 22, 2013 at 1:35:44:

    Hi Richard, I would advise you should

    A. Go for the Fixed deposit investment.
    B. Stanbic and Diamond are OK
    C. Someone can make deposits for you and as for withdrawals, you can make use on an ATM card or do internet banking transfers so you may need to apply for that.
    D. 1 year investment have a higher return than 6 months Just go for 1 year and place a standing order to roll it over annually
    E. Roll over would be easier with your fixed deposit and you should just do it annually. Some banks allow you to do that even with internet banking.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mike on Tuesday November 26, 2013 at 19:40:6:

    Thanks frank for the insight. Like to knw more about diamond bank high interest deposit account especially the interest it attracts



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday November 28, 2013 at 11:55:58:

    Hi Mike, Diamond's hida is simply a savings account that attracts a higher than usual interest rate. You can learn more about it here: Diamond's HIDA



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by paul on Saturday November 30, 2013 at 8:19:26:

    pls sir,hw much interest do u think it will b good for ppl investing below 100k but start from 1k to 99k if a program want to manage der investment for dem.d collection of der money will b invest as huge amount in bank....pls i need ur advice sir



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday November 30, 2013 at 8:19:26:

    If you've got lower capital and want to invest in bulk with other people, your interest rate or interest you'd earn will be a bit lower than the usual interest from fixed deposits.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ahmed on Monday December 2, 2013 at 23:23:46:

    Can i use #100,000 for fixed deposit



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday December 2, 2013 at 23:23:46:

    If the bank accepts it. However I know that most banks accept nothing less than N200k for fd


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mr Nwora, on Friday December 6, 2013 at 14:29:52:

    I am happy for the bank interest rate infomations, it is a great way to reach acountery snd its citizens, one question it is an old infos of 2012 is it still valied upto date? , thank and GOD bless US.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday December 6, 2013 at 14:29:52:

    Yes, you are right. It is only valid as at the date of this post. You can check out for my updates on CBN average deposit rates for banks in Nigeria


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mr John on Tuesday December 10, 2013 at 16:12:44:

    I want open fixed deposit account with FCMB but i am afraid so that i dont wake to hear that CBN are liquidating banks as it is done in the past. Is there assurance now that nigerian bank has recaptalise recently we will not hear of fail bank soonest? This because i want to invest my retirement saving in one of these nigeria bank. I wait for your kind answer before i know what to do sir whether fixed deposit are safe in Nigeia bank now?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday December 10, 2013 at 16:12:44:

    If you are a afraid of banks closing down, then just spread your investment across several banks like say 5. Besides, if banks do close, I think the NDIC insures at least N500k of your money per bank


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by namsy on Wednesday December 11, 2013 at 14:27:12:

    Good day sir,can u plzz throw mor light on dis treasure bill,I rili want 2 knw mch abt it b4 goin into it.....thank u



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday December 11, 2013 at 14:27:12:

    Sorry I don't know much about treasury bills other than the fact that they are longer term investments which you can hold for say 3 years with the same interest rate unlike Fixed deposit which usually expire after 1 year. Also treasury bills are issued by the Federal govt through the banks


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by morgan dennis on Wednesday December 11, 2013 at 15:38:16:

    Thanks mr felix for those lovely replys I read through most of ur explanation and in did I lernt a lot but I have to knw which of the banks or investment company offers .compound intrest in nigeria and that is legitimate thank u



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday December 11, 2013 at 15:38:16:

    Any bank that offers fixed deposit can also offer a compounded interest if you keep renewing your fixed deposit after the year it expires without withdrawing from the account. You can set a standing order with your bank to keep renewing the FDs annually and your interest will be compounded


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by bisiga juwon on Monday December 16, 2013 at 7:22:48:

    what is the interest rate over 2 million deposit in gauranty trust bank in nigeria?




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Henry on Thursday December 26, 2013 at 8:42:34:

    1. Which bank has the highest interest rate for fixed deposite and treasure bills because i want to invest with 1 million 2.How long can i fix a treasure bill and mortgage, is it a long term or short investment.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday December 30, 2013 at 8:44:8:

    Here are some banks I recommend for high fixed deposit rates as at now:

    Stanbic IBTC
    Diamond
    First bank
    Union bank
    FCMB



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mr John on Tuesday December 31, 2013 at 18:53:48:

    What is the current rate of fixed deposit with FCMB,fist bank, diamond and access bank? If a branch of a bank book fixed deposit with a customer how do you confirmed that your money is actual fixed even if you are given letter in confirming such in the branch? Can one go to another branch of the same back to actually check since everything are online for rest assurancer?


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday December 31, 2013 at 18:53:48:

    Yes, you can go to another branch if you want and inquire or confirm. You can also make use of internet banking. As for their rates, it changes from time to time. I don't know the current rate now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by JOEY SAMSON on Friday January 3, 2014 at 22:40:51:

    So to say,does it mean that one cant buy shares of ten thousand naira? If no, what banks are available



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday January 3, 2014 at 22:40:51:

    You can buy shares with N10,000.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Aguara G on Sunday January 5, 2014 at 11:54:58:

    Thanks for enlightenment. If I invest in treasury bills for 91days at 10% discount, will I get the said interest at its maturity? Please reply.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday January 5, 2014 at 11:54:58:

    Yes you will be the interest due for 91 days at a 10% yearly interest rate


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by VIVIAN on Saturday January 11, 2014 at 16:53:56:

    CAN I FIX MY MONEY WITH MY NORMAL SAVING ACCOUNT OR I NEED TO OPEN ANOTHER ACCOUNT FOR THAT. PLEASE REPLY



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday January 11, 2014 at 16:53:56:

    Yes you can fix it with your normal savings account. A fixed deposit account will only be temporarily kept open for you and closed when the tenure expires


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday January 11, 2014 at 16:53:56:

    Yes you can fix it with your normal savings account. A fixed deposit account will only be temporarily kept open for you and closed when the tenure expires


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Amujiogu Justus on Tuesday January 14, 2014 at 22:20:2:

    Please dear,i want to know 5% interest of #500000 in one year?what if u fixed it in a one yr and u urgently needed money to solve a problem.can u withdraw it back from them? Thanks for ur help towards ur people.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday January 14, 2014 at 22:20:2:

    The interest would be N25,000. If you intend using the money before 1 year then go for the monthly or quarterly FD rather than 1 year. You can always withdraw your money anytime but whenever you do so before the agreed time period reaches, you'd lose the agreed interest too.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday January 14, 2014 at 23:20:45:

    I think the rates are close to that but your capital may not be. I think Diamond bank requires more capital before they'd give you that rate. Diamond may offer you only 5% for that 500k while banks like First bank and Stanbic can offer you higher rates(like 8%).


