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 :-)


  • i heard about the stanbic fix deposit account, that if a customer open a fixed deposit account with a minimium of sixty thousand naira a customer will offer a new iphone immediately the opening of the account.

    bello kayode October 1, 2015 10:33 pm
  • I want to open a fixed deposit account with any bank with high interest rate how can I get there contack

    igoni Godspower November 18, 2015 4:37 am
    • Tell me which bank you want to open an account with, and i can give you their contact details. Or you could walk into the branch or check Google.

      mrpepe November 18, 2015 4:42 am
  • Hello, you can also open a fixed deposit account with Leadway Assurance Company Limited, You will have both yourself and your money secured against risk. The return on investment is high as Leadway offers 10% interest per annual and a free Life insurance cover for the owner of the account.The interest rate can be reviewed depending on how high your deposit is, If you need further explanation or help on how to go about it, Please contact me through my mail box ( ) and i will reply you or invite you to my office at Leadway for briefing. THANKS

    Vincent Emeka November 19, 2015 7:21 pm
    • Hi Vincent, why have you got a gmail address rather than an official e-mail address? I’m happy to include Headway’s offering in this post, as I do not work for any of the banks above, and I believe you might get more interest this way, than by selling your services in the comments section. If this is what you would like, provide more details about Leadway’s offering and an official e-mail address, and I’ll update the post.

      mrpepe November 22, 2015 9:04 am
  • Hi mrpepe, please can i your email? there is some thought i will like to mail to you. Here is mine

    Ayo Akin November 24, 2015 4:15 pm
  • Please how can I open a fix deposit in Stanbic IBTC bank. Do I have to have an account?

    Layo November 30, 2015 11:10 am
    • Hi, yes you have to have an account with them. The amount you want to fix is taken out of this account and interest is paid back regularly. At the end of the fixed period, the money is returned to you. Hope this helps.

      mrpepe November 30, 2015 6:54 pm
      • Thank you for your quick responce

        Layo November 30, 2015 8:16 pm
  • pls i want a bank with high rate interest in fix deposit that is currently now with their contact , website and mail

    udchris November 30, 2015 3:11 pm
  • Hi, I thought interest rate for fix deposit is calculated on monthly basis and not per anum. Example if d rate is 10%, and u fixed 100,000 for a yr, it shud den be 10% of 100,000=10,000 monthly which will compound to 120,000 a yr instead of 10,000 per yr. Pls clarify me.

    Zona December 1, 2015 12:30 pm
    • Hi Zona,
      Unfortunately a lot of people make the mistake of thinking that this is how it works, but sadly it doesn’t work this way. Using your example, for N100,000 fixed for a year at 10%, you get 10% of N100,000 = N10,000 per annum. Monthly, you have to divide this by 12 = N833.33. Then you take away 10% tax = N833.33 – N83.33 = N750 is what you get monthly. Hope this helps.

      mrpepe December 11, 2015 9:13 pm
  • Pls. may I know the recent interest rates of fixed deposits in First city monument bank,as at last quarter of the year 2015?

    Jarose Chifu December 2, 2015 2:52 pm
    Please have some decency and stop highjacking someones platform to promote your own services. Why not contact MRPEPE directly and let him make decisions on service and decide if it is something he wants to promote in his posts or not.
    Please have some respect and let people like us enjoy the free informative service that MRPEPE is providing.
    – For me it is very refreshing seeing someone provide vital information like this about Nigeria. i have spent hours looking for some information on Nigeria investments.
    Please steer clear and leave this platform spam/scam free

    Ben M December 2, 2015 9:55 pm
    • God bless you, Ben. I work quite hard to gather information and share it, and would hate for my efforts to be in vain.

      mrpepe December 11, 2015 9:05 pm

    OJIMA December 7, 2015 3:11 pm

    OJIMA December 7, 2015 3:16 pm
    • It is very poor, when compared to what you can get from a business venture – I agree with you Ojima. There is a misconception that fixed deposits give great rates, but they are only good if you want to keep money somewhere without spending it. They are not always good investments.

      mrpepe December 11, 2015 9:08 pm

    IDRIS December 19, 2015 12:45 pm
  • Pls I nid more infor abt diamond fixed deposits, n perhaps d official diamondbank website. Tanks!

