Which is the best account for a fixed deposit – GTBank or Firstbank?


Last month, I happened upon some money from an old investment which had matured. Rather than have it collect “one one naira” in my standard savings account, I decided not to be the fly that follows the corpse to the grave, and put it in a fixed deposit.  Fixed deposits are a very popular investment option in Nigeria, and you’ll hear about them 8 times of out 10 if you do happen to ask for advice regarding how to invest money. The attraction to this sort of investment is that returns are guaranteed, and the duration of your investment is flexible. We probably like this sort of investment because they help us mitigate risks – in a country where nothing is guaranteed, we don’t tend to tie money down in long term investments and fixed deposits are the perfect solution to this investment problem. In the course of my search for a decent return on my investment, I “burnt” at least N5,000 in credit, calling banks and waiting in queues for information, and was only able to reasonably compare two banks – GTBank and First Bank.

What is a fixed deposit?

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

How to put your money in a fixed deposit:  You will need to have an existing account with the bank of your choice, and then you deposit the sum 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. You are not obliged to fix your money with your existing bank, just because you bank with them. You can earn a significantly higher amount by just picking up the phone. It is the more difficult route when you consider call waiting times, credit spent etc but it is worth it, and what’s more I have done some of this hard work for you.

How long is my money fixed for?

Most banks offer flexible periods of 30 days, 60 days, 90 days, 180 days and one year.

How do I get paid?

Usually, the money is removed from your account and the interest is paid into your account. So for example, you want to fix N500,000 for 60 days and the bank has offered you an interest rate of 7%. You have N550,000 in your account. Once you confirm you’re making the arrangement and sign all the necessary documentation, the N500,000 “disappears” from your account to be “fixed”. At the end of 60 days, you get paid back your original N500,000 + an additional N2,916 interest (7% x 500,000) / 12.  A simplified version of what really happens behind the scenes is that the N500,000 is given to another customer who has asked for a loan – but he will be charged 20% interest (or N100,000). After 60 days, you get back your N500,000 + N2,916 (7% interest from the other customers N100,000). Not bad business for banks, if you ask me.

Bank interest rate comparisons

For my enquiries, I called First Bank and GTBank.

I rated both banks on customer service quality (pet peeve of mine, because time is money) and interest rates.

**Edit** I have been corrected on the interest rates due to an earlier error. Apparently, the rates given by the bank  are annual, not monthly and thus should be divided by 12. This is a trap most people could easily fall into like I did. Whenever you’re quoted a rate on the amount, divide it by 12 for your monthly rates, and then deduct 10% tax for a more accurate reflection of what your interest is. This is how I have calculated the monthly rates in the chart and the actual rates provided by the banks are available below the chart.

Untitled Infographic-3

Interest rates

First Bank

7 days (First bank does not offer this service)

30 days – 9.25%

60 days: 9.50%

90 days: 9.75%

365 days: 10%


Available from N100,000 to N1m.

7 days – 3.75%

30 days – 180 days : 6.25%

Some notes:

Call times. My initial contact with both banks was on a Friday afternoon, at about 5.30pm. My second contact attempt with GTBank after the first one proved futile was at 3.20pm on a Sunday.

Omissions. I initially wanted to include Accessbank in this exercise, but have been unlucky in getting through to a knowledgeable person on customer service. The frontline staff I have spoken to, all seem to lack basic knowledge regarding what services their banks offer and where to get information outside the limits of their knowledge. I would recommend that training is provided for all front line staff as a matter of urgency, as customers otherwise have no way of getting informed about competitive  rates for your most lucrative services.

Am I an agent? I work for neither of these banks. My selection of this two 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 :-)


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  • Wrong analysis. The N35,000 is for one year, not 60 days. Secondly, a 10% tax is deducted from the interest and you finally get N31,500 in the 365-day period, plus the principal.

    Chizoba December 13, 2014 5:30 pm
  • Inspiring post. But here is where you are wrong – Interest calculation. Interest rates are on a yearly basis even when calculated monthly and so they get to earn N35000/12 per month and not the whole N35,000.

    Felix Okoli December 15, 2014 7:35 am
  • Thanks, Felix & Chizoba for pointing out a fundamental error. I have amended the post and the graphic accordingly as it is not intended to mislead anyone. Thanks for your eagle eyes!

    mrpepe December 15, 2014 4:08 pm
  • Am confussed… I had a fixed deposit with fidelity which i fixed 300000,, but interest is just 2000 for 60 days

    Franklin March 18, 2015 11:31 am
    • Hi Franklin, this is because they pay the interest monthly and not annually. If they paid you N2,000 after 60 days, this means that their interest is at N1,000 a month. I’m assuming this is before tax deductions. Calculating backwards, it appears that their interest rate is 4% which is lower than that of First Bank for example. If you have no immediate need for the money, I would advice transferring it to a bank paying higher interest rates like First Bank for example paying 9.5%.

      Here’s how to work out what First Bank will pay on the same amount:

      (9.50% x 300,000)/12 = N2,375 interest per month

      mrpepe May 28, 2015 11:25 am
  • if i want to open a fixed deposit account on GTB with #100,000,wat are the requirements and wat is their interest rate for a year pls

    chiamaka May 14, 2015 2:46 pm
  • How much will I make if I deposit 250 000 with gt bank for a year thank you.