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by francis on Wednesday January 22, 2014 at 2:1:26:

    could you please tell on the interest rate for first bank on N3m for six month.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday January 22, 2014 at 2:1:26:

    It should be about 8% per annum


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Gift on Tuesday January 28, 2014 at 10:15:30:

    Is aso savings and loans ok 4 fixed deposit? How much is their rate?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday January 28, 2014 at 10:15:30:

    Micro Finance banks tend to offer a much higher interest than commercial banks based on what I know but they are not that safe when compared to commercial banks


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Louisa on Wednesday January 29, 2014 at 12:35:6:

    Hello Felix (1)can you please let me know how to save into a FD and the least amount (2) is it good for student to operate FD account?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday January 29, 2014 at 12:35:6:

    1. To open FD, ensure you have the minimum capital requirement in a savings and then make a formal application at your bank. Most banks require at least NGN200k

    2. It's ok for a student who has a high capital


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by christabel on Wednesday January 29, 2014 at 16:5:47:

    hi mr felix
    Great job u are doin here , you have wilden my knowledge about fd
    well i went through your respones to pples mails but i really want to understd is does inflatio affect fd?
    2, i hv a million i will lik to fix and i have been to banks to find out their interest rate sibtc their interest rate is 7percent per annue , frist bank 8percent and when i went to zenith they told me it was 4percent on every 90days .so now i will like you to advice me on which i should go for?thks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday January 29, 2014 at 16:5:47:

    It can be affected by inflation just like most assets are but the rate does not change once your account is active.
    2. I'd advise you go for banks like Stanbic and First bank. They offer good rates for now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Boaz on Wednesday January 29, 2014 at 21:21:47:

    All I want to say is thank Mr Felix for such an amazing work. Please if you have information on other safe investment vehicles, we would greatly appreciate it. People like you are kingdom minded, and together we will support you to break the shackles of poverty in thousands of lives. Keep it up!



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Uche christy on Thursday January 30, 2014 at 20:20:3:

    Thax dear to my very humbled Mr. Felix! Plz I want fix #100,000 in fidelity bank and not knowing their interest rate. Plz dear help me! Secondly: I used #50,00 do the same fix deposit in keystone bank but I don't knw wht I will earn in six months which I choosed as duration sir!



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday January 30, 2014 at 20:20:3:

    I'm not sure of their interest rate now but they are among the banks that offer high rates for now. I also think the minimum capital is about N200k but you can call them first.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by itua on Thursday January 30, 2014 at 21:37:6:

    Pls i will like to know, how do treasury bills work? If i have a million and i want to invest in treasure bills, how does it work?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday January 30, 2014 at 21:37:6:

    You can buy it trhough your bank. It works with an interest rate that is fixed and you simply pay for the bill which is normally a discounted value. Assuming the agreed rate is 10% which means 100k for every N1m, it means you'd earn 100k if you invested N1m.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bukky on Sunday February 2, 2014 at 20:46:27:

    Hi Felix,
    I'm confused with these stated return on investment on fixed deposit account. First Bank quoted 2% p.a.on their Premium Term Deposit Account which they say offer higher interest than the conventional Fixed Deposit. http://www.firstbanknigeria.com/products/individual/deposit-accounts/first-premium-term-deposits/

    From the comments I read here, their interest rate is about 8%. So, why the difference?

    Also, can one open a Fixed Deposit Account when you're physically not present in Nigeria? Thank you.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday February 2, 2014 at 20:46:27:

    Hi Bukky, actually, it is not the Premium term deposit rate that is 2% but their savings interest rate and that would only be applicable to people who withdraw from their fixed deposit before the agreed time limit. Even most banks in Nigeria offer a savings interest rate of about 3%. Their Fixed deposit interest rate is actually higher, at about 8% p.a.

    Yes, one can open a fixed deposit account from abroad and most Nigerian banks have started offering this option. I think it's called Diaspora accounts. One can choose to invest either in Naira or foreign currency.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bukky on Monday February 3, 2014 at 23:28:5:

    Thanks for clearing the air for me. Keep up the good work.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ifeanyi on Friday February 7, 2014 at 16:6:12:

    Hi felix...thanks for d infos. I jus started a job n I won't b investing fd till dis year ending, I jus nid ur advice on d bank I should go for wen am set(then),thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by catem on Tuesday February 11, 2014 at 19:9:7:

    Hi Felix... I have 300k and I want to no which bank with a high interest rate for it



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday February 11, 2014 at 19:9:7:

    Checkout Stanbic, Union and First bank. They offer good rates now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by prince4shout on Thursday February 13, 2014 at 9:52:59:

    Hi Felix, I want to open FD wit 200k pls I need advice on highest interest paid bank. Tanx



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday February 13, 2014 at 9:52:59:

    For now, I know that First bank, Union and Stanbic offer good rates


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by tosin on Friday February 21, 2014 at 19:53:55:

    Hi Mr felix, I want to open an fd account with 1.4m 4 just six month with gt bank...how much will I get back in return or better still how do I calculate d interest



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix OKoli on Friday February 21, 2014 at 19:53:55:

    I don't know gtbank's current FD rate but here is how to calculate your interest.

    Assuming the fd interest is 6% p.a. and your capital is 1.4m, then it means that your annual interest would be (1400000*0.06)= N84,000. Now since you are interested in 6 months profit, that means that your interest would now be divided by 2 since 6 months makes up to half the year. Your interest after 6 months would then be N42,000.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Paul on Sunday February 23, 2014 at 19:51:43:

    Nice job,guy.U just made me realise hw i can b of help to people wit what i know in small ways like this one.If u r familiar with stock options,u could as well let them know abt it.That works with investment banking rather than commercial banking.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Joke on Friday February 28, 2014 at 13:43:41:

    Hi and thanks so much for this info.

    I live in London but would like to open an account in Nigeria. How can i go about this?

    Please advise

    Thanks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday February 28, 2014 at 13:43:41:

    I would advise you go for a Fixed deposit account for Nigerians living abroad. Most banks offer this service but I would recommend Fidelity and First bank. They offer good rates.

    See: http://firstbankdiaspora.com/DiasporaProducts/MOrtgage/tabid/581/language/en-US/Default.aspx

    http://www.fidelitybankplc.com/diasporafixedaccount.asp?id=417&parentid=417


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Kemi on Friday February 28, 2014 at 13:45:41:

    I'd like to put a fixed deposit of N1m in a bank in Nigeria. What bank would you advise is the best in terms of interest and security?

    Also, how much will the interest be per annum?

    Your advice will be really appreciated.