    Happy December 19, 2015 1:23 pm
  • hello there, to me I feel it’s not bad for people that has nothing to do with their money for the time being. Anyway, I would like to know the interest rate on Ecobank
    fixed deposit.

    Lola December 26, 2015 12:18 am
  • please let me know about first bank interest rate on fixed deposit and how many days it takes to open a savings and fixed account. pls your reply is urgently needed.

    owolaborn December 30, 2015 6:28 pm
  • Pls i went to IBTC Bank today to verify about d rate of fixed deposit account,i was told by the one of there staff that 5.4% is for 1million par a year. I dont understand u told us that is 12%

    Mr CJ December 30, 2015 11:41 pm
    • Hi Cj, these were the rates as at the time this was made in September 2015. At the bottom of the post, there is a disclaimer: “Please note that these rates are only offered as a guide, as actual rates vary weekly and interest is paid based on the variable rates set by the banks.” which you might have missed. Hope this helps.

      mrpepe December 31, 2015 4:12 pm
  • This is not too good. A bank will trade with my 1M naira for a whole year and all I get is 50-70 thousand for the period.

    prince January 4, 2016 8:14 am
  • MRPEPE, I know a lot of work went into this post pre Sept 2015, but these rates have changed and today I was informed IBTC has rate of 4.75% on N1m as well.
    I understand the disclaimer at the bottom of the post, but was wondering if you could update the information contain in the blog regularly or maybe there is another post to address the updates. just my 2kobos worth

    igunuko January 20, 2016 6:52 pm
    • Thank you for the advice. This is quite time consuming given the quality of customer service in Nigeria, but it is solid good advice from my readers. I will look into doing this in the near future – and possible do an updated post every so often to provide people with realistic rates on a regular basis. Thanks again for the advice.

      mrpepe January 20, 2016 11:11 pm
  • pls Mr pepe I want to know if there is any investment that have reasonable interest than fixed deposit

    gbenga January 25, 2016 9:21 pm
  • Right now, interest rates has reduced drastically. Fcmb was offering as much as 10% p.a on 750,000 as of August 2015. Right now, i.e as of today, 27th of january 2016 it is 3% p.a. Fixed deposit rates is something that fluctuates. One funny thing is that as of the time you fix your money, the rate could be say, 9% p.a and when it will mature, rate may drop to 6% or even less and your expectation will not be met.

    Francisca January 27, 2016 8:42 am
    • This is so true, because the rates are subject to change anther discretion. Fixd deposits might not be the best investment in this economic climate.

      mrpepe January 27, 2016 11:20 am
  • Off course its not the best at all and has never been the best. The banks have been hit badly as a result of the crash in oil prices. Our economy depends almost completely on oil and the price has nose dived. Fixed deposit is for someone that has so much money and doesn’t have any immediate need for it. But right now, what baffles me is that FCMB advised their customers with fixed deposit investments with the bank to come and lower their interest rates to 3% p.a meanwhile savings accounts are still on 3.36% p.a. while would i tie down my money on 3% in a fixed deposit while i can leave the money in an ordinary savings account and make more? For now, fixed deposit is a no-no until things improve further.

