CBN Releases List of Banks Paying Customers Highest Interest on Their Savings Accounts

• The CBN has published the updated savings deposit rates for Deposit Money Banks and Merchant Banks
• The latest update shows that banks are offering customers an average of 8.25% for their savings accounts
• Stanbic IBTC offered the lowest savings rate at 2.75%, while most Tier-1 banks like Access, Zenith, and UBA is around 8.10%

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks.

The new rates, which are subject to change, reflect the current Monetary Policy Rate (MPR) of 27.50%.

At the last CBN Monetary Policy Committee meeting held in September, the 12-member committee decided to reduce the MPR, citing improved inflation figures.

The CBN said in its communique:

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“The Committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025 and the need to support economic recovery effort”

Savings deposit rates by banks

According to the CBN’s published data as of October 31, the average savings deposit rate across the banking sector now stands at 8.25%, compared to 7.88% in the previous period.

Most Tier-1 banks, including Access Bank, Zenith Bank, and UBA, maintained rates between 8.10% and 8.25%, while Stanbic IBTC offered the lowest at 2.75%.

Below are the latest published savings rates:

• Access Bank: 8.10%
• Alpha Morgan Bank: 8.10%
• Citi Bank: 8.10%
• Coronation Merchant Bank: –
• Ecobank: 5.95%
• FBN Quest Merchant Bank: –
• FCMB: 4.25%
• Fidelity Bank: 8.10%
• First Bank of Nigeria: 8.25%
• FSDH Merchant Bank: –
• Globus Bank Ltd: 8.18%
• Greenwich Merchant Bank: –
• Guaranty Trust Bank: 8.10%
• Keystone Bank Ltd: 8.10%
• Nova Bank: 8.00%
• Optimus Bank: 8.25%
• Parallex Bank: 8.23%
• Polaris Bank: 8.10%
• Premium Trust Bank: 8.10%
• Providus Bank: 8.10%
• Rand Merchant Bank Nig. Ltd: –
• Signature Bank: 8.10%
• Stanbic IBTC: 2.75%
• Standard Chartered Bank: 8.10%
• Sterling Bank: 8.10%
• Suntrust Bank: 8.10%
• Tatum Bank: 8.10%
• United Bank for Africa (UBA): 8.10%
• Union Bank: 8.10%
• Unity Bank: 8.10%
• Wema Bank: 8.10%
• Zenith Bank: 8.10%

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Top 10 banks with highest customer deposits

In a related development, Legit.ng reported that customer deposits in commercial banks in Nigeria continued to grow despite economic challenges and inflation.

According to data from bank filings on the Nigerian Exchange Group (NGX), customers’ deposits in commercial banks rose to N150.3 trillion in the first half of 2025.

This represents a N12.8 trillion increase from N137.5 trillion recorded in the full year 2024.

Customer deposits remain a key asset for banks, providing the primary source for lending and funding other investments in the financial sector.

The top 10 banks are currently in the lead.

Source: Legit.ng