    Thanks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday February 28, 2014 at 13:45:41:

    Banks like First bank, Stanbic, Fidelity and Union seem to offer good rates above 8%. You can check them out.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday February 28, 2014 at 13:45:41:

    So let's say the interest rate is 8% and your capital is N1m, then it means your money will generate about N80k for you per year and that's about N6500 per month.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by peter on Tuesday March 4, 2014 at 12:31:15:

    i really appreciate ur effort to make nigerians succeed.sir (a). is necessary to have savings with d bank before i fixed money in it (b)ecobank interest pls i want to know



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday March 4, 2014 at 12:31:15:

    You need to at least have an account with the bank before applying for a fixed deposit account. As for Ecobank's current interest, I'm not sure what the current rate is.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by beejay on Tuesday March 4, 2014 at 15:23:55:

    well done sir, pls if someone open fd at Gtb with N500k how much will the interest be per annum



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday March 4, 2014 at 15:23:55:

    I don't think GTB pays the best interest on FDs but I think their rate would be under 6%.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Igbinedion cynthia on Thursday March 6, 2014 at 4:46:6:

    1. Is firstbank not among??
    2. Is d interest rate for a month or year?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday March 6, 2014 at 4:46:6:

    First bank also has their own Fixed deposit account and the interest rate is yearly but interest is payable monthly.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by buze on Thursday March 13, 2014 at 17:50:35:

    wht wil b my interest of 500000 fd in union bank of nigeria for 6 month



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Dewisdom Dewisdom on Friday March 14, 2014 at 15:25:41:

    Thanks for your online assistance. Please, #500,000 fix deposit in firstbank for 90days, what would be my gain?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday March 14, 2014 at 15:25:41:

    Last time I checked, First bank was offering 8% p.a. If that is their current interest rate, then your 500k would earn you about 9k after 90 days.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Dewisdom Dewisdom on Friday March 14, 2014 at 16:29:56:

    Mr.Felix, tax a million. guday



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by stella on Wednesday March 19, 2014 at 14:53:20:

    pls for a fixed account whats the interest rate presently in diamond bank?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ISAAC on Thursday March 20, 2014 at 17:13:41:

    PLS I REALLY NID TO UNDASTAND DIS FIXED DEPOSIT ISSUE.IF I INVEST 200 FOR ONE YEAR CAN I MAKE UP TO MY CAPITAL AFTA EVRYTIN.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday March 20, 2014 at 17:13:41:

    Your interest cannot be equal to your capital


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by tj on Thursday March 27, 2014 at 14:12:7:

    Can an amount upto 100 million be fixed at once in firstbank. And what will the annual interest be . thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday March 27, 2014 at 14:12:7:

    Well if First bank offered you like 8% for that N100m, it will earn about N8m a year.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Odo emmanuel I on Thursday March 27, 2014 at 22:42:30:

    Plz sir, 4 now keystone bank and zenith bank, both give what interest of 100k for 1 month under FD. Thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by presh on Saturday March 29, 2014 at 13:30:48:

    Thank u mr felix for ur kind reply. If I invest 500k in a micro finance bank how much interest rate do I get in 6months in a fD. Thank u



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Wale+ on Tuesday April 1, 2014 at 13:56:30:

    Can I have a Nigerian bank account, although based abroad? 2. Have a very old Union Bank account dormant for at least 10 yrs. How can I retrieve funds?
    Cheers. Interesting content too.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday April 1, 2014 at 13:56:30:

    Banks in Nigeria now do diaspora banking. You can contact them through email at customerservice@ unionbankng.com


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Chimex on Thursday April 3, 2014 at 18:40:7:

    Thank for enlighten us here.
    Please could you calculate to me the interest of 5 million if i deposit it in 6 months time, the bank agree to give 10% p.a
    Please I want to know what my interest is in the 6 months the 5 million is fix deposited.
    Thank you so much



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Chimex on Thursday April 3, 2014 at 18:40:7:

    Thank for enlighten us here.
    Please could you calculate to me the interest of 5 million if i deposit it in 6 months time, the bank agree to give 10% p.a
    Please I want to know what my interest is in the 6 months the 5 million is fix deposited.
    Thank you so much



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday April 3, 2014 at 18:40:7:

    Capital: 5m
    Time: 6 months
    Interest rate: 10%

    The interest per year will be:
    10% * 5m = 500,000

    Interest in 6 months = 1/2 year = 500000/2 = N250,000

    So, at the end of the 6 months, the interest the capital will earn you will be: N250,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by babatunde on Friday April 4, 2014 at 19:56:1:

    i want to invest 100k but i don't know the bank to invest with. And tell me how to buy shares and the bank to buy from. Good work.....



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday April 4, 2014 at 19:56:1:

    You can buy shares through a stocbroker. You can go to CSL stockbrokers on Lagos Island


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by henry on Thursday April 10, 2014 at 20:26:55:

    I want to know more about Capitalist Interest and also how much Access Bank pay on Fixed Deposit.Is there any risk attached to Treasury Bill?If there is a crisis in that country,,,it means one's money is gone right



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Dan on Saturday April 12, 2014 at 15:36:18:

    Only last week that I visited Nigeria I just asked GTBANK to transferred 600,000.00 my savings, to Fixed deposit account at 6.25%.Now I want to consider either Diamond or Stanbic IBTC (After Ive read your write-ups). is it possible to ask them to transfer my fund thru internet banking?, as I resides in US.More so, I did not even bother to ask them the duration of the investment whether 30, 60 or 3 years,for I knew nothing about the tenor.PLS ADVICE for I did not need this money in the next 3 years



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday April 12, 2014 at 15:36:18:

    Yes you can transfer your money to another bank using internet banking. You should first of all open a new bank account with the intended bank using their diaspora banking for Nigerians who live abroad. You should be able to manage your account from there.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by kazeem on Sunday April 13, 2014 at 16:41:58:

    pls how is the maximum amount payable into a savings account



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ademi on Monday April 14, 2014 at 1:55:54:

    Well done Mr. Felix. U are such a patient man.
    Learnt a whole lot through this medium.
    May u be blessed all the days of your life... amen!



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday April 14, 2014 at 1:55:54:

    Happy it was helpful to you


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Anuli on Monday April 21, 2014 at 21:25:21:

    pls i want to deposit 600,000 which bank can be favorable now



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday April 21, 2014 at 21:25:21:

    For now, I recommend First bank, Fidelity, Union and Stanbic.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Richard oligbo on Tuesday April 22, 2014 at 14:0:22:

    pls mr Felix I want to invest 500;000 on the treasury bill.what is the interest am I going to get.and is it monthly or or every 2weeks as I heard I don't know if its true I want to get it confirmed 1st from u.and I want to try diamond bank or fidelity bank.thank you



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday April 22, 2014 at 14:0:22:

    I would go for Fidelity but as for the current rates on treasury bills, I don't know that for now but it's still a bit higher than Fixed deposit rates.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by osas on Thursday April 24, 2014 at 23:36:20:

    Thanks for all.....but have just fixed 100000 with Gt for 90 days....wat will be my accumulated interest if it is at the rate of 7%




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday April 24, 2014 at 23:36:20:

    That would give you a total of about N1750 at the end of 90 days.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Tessy on Wednesday April 30, 2014 at 3:13:10:

