Banks Announce Increase In Customers’ Savings Account

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The Central Bank of Nigeria has released updated saving deposit interest rates for various Deposit Money banks (DMBs).

According to CBN, banks now offer an average savings deposit rate of 8.03% compared to the previous average rate of 7.88%.

A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.

Ecobank, one of the leading commercial banks in Nigeria, announced in a message to customers the increase, stating: “Your savings just got a boost! Enjoy a new interest rate of 8.175% p.a. on all Ecobank savings accounts.

“Whether you’re saving for future goals or just building a financial cushion, Ecobank is here to help your money grow faster.”

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Breakdown of banks’ lending rates

Here is a breakdown of the average interest rate published by CBN.

Access Bank: 8.03%

Citibank: 7.88%

Ecobank: 8.03%

FCMB: 1.15%

Fidelity Bank: 8.03%

First Bank: 8.03%

Globus Bank: 1.40%

GTB: 5.55%

Keystone Bank: 8.03%

Optimus: 6.83%

Polaris: 8.03%

Premium Trust: 8.03%

Providus Bank: 8.03%

Signature Bank: 6.63%

Stanbic IBTC: 2.68%

Standard Chartered Bank: 8.03%

Sterling Bank: 8.03%

SunTrust: 8.00%

Titan Trust Bank: 8.03%

UBA: 8.03%

Union Bank: 8.03%

Unity Bank: 8.03%

Wema Bank: 8.03%

Zenith Bank: 8.03%

Earlier the Unity Bank had resolved the network issues that had affected its customers.

The Africa Association of Professional Freight Forwarders and Logistics of Nigeria released a public statement on the network issues.

The bank has apologised for the inconvenience and announced that regular services have been restored.

To further address the challenge, the bank has decided to open during weekends to alleviate customers’ difficulties and provide additional support.