    Francisca January 27, 2016 3:10 pm
    • I agree wholeheartedly with you, Francisca. Fixed deposits are just a high-interest savings account and if the rates on a fixed deposit falls below that of a savings account, then it’s time to move. The only upside to them is the fact that rates are not fixed, but in this economic climate, I wouldn’t hold my breath for the rates to improve!

      mrpepe January 27, 2016 4:47 pm
  • Hi Mr Pepe, is there a way or bank with which I csn investcmy money and get compound interest onbit rather than fixed deposit interest

    Leke February 6, 2016 11:24 am
    • Hi Leke,

      I currently don’t know of any bank/program that pays compound interest.

      mrpepe February 6, 2016 5:56 pm
  • Nice piece MrPepe……the post and comments were very helpful,Thanks

    Sebz February 11, 2016 8:07 am
    • Thanks so much. I’m more than happy to be able to help.

      mrpepe February 11, 2016 11:41 am
  • what other deduction are made from my interest if I fix an amount for 1 yr

    Judith February 13, 2016 1:57 pm
    • You will need to deduct 10% tax, and then N50 stamp duty, on each payment. (You get 12 payments, so your interest is divided by 12)

      mrpepe February 14, 2016 2:48 pm
  • what is the current interest rate of fixed deposit account in first bank,if i fix 500,000 how much will be my interest rate.

    Aliyu Iliyasu February 22, 2016 1:31 pm
  • Please do they have a minimum amount u can use to start d fixed deposit account for inventment purposes

    EXPLOITZ March 23, 2016 4:15 pm
    • Hi there, it depends on the bank. What bank are you after?

      mrpepe March 23, 2016 5:52 pm
  • You’re calculations are wrong and it does scare away enthusiastic investors. For instance: Recalculate the fixed deposit of 500,000 with Stanbic IBTC rate at the duration of 30 days which 42500. I don’t know why you still go ahead again and divide it into 12

    Alpha March 27, 2016 12:33 am
    • Thanks for your observation.

      It’s divided by 12 because interest is paid monthly, not annually. And 10% tax is deducted. Hope this helps.

      mrpepe March 28, 2016 11:34 am
  • Why will they divide it into 12 and be paid monthly while you fixed deposited it for 30 days?. Why will they charge you 10% on tax while they offered you 8.5% on the investment?.

    Alpha March 28, 2016 7:01 pm
    • If you fix it for 30 days, then you only get one payment because time is a factor in interest payments. The longer you leave your money, the more payments you get. If you leave it for 12 months, then you get 12 payments. This post isn’t intended to scare potential investors, but to unmask the practice and make it easy to understand before committing your funds. People make a lot of money by making things sound complicated so you don’t really know what’s involved before handing your money over. You, the consumer has a right to know. But you’re well come to test it for yourself by fixing your money and waiting for the returns.

      mrpepe March 29, 2016 5:52 am
  • MrPEPE, Pls kindly send me alternatives investment to fixed deposits that have better ROI. And I must say u are doing A very good job. God bless you

    Jaiyeola Samuel March 29, 2016 12:32 pm
    • Thank you Samuel, and I will do so in due course.

      mrpepe March 29, 2016 10:30 pm
  • wow! this’s great. thank so much.

    Gabriel Titus March 30, 2016 7:08 pm
  • Hello Mr PEPE,i will like also like to av some of the alternatives fixed deposit with better ROI.,Thanks.

    Daniel Adeolu May 1, 2016 7:21 am
    • Hi,

      We will feature some business ideas in the upcoming weeks.

      mrpepe May 3, 2016 11:41 am
  • Thanks so very much for the post, pls I would love to know the highest rate for fixed deposit as at May, 2016.Thanks

    babey May 5, 2016 1:06 am
  • From what have heard so far,Fixed Deposit is now out of my mind for good. @MRPEPE Thanks so much for your enlightenment…

    Biodun May 12, 2016 5:05 pm
  • daimondbank of nigerian frogram

    aliyu nuhu May 18, 2016 5:47 pm
  • Thanks for all your candid advice

    reuben May 25, 2016 6:59 am
    • You’re welcome.

      mrpepe May 27, 2016 11:35 pm
  • Frm All Your Perspective And My Past Experience, I Would Have Prefered Insurance Policy Which Have A Better Advantage Over Fixed Plan.