    Job welldone to Mr Felix. sir, i have a question: Can savings account with balance upto 1.5M naira be automatically be accreddited monthly at FD INterest rate, if i have not witdraw for past 6 month.Yet the account is savings not FD. Pls sir i need clear explanation.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday April 30, 2014 at 3:13:10:

    It won't be credited with fixed deposit interest rate if you did not initially apply to move it to a fixed deposit account. It will still credit you only with the savings account interest rate every month. However, There are some banks that would offer you a high interest rate if you have a high capital like that and are willing to leave it in a special savings account you can withdraw anytime. An example is Diamond banks HIDA.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Pst Segun Akinmosin on Thursday May 1, 2014 at 10:39:29:

    Sir, I want to invest big time and on a long term plan. Say for like 15 to 25 years minimum. Please sir, apart from TB and FD, what other investment offers upto 50-60% returns on investment annually in Nigeria and is genuine and safe. Thank u sir.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday May 1, 2014 at 10:39:29:

    In Nigeria, the best asset right now to invest in is real estate. Just buy land and build houses in growing cities like Lagos and Abuja. It would reward you more than putting money in bank. A second good investment is in buying shares/stocks.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Deola on Friday May 2, 2014 at 14:50:8:

    Hi, I just stumbled upon your page... I would like to fix 10million naira, can u please tell me the bank with the highest interest rate and how much will it genearate (based on the bank you have suggested) in 3,6&12 months. Thanks in anticipation



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday May 2, 2014 at 14:50:8:

    There are cool banks you can invest your capital into that can give you a good interest rate. I suggest the following:

    First bank
    Stanbic
    Diamond
    Fidelity
    Union
    Skye


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ezeja Okwui Valentine. on Monday May 5, 2014 at 12:49:40:

    Mr Felix i must complimnt u for de gud work u r doin here, gratitude. But wat baffles me is dat der profits ar too poor. I thouth with my N800,000 i wuld be able to be maken up to 30-40k pa a month. All my hope is jst bein turnd down here. Dis is nt even an inch to cmpare wt biznes. Nt even odinary voucher seller.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday May 5, 2014 at 12:49:40:

    Yes, it is basically passive money. If you want to earn around 40k per month from fixed deposit, then you need to deposit around N5m at an interest rate of 10% p.a.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Temple Ekemini on Monday May 5, 2014 at 19:43:59:

    Sir, Please what Will be my interest rate of #1m for 90days with first bank? Thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday May 5, 2014 at 19:43:59:

    I heard they currently offer abut 8% p.a and for your N1m for 90 days, it would earn N20,000.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Teejay on Tuesday May 13, 2014 at 16:43:27:

    Felix, you are such a blessing, I just fixed some amount with GTB at 6.25%, I didn't know anything about negotiation, the guy just told me that and I gave in, but I have been duly informed now by this webpage, I will patiently wait for 90days and re-negotiate or get out my money to somewhere else.Once again, thank you so much for your keeping the page on



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by dan on Wednesday May 14, 2014 at 16:27:27:

    You doing a great job, must commend you.
    Pls help me out with this long term financial plan. I intend investing in FD or TB with N260,000 as principal and a continous annual addition of N240,000 for 20 years at 5-6% interest rate on roll over basis(compound int).
    Will greatly appreciate ur response.
    Thanks



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Damilola wots on Wednesday May 14, 2014 at 24:31:50:

    Thank you for the job well done. Pls, which investment gives highest return in nigeria?




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday May 14, 2014 at 24:31:50:

    @Dami, I think it is real estate for now. There are still a lot of people in need of homes and the few available homes come with high rent. Another lucrative one I think is food business. Just producing anything that Nigerians eat is normally profitable. Packaged food is a best seller.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday May 14, 2014 at 16:27:27:

    @Dan, at 6%, the total value of your investment would be 10,192,109.62 while it would be 9,022,477.84 at 5% after 20 years.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Tunde on Wednesday May 14, 2014 at 18:3:11:

    I wonder how u are not bored with all these myriads of questions. God bless you. Pls, with the current state of shares, is it still worth investing in it? With 1.5m in Unity Bank savings account what can it yield monthly? Do you also know what one can do with N500,000 that can bring quick returns in Nig within a month? Thanks a million..


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday May 14, 2014 at 18:3:11:

    Tunde, if you invest your 1.5m in a fixed deposit or high interest savings account, it should be able to earn an additional N120,000 for you per year at 8%.

    As for investing N500,000 in a business that can bring quick returns, I think you can try investing in a small food packaged business like plantain chips or chin chin.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by folakemi on Monday May 26, 2014 at 9:37:1:

    Pls if I should fixed #400 thousand at the rate of 5percent ,how much will be my interest at the end of 3month.thank you




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday May 26, 2014 at 9:37:1:

    Your interest will be N5000 at the end of the 3 months


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by emmanuella on Friday May 23, 2014 at 12:5:14:

    my name is Emmanuella, If am fixing 2million naira with FCMB, how much inyerest am i expecting since their interest rate is 13.75%. thanks for the good work Bro.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday May 23, 2014 at 12:5:14:

    At the end of the year, your interest earned should be N275,000


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by kelvin on Tuesday May 27, 2014 at 18:34:22:

    Pls how do I withdraw the. Main money in deposited



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday May 27, 2014 at 18:34:22:

    The money you invested will be returned back to the source account after the period has expired or when you request for a cancellation of the FD account.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by goodnews on Tuesday May 27, 2014 at 21:45:45:

    that means fcmb have the highest rate now, right ? So that i go there now and deposite.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ik on Wednesday May 28, 2014 at 20:51:47:

    Which bank presently offers the highest rate on fixed deposit on an amount above 10M



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Remi sunday on Sunday June 1, 2014 at 10:25:43:

    Hi felix,

    you are doing great work,Keep it up. Please I want to found out, I want to open a FD. My question is this can I be saving money into it on daily basis like depositing money daily and leave it for like 3 yrs.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix oKOLI on Sunday June 1, 2014 at 10:25:43:

    Once you setup a FD account, you can't be depositing into it unless you want to cancel it and create a new contract. You can however just open a High interest savings account which some Nigerian banks do offer. It is basically a savings account targeted at high capital investment and comes with a high interest rate e.g. Diamond HIDA


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Destiny on Sunday June 1, 2014 at 21:43:50:

    Thank u sir, i want to invest 500k with first bank for 1yr how much interest im i expecting



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday June 1, 2014 at 21:43:50:

    I think First bank pays about 8% p.a. and so your 500k will earn you about 40K per year


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ihuoma on Thursday June 12, 2014 at 9:29:42:

    Thank you Felix Okoli for enlightening us. Pls I need to know which bank will pay the best interest on FD presently assuming I want to invest 600k. Thanks.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday June 12, 2014 at 9:29:42:

    Well, banks like FCMB, Diamond, Stanbic and Fidelity seem to be attractive right now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Collins on Tuesday June 17, 2014 at 13:22:18:

    I just made inquiries about the FD from eco bank and they offer 7% on 500k is this any good?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday June 17, 2014 at 13:22:18:

    It's ok but banks like Fidelity or Diamond can offer you higher for now


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by david on Wednesday June 18, 2014 at 13:40:13:

    hi felix, is it only in fixed deposit can ones money yield interest?



