Home Business Ideas The Top 5 Nigerian Banks with the Highest Savings Account Interest Rates

The Top 5 Nigerian Banks with the Highest Savings Account Interest Rates


Are you trying to find the Nigerian bank that will provide you with the best interest in your savings account?

You’ve come to the right place! In this blog post, we will be discussing the top 5 Nigerian banks with the highest savings account interest rate. Take your precious time to read to the end.

1. Guaranty Trust Bank (GT bank)

GT Bank is one of the most popular banks in Nigeria and has some of the highest interest rates for savings accounts. GT Bank offers a Savings Account with up to 6.75% Annual Percentage Yield (APY), making it an attractive option for those looking to maximize their returns on their savings.

It also has different banking services, such as loans, investments, and online banking, which make it a great choice for customers who want more than just high-interest rates.

Feature of GT Bank saving account

  1. Zero opening balance: You don’t have to deposit a large amount of money to open a GT Bank savings account, as there is no minimum required opening balance. 
  2. High-interest rate: it has one of the highest interest rates on its savings accounts in Nigeria, offering up to 9.5% annual interest on deposits.
  3. Credit Card options: GT Bank offers credit card options to its customers, allowing them to access funds easily and pay back over time. 
  4. Accessible customer service: GT Bank provides 24/7 customer service, so if you have any questions or concerns about your savings account you can get help quickly.
  5. Security: GT Bank takes security very seriously, using advanced technologies to protect your funds and personal information.
ALSO READ  How To Set Up A Waste Management Company In Nigeria and Make Money

2. First Bank of Nigeria

First Bank of Nigeria offers one of the highest interest rates for its savings accounts in the country. 

The bank’s ‘Max Save’ account is tailored for those who want to earn high interest on their savings. This account allows customers to earn up to 12% interest p.a. on their savings, depending on their account balance. 

Furthermore, First Bank has also waived off its service charges on Max Save accounts, making it a great option for those who want to maximize their returns.

Features of First bank high saving account

  • No minimum balance requirement: 
  • Flexible deposit amounts: 
  • Competitive interest rates: 
  • Online banking: 
  • Mobile banking: 
  • Debit card: Customers can use their debit card to make purchases and withdraw money from their savings account without having to visit a branch.
  •  Auto-Save feature: Customers can set up an auto-save feature that automatically transfers money from their checking account to their savings account on a regular basis.

3. Zenith Bank

Zenith Bank is a leading financial institution in Nigeria, offering savings accounts with some of the highest interest rates.

The bank’s high-yield savings account offers up to 8.5% return on investment (ROI), significantly higher than other banks in the country. This account also comes with a minimum balance requirement of NGN 2,000 and the funds can be easily accessed via ATM cards, internet banking, and mobile banking. 

Features of zenith bank HIDA account

  1. Zero minimum balance requirement
  2. Attractive Interest Rate
  3. Easy Access to Funds
  4. Bonus Interest
  5. Free Transactions
ALSO READ  How to Start a Fashion Boutique Store Business and Make Money

4. United Bank for Africa

The United Bank for Africa (UBA) offers one of the best savings accounts for Nigerians, with a high-interest rate of up to 11.5% on their High Interest Deposit Account (HIDA). 

The HIDA account allows customers to save and earn more, while having complete control over their funds.

The features of UBA’s High Interest Deposit Account include:

  • Minimum opening balance of ₦5,000
  • No maximum limit on deposit
  • Free access to funds
  • Fund Transfer Facility
  • Automated Savings Plan 
  • Online/Mobile banking services

5. Access Bank HIDA account

Access Bank HIDA account is a great way for Nigerians to maximize their savings and get the highest possible returns. 

The account offers competitive interest rates, and the minimum balance requirement is relatively low. 

In addition, customers benefit from features like free transfers and deposits and access to online banking. With Access Bank HIDA account, Nigerians can save and get returns in no time.

Features and advantages of Access bank HIDA account

  1. Earns daily interest, paid monthly. 
  2. Allows deposits of cash, other bank checks and dividend warrants with ease and flexibility. 
  3. Make four free withdrawals without having to pay credit interest on accessible amounts. 
  4. No debit card attached, which encourages people to save. 
  5. Ability to transfer money between Access Bank accounts in the branch, online, or over the phone.
  6. Minimum opening balance of N100,000 with a minimum operating balance of N500. 
  7. A penalty charge of N150 is incurred if the balance falls below N5,000.


Which bank gives 7% interest on saving accounts?

Access Bank’s HIDA Account gives 7% interest on savings accounts. 

The High Interest Deposit Account (HIDA) is a special account designed to provide customers with an attractive rate of return on their savings. It also provides the convenience of anytime banking with a debit card, online and mobile banking, among other features. 

Conclusively, Customers can easily monitor their savings and manage their finances with ease.

Are there any savings account that pays 5% interest?

Yes, some savings accounts pay 5% interest. For example, Guaranty Trust Bank (GT Bank) offers a savings account that pays an annual interest of 5%.