See more as Access, UBA, GTB: CBN releases how much banks pay customers for deposits

• The Central Bank of Nigeria has published the latest savings rates offered by commercialized banks connected customers' accounts
• Based connected the caller rates, Coronation Bank offered the highest mean involvement complaint connected savings deposits
• The study published by CBN covers savings deposit rates crossed 31 commercialized and merchant banks

Legit.ng journalist Dave Ibemere has implicit a decennary of acquisition successful business journalism, with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Latest information published by the Central Bank of Nigeria shows that the Nigerian banking manufacture pays its customers an mean involvement complaint of 5.32% connected savings successful their slope accounts.

The figures released connected its website seizure deposit rates crossed 31 commercialized and merchant banks.

Commercial Banks' mean involvement complaint connected customers' deposit savings relationship is 5.32% Photo credit: Bloomberg/contributor
Source: UGC

Coronation Bank offered the highest mean involvement complaint connected savings deposits successful Nigeria astatine 10.12%.

Banks specified arsenic Access Bank, Zenith Bank, GTBank, and UBA maintained this modular rate, reflecting ongoing contention for retail deposits amid choky liquidity.

What is the savings deposit rate?

The deposit complaint is the involvement complaint paid by commercialized banks oregon fiscal institutions connected currency deposits made by relationship holders.

The savings deposit complaint is typically pegged astatine a minimum of 30% of the MPR, but becomes inapplicable if customers marque much than 4 withdrawals from their savings relationship wrong a month.

Higher deposit rates supply savers with accrued earnings, which can assistance their funds turn much importantly implicit time.

In a determination to heighten transparency and foster informed fiscal decision-making, the CBN’s Monetary Policy Committee (MPC) mandated the nationalist disclosure of lending rates crossed each Deposit Money Banks (DMBs).

Commercial banks' savings rate

Among the 31 banks listed, Coronation Bank offers the highest mean involvement complaint connected savings deposits successful Nigeria astatine 10.12%.

A ample radical of banks including Stanbic IBTC, Access Bank, Citi Bank, Ecobank, Fidelity Bank (5.625%), First Bank of Nigeria, Guaranty Trust Bank, Heritage Bank, Nova Merchant Bank, Optimus Bank, Providus Bank, Sterling Bank, Titan Trust Bank, Union Bank, Unity Bank, Wema Bank, and Zenith Bank connection a azygous mean savings involvement complaint of 5.63%.

Polaris Bank and Keystone Bank connection somewhat little returns astatine 5.40% and 5.28%, respectively. Standard Chartered Bank, SunTrust, and United Bank for Africa each connection 4.20%, which falls beneath the mean among large banks.

Rand Merchant Bank Nigeria Ltd offers a 1.88%, portion Globus Bank Ltd and FCMB fertile among the lowest with rates of 1.40% and 1.15%, respectively.

10 banks with highest lawsuit deposits

Earlier, Legit.ng reported that full lawsuit deposits successful 10 commercialized banks listed connected the Nigerian speech had accrued to N140.97 trillion.

The latest fig represents a 51% summation successful lawsuit deposits compared to the N93.5 trillion generated successful 2023.

ETI recorded the highest lawsuit deposits among listed banks successful 2024, totalling N31.64 trillion.

Customer deposits are among the astir competitory assets successful the banking sector, arsenic they service arsenic the superior root for issuing loans and backing different investments.

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Source: Legit.ng