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 18, 2014 at 13:40:13:

    Even savings accounts, high yield account and treasury bonds all yield interest.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Gbadebo James on Thursday June 19, 2014 at 10:40:10:

    Pls. which bank pay highest interest on fixed deposit now, I want to fixed 500k.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday June 19, 2014 at 10:40:10:

    You can try FCMB, Fidelity, Diamond and First bank


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday June 20, 2014 at 8:54:20:

    Diamond is better in terms of higher interest rate for now. Apart from fixed account, you can also buy treasury bills from the bank.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by adebayo oyindamola felicity on Sunday June 22, 2014 at 23:27:42:

    I have 40k nd I 1t 2 open a fixed deposit acct 4 5 years but I dn't know which bank will b ok 4 me $ wit highest rate.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday June 22, 2014 at 23:27:42:

    I don't know of any Nigerian bank that accepts below 200k for opening a fixed deposit account so you need to increase your capital.


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mr.Michael on Monday June 23, 2014 at 10:0:9:

    Well done for your good work, I want to know interest rate in ecobank fix deposit



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday June 23, 2014 at 10:0:9:

    Ecobank is at around 9%


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by don makaveli on Tuesday June 24, 2014 at 20:5:54:

    i think i will start investing when i have #1 to 5M that will be better then, for 5million i will be getting 500k per annu, then 1m for 100k per anu, thats better, then u will still have other business that will be paying u money atleast for food



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Adex on Thursday June 26, 2014 at 18:46:52:

    Thanks alot for these insight,i will like you to shed more light on mortgage investment. Thank u




    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bassey on Tuesday July 1, 2014 at 7:32:39:

    I want to open fixed deposit acct with stanbic bank,currently, is their rates still high.



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday July 1, 2014 at 7:32:39:

    Yes, their rates are averagely high. I think above 7%


    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Jida on Thursday July 3, 2014 at 24:21:59:

    Pls i want to epen fd acc with 100k at first bank wl they accept it



    Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday July 3, 2014 at 24:21:59:

    I'm not sure. Why not make it up to 200k. I don't think most banks accept anything less than 200k




Comments:
Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday July 15, 2014 at 14:6:58:

If you are a Nigerian resident abroad, you can invest in a Diaspora fixed deposit account which some banks offer.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by comfort peters on Wednesday July 16, 2014 at 7:43:37:

Want to deposit 600 thousand for 6months,which bank has good interest for that.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday July 16, 2014 at 7:43:37:

Banks like First bank, Stanbic, FCMB and Union offer good rates


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Emmanuel Egwu on Thursday July 17, 2014 at 8:4:16:

Thanks for this great work. I am motivated to invest in FD. I currently have a savings account with First Bank. Do you know the FD current interest rate for First Bank?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday July 17, 2014 at 8:4:16:

I think their rate is still 8%. You can ask them to confirm


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Casimir on Friday July 18, 2014 at 19:50:34:

Hi Felix
I went to eco bank to get information on their rate of FD. The woman told me they give 6.5 per month. So i was planning to go and deposit 800k on monday before i read your explanation. Why can't they tell the truth? And what will be my interest after 6 months?
Thanks and God bless you



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday July 18, 2014 at 19:50:34:

Well, if they said they will give you 6.5 and you accept, them the 800k would earn about N26,000 after that 6 months


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by CLIFFORD on Sunday July 20, 2014 at 10:42:6:

hi
i was at keystone on friday and saw on thier notice board that interest rate for 30 days call is 6% what does that mean?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday July 20, 2014 at 10:42:6:

That is for call deposit. It's a bit different from Fixed deposits. It normally requires larger amount of capital


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Kenechukwu on Thursday July 24, 2014 at 12:22:13:

Tnx for work welldone, i like wht you are doing here welldone but pls i what to kn the banks that pay hightest interest now on fixed deposted



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bayo on Sunday August 3, 2014 at 21:21:0:

I made enquiry @ firstbank and i was given 8% on 100k for 30days, i was so excited dat my 100k will fetch me additional 8k monthly. But with what I'm reading here is like I've made a wrong calculation. I'm discouraged, would u still advice me 2 go ahead?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday August 3, 2014 at 21:21:0:

It's not a bad offer given that they would pay you monthly but they are not paying you 8% per month but per year. If you really wanted to earn N8000 per month, then you should invest at least N1,200,000 at that 8%.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Miracle Okoli on Monday August 4, 2014 at 4:13:6:

Mr Felix, I must say that I'm really encouraged with the information provided above. Thanks and God Bless You. Also, I'm quite disappointed that Banks charge between 14% to 20% on loans. Yet, they can't pay well on Fixed Deposit.
My question is which other investment have good returns apart from Bank?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday August 4, 2014 at 4:13:6:

Actually, there are better forms of investment than the lazy option of investing in fixed deposits. You can try real estate, small manufacturing business, importation, retail business and so on. Fixed deposit is really for people who have enough money and just want their money to work for them. However, if you are more concerned about passive forms of investment, then buying real estate even if it's just land is much better than fixed deposit. Buying stocks/shares is also a good option now given that share prices have dropped.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Maureen O. on Monday August 4, 2014 at 12:52:55:

For Stanbic Ibtc i don't think they do up to 13.75% as you said or even up to 10%. I have a fixed deposit of N600,000 currently with them and i do it for 30days then roll over, they do 7%, because the interest i get after 30days is 3,439.73. Please i will appreciate if yu can suggest another bank i can use because Stanbic is not working upto standard lke they used to.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bayo on Wednesday August 6, 2014 at 1:34:8:

Mr Felix,i'm very greatful for your timely response,you are highly appreciated. Please do u know about online biz? How real it is? And Which one can u recommend?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 6, 2014 at 1:34:8:

Well, online business is real. One cool one is selling online like what Konga and Jumia are doing in Nigeria.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by kayode on Tuesday August 19, 2014 at 23:23:30:

my inqusitivenes about banks and interest rate while searching led me to your blog good job l want to ask is there any thing like compound interest in operational in our banks



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday August 19, 2014 at 23:23:30:

Compounding interest for fixed deposit? I've not heard of it yet. But I think you can give your bank an order to keep rolling your FD over after it expires annually or monthly


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by clement ikechukwu on Wednesday August 20, 2014 at 13:55:5:

i have about a million plus. advice me on how best u think i could invest dis on a long time that can yield money and also advice if treasury bills are better off



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday August 20, 2014 at 13:55:5:

Treasury bills would pay better and it's recommended for people with huge funds


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by olanrewaju adeogun on Friday August 22, 2014 at 21:11:22:

Sir can the interest rate be calculated quarterly and in compound interest.