    Joshua May 26, 2016 9:00 pm

    Joshua May 26, 2016 9:04 pm

    Joshua May 26, 2016 9:07 pm
    • Thank you for your candid advice, Joshua.

      mrpepe May 27, 2016 11:35 pm
  • I love the great job you are doing. Thanks for the eye opening.

    Captjay June 4, 2016 2:44 am
    • Thank you! I appreciate this greatly.

      mrpepe June 4, 2016 2:50 pm
  • I practically ran to stanbic after reading your post!!!! Now I am having second thoughts on my investment there. You really need to update your rates so people don’t get fooled like me. But I am grateful your blog breaks things down for the new investors like me. Keep up the great work

    Tinuola June 10, 2016 11:25 am
    • Hi Tinuola, sorry you think you were “fooled”. The post clearly states that the rates were from September 2015, and I have now updated the post to reflect the fact that the figures are only given as a guide, and that people should check with the banks for current rates before investing their hard earned money. Hope it all works out for the better.

      mrpepe June 10, 2016 5:45 pm
  • Mr. Pepe, please explain how the high interest sAvings account works and what bank to do this with. I’m a student and I’m looking for a good way to make my money grow rather than spend it. My mom suggests something like ‘Zenith Insurance ‘

    Amaka June 16, 2016 10:08 am
    • Hi Amaka,

      Let me know how much you’re looking to invest and I’ll do a well-researched post for you.


      mrpepe June 16, 2016 12:15 pm
  • I’m thinking of fixing in fidelity bank. I would like to know if interests are paid monthly or at the end of one’s tenures let’s say 6 months)

    Ugo June 17, 2016 1:39 pm
  • Hello Mr Pepe I need your mail to discuss something important with you.

    Moses July 3, 2016 12:20 pm
  • Mr Pepe, I’ll like to know the interest rate for stanbic ibtc as of today. im
    thinking of fixing my little 100,000 for six months.

    Ayobami July 10, 2016 4:15 pm
  • Good job, sir.
    I’ll however advise that you update the post.
    Also, kindly help me research the interest rates for Sterling fixed deposit and savings accounts.
    Thanks and God bless you.

    Kemi July 13, 2016 4:01 am
  • Mr Pepe good job, kindly help me research
    the interest rates for Stanbic
    IBTC rate at the duration of 30 days, if i fix 1,000,000 how much
    will be my interest rate…

    Dane July 27, 2016 5:03 pm
  • Mr Pepe good job, kindly help me
    the interest rates for Stanbic
    IBTC rate at the duration of 30
    days, if i fix 1,000,000 how
    much will be my interest rate…

    Dane July 29, 2016 6:32 am
  • Thank u sir! for ur information this is indeed why the information scientist will say that if u are not inform than u will be deformed. U information really help me to make a right choice and at dsame time no more fixed deposits on my mind. Thanks a lot and God bless u

    Perper July 29, 2016 9:06 pm
    • I’m so glad I could help, Perper!

      mrpepe August 1, 2016 10:37 am
  • Mr Pepe, Pls i need your reply on Stanbic
    IBTC rate at the duration of 30
    days, if i fix 1,000,000

    Dane August 1, 2016 11:50 am
    • Hi Dane,

      I’ll look into this when I can

      mrpepe August 1, 2016 9:11 pm
  • Tanks for the information, I will use my money for another business I will not go for fixed deposit again. Nne

    nne August 3, 2016 10:38 am
  • Looking to fix deposit some 300k, i was offered 4% at UBA, as at today. And I was told that is the best I would get right now in the industry. 4% will fetch me 12k in 12mnths, and with all the deductions and all that, I may probably go home with 10-11k at the end of the one year. Well, not so bad if I dont have what to do with the money
    But for bizness minded people like me, i’d say, its a low profit for such a long term.

    princess August 3, 2016 7:47 pm
  • Mr perpe id like to talk to you concerning a few issues please send a means of contact.

