February 2016 fixed deposit rate comparison [6 banks]


On my previous posts on fixed deposits, I have been repeatedly asked for current rates as there is a lot of conflicting information out there. As a result of this, I have contacted a few banks directly in order to get current fixed deposit rates. The rates provided below are valid as at 16th of February 2016.


Recap: how do fixed deposits work?

A fixed deposit is a lump sum deposited with a bank for a varying period, in exchange for interest.

You will need to have an existing account with the bank of your choice, and then you deposit the sum you want to fix into this account. You will then need to inform your bank of your intention to “fix” the said sum for “X” number of days. It is very important that before you make your decision, that you shop around for the best rates.

The money to be fixed is removed from your account and the interest is paid into your account monthly. So for example, you want to fix ₦500,000 for 60 days and the bank has offered you an interest rate of 7%. You have ₦550,000 in your account. Once you confirm you’re making the arrangement and sign all the necessary documentation, the ₦500,000 “disappears” from your account to be “fixed”, leaving you with a balance of ₦50,000. After 30 days , you get ₦2,625 interest paid into your account: [(7% x ₦500,000) / 12] – 10%.  After another 30 days, you get ₦2,625, again plus your initial ₦500,000.

Fixed deposit rate comparison: GTBank, First bank, Diamond bank, Sterling bank, Stanbic, Wema

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That’s it. It looks like Sterling bank offers the most competitive rates for now, but it’s a good idea to always check before making a commitment.

Am I an agent? I work for neither of these banks. My selection of these banks is purely by chance and accessibility of contact information via the bank websites. I simply picked the banks with the most prominent contact information via websites. My reviews are unbiased, and if I haven’t reviewed any others yet, don’t worry – “life is turn by turn”.

I'm an grammar-obsessed writer with a passion for finance, innovation, lifestyle design, tech, healthy eating and who knows what else. Nothing makes my day like a nice, chunky comment on one of my posts to sink my teeth into. So go on, make my day :-)


  • Good day sir and thank you for this blog that educates novices like me. Please my parents are interested in opening a fixed deposit account with sterling bank due to their high interest rates but you only posted rates for 500k. Can you please investigate and tell me the interest rate of sterling bank for figures within the region of 15-20M over a period of 30 days? Please you can mail me your findings Thank you once again sir and God bless you

    Chidi October 22, 2016 3:28 am

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