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by seye on Friday August 22, 2014 at 23:20:26:

i leave outside Nigeria and planning to open FD account, how secured is Nigerian banks this days thank u sir.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Temmytee on Tuesday September 2, 2014 at 12:23:24:

Whats d interest rate for fixed deposit of access bank of nigeria, If i want to fix #500,000 naira.thanks



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday September 2, 2014 at 12:23:24:

Well, last time I checked, First bank was offering 8% and using that rate for your N500,000, you'd be earning about N3300 a month and N40,000 a year.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Vicben on Sunday September 28, 2014 at 23:48:59:

Good day Sir Felix. You're doing a marvellous job here, giving out informations worth millions for free. Please I have 100k in my GTB's saving account I won't be needing till next year. What do you suggest I invest in. Thanks and God bless.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Rasheed on Sunday October 5, 2014 at 15:20:13:

Pls, what are the current Nigerian banks with d highest interest rate on a fixed deposit account.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by itopa on Monday October 6, 2014 at 7:47:44:

Thank u Mr Felix for the enlightenment. Just reading through answered all d questions I could have asked. God bless u.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Nehy on Tuesday October 7, 2014 at 4:7:37:

Wow! Mr Felix you are interestingly and compoundly awesome to say the least.
Please which websites can I be checking for interest rates periodically instead of asking you every time?
Great job.
God bless.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday November 1, 2014 at 9:37:38:

Well, Nehy, you can check the CBN website for their periodic publications.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mike on Saturday November 1, 2014 at 24:16:3:

mice blog felix keep up d good job. where and how do i get more info on treasury bill i am interest in it pls



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by CHUKS on Saturday November 8, 2014 at 24:36:38:

@sir felix okoli, imaging having pepl like u as a presiden of dis country! may u & ur family foeverly dwell in GOD's blessings amen. pls sir which other bank have high interest deposit account with same monthly interest % like that of diamond HIDA?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday November 11, 2014 at 11:44:0:

First bank also offers high interest rate on Fixed deposit that is payable monthly but you should know that all interest rates are calculated on a yearly basis. That means that if a bank is offering say 10% interest rate that is payable monthly, it means what is going to be paid you per month will be divided by 12 months of the year.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by GODSON ISAIAH on Wednesday November 12, 2014 at 13:22:10:

@felix nice work,i love that.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Obua on Friday November 21, 2014 at 20:37:47:

Plz what is d minimum amount required to invest on treasure bills.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday November 21, 2014 at 20:37:47:

You can invest as little as N10,000 only


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by DosunmuAO on Saturday November 22, 2014 at 8:20:30:

I want to fix 10 million naira for 25years is that possible. And if it is whats the interest after 25years




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday November 22, 2014 at 8:20:30:

Interest rates tend to vary from year to year depending on how banks need or don't need money. You can only fix the money for one year maximum at a fixed interest rate after which you may renew it for the following year at an agreed interest rate.

You can't fix it for 10 years straight since it's a short term investment account.

If you are looking for an investment that you can fix for up to 25 years, I would advise you just buy shares from the stock market from various banks and it will definitely appreciate better than fixed deposit.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Tobiloba on Wednesday November 26, 2014 at 23:8:20:

How do you calculate interest using 0.3 percent dollar rate for fixed deposit of 4k for 180 days? Sorry I got confused with calculation and stumbled on this blog. Sorry that my comment is coming long after the blog was posted but I found it very informative.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday November 26, 2014 at 23:8:20:

Since 180 days equals 3 months and the interest rate of 0.3% is per annum, then the normal calculation would be (0.3*$4000*6)/(12*100) and that gives $6 after 180 days.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Innocent on Friday December 5, 2014 at 18:25:23:

hello Mr Felix, i have 300k to open an FD acct but have no idea of a nigerian bank with the current 2014/2015 highest interest rates. pls educate me, how much will i get in return when i deposit it and in which bank? hoping to hear from you sir! tnks



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday December 5, 2014 at 18:25:23:

First bank and FCMB will be ok for you. They offer good rates.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by uzoma on Saturday December 13, 2014 at 7:25:28:

what are the interest rate of access bank per month.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by segun on Monday December 29, 2014 at 17:33:47:

what is d interest on 500k on fix deposits per month.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Bassey Gift on Wednesday December 31, 2014 at 22:54:54:

Is it wise to invest into First Bank NIGERIA Money market?. I want to invest #5000 wisely. please advice me



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday December 31, 2014 at 22:54:54:

It's not a bad deal to invest but you should use more capital


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mayo on Monday January 5, 2015 at 18:31:39:

Pls, can u help with tax information rates-enterprise; LTD; individual etc. What and whom is being taxed and at what rate. Thanks



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Tosin Adekoya on Wednesday January 7, 2015 at 24:29:47:

Which bank offers highest rate this January 2015 and what is the rate.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by michael ese on Thursday January 8, 2015 at 17:4:36:

if 500000 naira is put in your stanbic ibtc bank fixed deposit account for three months how much will be your interest ? and if the 500000 is still kept there i mean uninterrupted can you still be receiving such interest monthly?




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday January 8, 2015 at 17:4:36:

It depends on the current interest rate. If the interest rate is maybe 8%, then your monthly interest will be about N3,333 and hence N9999 after 3 months.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Busola Awopetu on Saturday January 10, 2015 at 21:56:4:

Please I have 200k and I will like to know the interest rate of fixed deposit accounts in topping banks......



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Austin on Sunday January 11, 2015 at 23:21:3:

I am a student and I have been saving some money but it's not a large chunk of money. in opening a FD account, is there any minimum amount to deposit? like 20k,50k?




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by ade on Thursday January 22, 2015 at 12:6:17:


good banking information pls what is the current fixed deposit rate for first bank nigeria plc



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday January 22, 2015 at 12:6:17:

Last time I checked, it was at 8%. You can always ask them before making your investment.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by akinlolu on Saturday January 24, 2015 at 13:8:35:

Mr felix thank you very much. I want to ask about enterprise bank, what is the rate if I fixed 1m with enterprise bank for 90 days and what will be the interest. Moreover I have account with unity bank what is the rate if I fixed 500k with unity bank and that is the interest in 90 days.
Thanks and I will be here for reply.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Sarah George on Monday January 26, 2015 at 9:9:40:

wow..
so there is no place of invesment in banks for someone having less than 50,000k..there should hv be sometin like student's fix account just like other account...i desire investment bt i hv little or no opportuity due to my low income...plssssss what is your advise Mr Felix..ur reply is highly needed



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday January 26, 2015 at 9:9:40:

You can invest in something like stocks or fixed income funds like that which First bank or Stanbic offers