    Pyncnn August 5, 2016 10:00 am
  • pls i want to know the best bank for life assurance account in nigerian and to also know if i can be paying in the money monthly or at a 20k per month and whats is my interest per month.tnx for d reply

    precious August 7, 2016 7:02 am
    • Hi Precious,

      I think what you are asking about is life insurance. This is an insurance policy which you pay into annually, and in the event of your death, your family gets paid a lump sum. (Usually N5m – N20m depending on what policy you sign up for)

      I haven’t reviewed any life insurance policies so I cannot recommend any. I do this as a hobby, and don’t get paid by any of the companies to review their products so I can take my time to offer an unbiased review.

      I’ll put your request on my list and do a review of this in the next few week. It will take time as we often need to contact each one of them to get prices.

      Hope this helps

      mrpepe August 9, 2016 9:26 am
  • pls i need an answer oo

    precious August 8, 2016 10:29 pm
  • kk,tnx mr pepe,now pls wat is d minimum amount for d fixed deposit account?

    precious August 12, 2016 5:13 pm
    • Hi, It depends on the bank. What bank do you intend on opening a fixed deposit account with?

      mrpepe August 13, 2016 1:15 pm
  • like 20k

    precious August 15, 2016 12:06 pm
  • Diamond bank,pls which bank is d best?tnx

    precious August 15, 2016 12:12 pm
    • Hi Precious,

      Please read the post and check out the figures given to help you decide for yourself which bank is the best. Diamond banks minimum amount for a fixed deposit is N500,000.

      Hope this helps

      mrpepe August 17, 2016 10:42 am
  • How much is minimun amount you can invest as a fixed deposit in any of the bank in Nigeria? Thanks

    Abdulazeez August 26, 2016 6:32 am
    • Hi Abdulazeez, different banks have different minimums.

      Stanbic will accept as low as N100,000

      mrpepe August 28, 2016 7:30 am
  • Mr Pepe, pls can you explain how save is fixed deposit in nigeria banks?

    Dane September 11, 2016 10:44 am
    • Hi Dane,

      A fixed deposit is very safe, as long as the bank isn’t in debt. The low risk in this is countered by the fact that you don’t get a big return and the rates can change at anytime.

      mrpepe September 14, 2016 11:53 am
  • I made a transaction in sky bank just of resent as touching d fix deposit, I wrote the manager to do d fixing and I sign d letter right in the bank. although I have received an alert informing me that the money has been deducted from my account. this is my question, what are those thing I am suppose to be given as an evidence for the transaction?

    Emmanuel September 25, 2016 8:47 pm
    • Hi Emmanuel,

      You are usually not given anything. You just get your monthly returns and your original payment back at the end of the term.

      mrpepe September 26, 2016 1:58 pm
  • Nothing pays like honesty, especially in the long run. I may not know who you are Mr Pepe but I sure do know1 thing: thanks for the priviledge of knowing that honest and unbiased people still exist. Thanks once again.
    As for the selfish ones! Look for legitimate platforms to market your programmes or better still, contact the admin. If not, keep them to yourselves

    Trinitarian Child September 29, 2016 12:42 pm
    • Thank you so much, I really appreciate this comment. Comments like this makes it worth doing.

      mrpepe September 29, 2016 8:48 pm
  • pls mr pepe calculate the interest rate of 30million for 30days and tell me pls

    mario October 11, 2016 12:08 am
  • Hi, so I fix ₦250,000 for a duration of 30days at 8% interest which FCMB is offering as at today, what do I get back at the end of the month?

    Anniee October 11, 2016 3:47 pm
  • Mr. Pepe,
    Thanks for this information, advise and suggestions. This really great. UBA is doing 6% on 90 day with a minimum of 100K.
    Great take and God’s speed.

    Joe October 16, 2016 6:55 pm
    • Thank you so much, Joe for the update. I hope my readers find it useful. Thanks again!

      Ethan Okoli October 16, 2016 10:31 pm
  • morning sir,so’ does it means, u can not deposit 60k

    chioma October 25, 2016 11:49 pm

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