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Clair Okafor on Tuesday February 3, 2015 at 7:45:7:

Felix, thanks for your patience. Please which of the Nigerian bank pays the highest interest as at 2015 because I want to invest 15 million. God bless you.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Planet on Monday February 23, 2015 at 13:23:52:

Which bank can i open a fixed deposit account of #1b and the interest per year



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday February 23, 2015 at 13:23:52:

Well, with N1bn, you can get at least 10% from any bank in Nigeria such as Zenith, First bank, UBA, GTBank Stanbic, Diamond and others. They could even give you a higher interest rate.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Simon on Wednesday March 4, 2015 at 12:5:2:

Thank u very much for ur gud work... Plz advice me on which bank i can invest 1.5m and the highest interest and how do i go on it is it TB or FD? Tanx



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday March 4, 2015 at 12:5:2:

Well, as at February 13 2015, CBN reported that Access bank, Heritage bank and First bank all offered at least 11% for fixed deposit accounts. Just call the bank to confirm this and as for TBs, you can normally make an application at any Nigerian bank for the service.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by orette harrison on Wednesday April 1, 2015 at 20:1:19:

pls tell me how tb works n Hw can one invest in it.tnx



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by mrs George on Monday April 20, 2015 at 9:14:38:

sorry pls I want know,when you open a fixed deposit with 1.1 million naira with access bank for 6 months and there interest rate is 10% so in the space of 6 months how much are you to get tanx



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday April 20, 2015 at 9:14:38:

This is the kind of question I prefer answering because it's easy. Well a N1.1m capital invested for 6 months for an interest of 10% per annum will earn you at most N55,000 after 6 months.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by BIRIFIAIFE GODWIN SAMSON on Monday April 20, 2015 at 13:57:20:

THANKS FOR YOUR GOOD JOB, WHAT IS THE PRESENT INTEREST RATE OF FIXED DEPOSIT ACCOUNT IN UNION BANK FOR 100000?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by okechikwu sochima on Saturday May 2, 2015 at 22:56:59:

I no of a place where you will get 30% of your deposit every 100days. I still know of a place to get 0.2% of your money everyday.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday May 2, 2015 at 22:56:59:

I'm thinking wonder banks! They may offer higher interest but how much of your funds are insured by NDIC? It is highly risky and hence highly rewarding.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Izuagba christabel on Monday May 4, 2015 at 10:39:57:

Hi Mr Felix, please which of the Nigerian banks currently pays the highest interest rate on fixed deposit



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday May 4, 2015 at 10:39:57:

As at March 2015, reports have it that FCMB offerd at most 13% followed by Fidelity which offered 11.99%.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Fine thingz on Wednesday May 6, 2015 at 23:42:12:

please Mr Felix what is the current interest rate for diamond bank?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday May 6, 2015 at 23:42:12:

I don't really know the exact rate now but I think it's over 7% at least


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Andrew on Thursday May 28, 2015 at 22:31:11:

Hi mr fexil, i ve 100,000naria with me to invest in a fixed deposit account so which bank in Nigeria pay more interest rest?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Tayo on Sunday May 31, 2015 at 3:39:59:

Hi Mr Felix, Is it advisable to fix 100 million naira for a year? will my money be safe in Nigerian banks? I live in US.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday May 31, 2015 at 3:39:59:

Of course it's safe to invest in Nigerian banks but I would rather spread the money across 5 banks rather than just one bank.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mary on Wednesday June 3, 2015 at 15:44:42:

pls can you educate me I want to TRADE TBs. Are there different charges by diff banks? are the rates dependent on which banks you use? WWhich is the best bank to approach for TB? Is it available all the time?

If its better that FD i want to invest 3million naira
Thanks for your time



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 3, 2015 at 15:44:42:

You can go to any bank to bu TB. You can try Stanbic IBTC as they are already advertising on it. It is insured by the Federal govt and rates are fixed. As for whether they are better than Fixed deposit is what I'm not sure. It really depends on the rate.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Valentine on Sunday June 14, 2015 at 3:20:47:

I want to invest 1million naira on fixed deposit with ecobank, hw much will be my interest for 1year.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday June 14, 2015 at 3:20:47:

It will depend on the current interest rate. If it was 7%, then your yearly interest would at most be N70,000.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday June 14, 2015 at 3:20:47:

It will depend on the current interest rate. If it was 7%, then your yearly interest would at most be N70,000.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday June 14, 2015 at 3:20:47:

It will depend on the current interest rate. If it was 7%, then your yearly interest would at most be N70,000.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Asmara on Sunday June 14, 2015 at 15:39:21:

How much FCMB pays on fixing 1.5M. Thank you for wonderful work



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday June 14, 2015 at 15:39:21:

Depends on their current rate. I don't know what their rates are.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by uju on Thursday June 25, 2015 at 17:2:12:

Pls sir I want 2 fix one million in fixed deposit in first bank and there interest rate is 7% how much will I earn a year?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday June 25, 2015 at 17:2:12:

@Uju, you will earn N70,000 a year from it.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Adeoye Kolawole on Thursday July 2, 2015 at 15:58:34:

Hello Felix,

Which of Nigerian banks with highest interest on Fixed deposit accounts.

How much can one make with 500k in six month



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Giwa Oluwafisayo. on Thursday July 9, 2015 at 3:39:23:

Thanks for your good job Mr.Felix
I wanna ask you this questions sir!
A.Let's say banks accept 100k as minimum for F.D,and you want your money in the next 5years,if you have 100k,will you use it to buy SHARES or F.D,which do you think is the best? really need your opinin on that sir
B.which of this two is the best to invest your money,Stock Market or Banks?
C.OR is it better to buy an asset like Land,than to be wasting time to get little penny from banks,cause to me,I think the Bank gains too much than the customers



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday July 9, 2015 at 3:39:23:

A. I would prefer buying shares because of future capital gain
B. Stock market is good for long term investment while bank products are for short term investment. If you have bigger money, then buying land or investing in real estate is always best.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by DKM on Saturday July 11, 2015 at 1:50:27:

PLEASE I WANT TO FIX 350,000 IN STANBIC IBTC FOR 180DAYS HOW MUCH DO GET AS RETURN



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Saturday July 11, 2015 at 1:50:27:

Kindly check for the current rates at the bank but I think it would be at least 7% per annum


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by uche on Monday August 24, 2015 at 10:41:27:

can one continue to deposit money in a fixed deposit acc after the initial investment



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday August 24, 2015 at 10:41:27:

Yes you can but the money will be kept separately in a savings or current account and away from the fixed deposit until it's time is completed or you cancel.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Uzum ewere on Monday August 31, 2015 at 15:12:55:

If I invest 1minion as a fixed deposit in a 5years,how much interest am I going to get back?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Monday August 31, 2015 at 15:12:55:

Depends on the interest rate. If interest is 7%, then it would earn you N70,000 per year and after 5 years, that would be N350,000.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Kehinde on Thursday September 3, 2015 at 16:13:0:

Good day,
Please i need information on the treasury bill investment as i want to invest in it and i need a guide to it. Please give a guide and how the interest is calculated. at least starting with 1 million.




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday September 3, 2015 at 16:13:0:

If you invest N1m and the interest rate is 10%, then all you need to make an investment of N1m would be N900k to get bills worth N1m. At the end of the period, you will be paid back the full N1m into your account. Just visit a bank an apply for the investment.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ibe justina on Wednesday September 23, 2015 at 17:33:46:

How much interest rate first bank is given for the fix deposit of 200k for 180 days & how to calculate it



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday September 23, 2015 at 17:33:46:

Interest rate varies depending on the bank. Let's say it's 8%, then multiply that by your capital and divide by 12 months to know your interest per month. Then multiple that by 3 times to get the interest for 180 days.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by olu on Thursday September 24, 2015 at 21:48:22:

Hi,Thanks for all the replied, I invested 3 m for fixed deposits in one of the bank in nigerian and I was offered 10.5 %.pls can I be offer more in any bank.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday September 24, 2015 at 21:48:22:

I'm not sure you can be offered higher for a FD account. Stick with the bank as long as they are reliable.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by peace on Friday November 6, 2015 at 18:51:36:

Good day,
Please i need information on the treasury bill investment as i want to invest in it and i need a guide to it. Please give a guide and how the interest is calculated. at least starting with 1 million.




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday November 6, 2015 at 18:51:36:

You'd visit your bank and apply for it. They'd tell you the rates which is about 10% and you pay only the remaining 90% while your investment value is actually the whole 100%. So you'd get a discount or interest which is immediately deductible from the amount you want to invest. At the end of the period, you'd be paid back the full 100% investment into your account.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by POLAR on Friday November 13, 2015 at 10:47:56:

Good day sir
Please I need current information on how to invest in Nigeria Treasury Bill.




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Friday November 13, 2015 at 10:47:56:

First have enough money in your bank account and visit your bank to apply for TBs. They'll give you a form to fill and that's all.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Mr Josh on Tuesday November 24, 2015 at 20:47:57:

Hello Mr Felix, it's my pleasure writing to you this moment Sir, actually I'm just viewing this page for the first time cuz I've been searching for where to get tips about this FD of a thing.
Pls if you don't mind I'll wish to ask you for a guidelines on how to follow here Sir, pls I've 3 different questions to ask Sir,
1. Pls I've a savings account with ecobank, but I want to open this FD account but I don't know their %rates, pls can you assist me?
2. Assuming I wish to use 2m for a FD . And I intends sharing it into 4different banks i.e. 500K in 4different places, how do you see it Sir, will that yield me more interests than keeping the whole 2m in one bank pls? Pls advise...
3. As I don't have account in other banks now, if I wish to go and open a FD account their, only for this purpose do you think they will accept Me? And if at all they accept Me, how am I going to transfer The Money to them Sir?
Pls reply Me Sir ... Thanks and God bless!




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday November 24, 2015 at 20:47:57:

I don't know what the current rate for Ecobank is now but it should be around 7%.

You can share your 2M invesment across 4 banks in values of N500k eachbut it will only givey ou more interest if their interest rates are high and the one with the highest rates earns your more interest. What you can do is invest in 4 banks for about 3 months and then move all your money to the one that gives the most interest to earn a better return on your investment.

So, if you invest in Banks A, B, C and D for the first 3 months with N500k each and they pay an interest of 7%, 7%, 10% and 12%, then you should move all your money to bank D for the next 3 months since it's paying you the most interest. You can easily do that using an inter-bank transfer service.

Yes, they will accept you open a bank account with you even if it's for the sole purpose of opening a FD investment but they may just require you keep a savings account with them and that should not be a problem.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Johnpaul ebube on Thursday December 3, 2015 at 4:47:35:

Sir thank u for ur good work. Have read all most all the comment people say about diz fixed deposit stuff and ur reply, but i dnt knw anything on FD bt am interest on it. I will be greatfull if u explain a bite of it for me. So maybe i could upgrade my diamond savings acct wit abt 375000 on it to a fix deposit for 3years



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Temple on Thursday December 3, 2015 at 14:28:22:

Please as of now,which bank offers higher interest rate on fixed deposite.i want to fix 800k



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday December 3, 2015 at 14:28:22:

As of now, I'd recommend Stanbic, First bank, Diamond and FCMB.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Banjo Adeyemi on Thursday December 3, 2015 at 18:44:46:

Please what's the best way to invest 5 million naira?



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Thursday December 3, 2015 at 18:44:46:

Well, If I had N5m to invest, I'd invest it in purchasing a land or bank stocks. I may also just convert it to US dollars and save it in a domiciliary account.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday December 16, 2015 at 7:54:44:

I guess it would be possible in your case if you just opened it with another bank while you leave the first one until it matures. Closing the initial investment will make you love the interest you've already gained.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by chigozie okongwu on Sunday December 27, 2015 at 3:33:2:

Pls I made a fixed deposit of 500000 for 6months and did not get a notification from my bank at the end of the 6months.my Acc not updated wit the cash and interest.I am planing on going 2 the bank Access bank once wkend is over.do I need 2 apply for its liquidation or the bank is meant to know and inform me.pls advice
Tnk you




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Sunday December 27, 2015 at 3:33:2:

You can simply call your bank on the phone and ask them about the status of your investment.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Loveday on Monday December 28, 2015 at 12:19:17:

I think there are other forms of investment with higher returns that have not been discussed here. look towards investing in mutual funds. I know Stanbic has many of them depending on your investment goal.



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by tom on Wednesday June 8, 2016 at 13:50:40:

what is the maximum number of years permitted to run a fixed deposit account



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 8, 2016 at 13:50:40:

what is the maximum number of years permitted to run a fixed deposit account



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Ifeoma on Tuesday April 11, 2017 at 6:33:47:

Hello felix i have shares of 14k with access bank since 2007. uptill now i dont have any info about it pls how do i go about it to get my money back? Also UBA charges me more than 70naira every month without any transaction. How do i go about this.thanks for the goox work



Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Tuesday April 11, 2017 at 6:33:47:

For your shares, you should visit Access bank and ask them for the location of the office of their company registrar and they should direct you. It's the registrar that has all the information about shareholders. As for UBA charges, I don't know of any charges that they charge that cost N70. I have a UBA saving account and I don't get charged at all for using it.


Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by egwu vitalis uchenna on Wednesday June 28, 2017 at 18:58:55:

How much will I earn if I put #200000 for one year at sterling bank?




Re: Nigerian banks with highest interest on Fixed deposit accounts Reply by Felix Okoli on Wednesday June 28, 2017 at 18:58:55:

It depends on their current interest rate. If the rate is 10%, then you'd get N20,000 extra at the end of that year.




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