    Princepat May 17, 2015 8:18 pm
    • Hi Patrick, if you deposit N250,000 with GT Bank for a year, you’ll get a net payment of N1,171 monthly after 10% tax has been deducted.

      mrpepe May 28, 2015 11:18 am
  • You know my mum had a fixed deposit for three months now in gtbank and we haven’t seen any interest message.

    Annex Franklin mon May 20, 2015 7:34 am
    • Annex, please contact GT Bank’s customer care (Sunday is the best time to call them if it isn’t urgent – they will answer quite quickly and you won’t waste your credit listening to P-Square) and ask them what sort of account your mum has and why the interest isn’t being paid.

      mrpepe May 28, 2015 11:16 am
  • if I start fixed deposits with 100,000 how much is d monthly interest

    Joshua May 28, 2015 5:18 am
    • Hi Joshua. If you fix N100,000 with first bank for one year, you will get N833 per month or a total of N10,000 after 12 months. This is at 10% interest rate. With GT Bank, you get N520.00 per month or N6,250 after 12 months. This is at an interest rate of 6.25%

      mrpepe May 28, 2015 11:15 am
      • Pls, this 10% tax will they tax d interest monthly or after d 60 or 90days

        michael August 2, 2015 10:12 pm
  • Pls is term deposit same as fixed deposit and what is the interest rate of 300,000 of a term deposit. Thanks

    K y May 29, 2015 2:38 pm
  • how much do i get in a month if i put 1millon naira in gtbank for 3 mths.

    felix May 29, 2015 4:15 pm
    • Hi Felix, if you fix N1m for 3 months with GTBank, you’ll get N4,687.50 per month after tax.

      mrpepe May 31, 2015 5:15 am
  • pls fixed deposit

    felix May 29, 2015 4:20 pm
  • i want to start with 150,000. d interest rate is how much

    ozioma May 30, 2015 8:18 pm
    • Hi Ozioma,

      Interest rate with GTBank is 6.25%, so this will earn you N703 per month with GTbank.

      mrpepe May 31, 2015 5:17 am
  • Can I leave my money in a fixed deposit account for 5yrs?and wat will be d interest rate using 250,000 naira

    Sarah June 2, 2015 12:23 pm
  • Please admi i went to Uba they told me their interest rate on a fixed deposit capital of 1.5million naira for 180 days is 9%, if it’s true how much interest will I get at the end of 180days and 360 days respectively?

    Ernest June 8, 2015 2:30 pm
  • I am a student and I wish to fix deposit #50,000 ,is this possible? and what will returns look like?

    jiga June 12, 2015 11:06 pm
  • Pls, i want to fixed 1millon naira. Which bank can u advice me to fixed it to nd hw much will my interest be every month….. Thanks

    Segun June 13, 2015 3:47 am
  • Hello sir,
    Let’s say I fix an amount for 365 days or 1 year. Can the interest be paid to me monthly instead of the maturity day.

    David June 13, 2015 9:39 am
  • How much interest do I get if I fix N5million for a month or two month?

    olumide June 14, 2015 12:37 pm
  • what will the interest be. I want to deposit 2m in a fixed deposit with gtbank.

    Julie June 18, 2015 4:20 pm
  • fixed deposits

    how much interest rate 1m for 4yrs

    fixed deposit

    idowu June 26, 2015 1:40 pm
  • Please can someone withdraw money before the stipulated time of agreement? Let’s saLet’sy you signed a documents for 1year, can you withdraw part of the money before that year ends?

    Kama'an June 30, 2015 6:56 pm
    • I’m afraid you cannot withdraw the money before the stipulated time.

      mrpepe July 3, 2015 12:10 am
  • Pls help me to calculate hida in diamond bank

    Musa June 30, 2015 8:23 pm
  • hat I just read here, the money you get back is too small

    Nnadi ugwumsinachi July 2, 2015 9:29 am
  • hat I just read here, the money you get back is too small. With 300k, u can’t make 1million in 3yrs

    Nnadi ugwumsinachi July 2, 2015 9:30 am
  • Does any of the Bank you suggested have rates posted on their sites?,I can’t seem to find it.

    Yinka7 July 8, 2015 9:29 pm
    • I had to phone them to get the rates published here. They don’t tend to publish rates for some reason.

      mrpepe August 12, 2015 6:56 pm
  • pls which bank is best for me, I want to fixed 200,000 for 365 days and what will be my monthly profit?

    omitona korede July 12, 2015 5:14 pm
  • I use to think about running a fixed deposit account but after reading this post I am highly discouraged. The banks are actually exploiting people. How can I invest 1m for 2yrs and only get 200k that’s for 10% each year and still taxes would be deducted from the 200k. And to make mater worst just most banks pay less than 10% returns on investment a year.

    Dan July 13, 2015 11:52 am
  • Hello admin, let’s say I fix a sum of N100,000 for a year then I keep adding extra 100k every month, how will the interest be calculated? Will it be calculated with just the initial 100k I started with or the subsequent ones would be considered too? pls I’d appreciate your response.

    Femmyrich July 14, 2015 6:11 pm
  • I think stabic is the best with 12.5% annually on 100k. which is the minimum amount you Can fix.

    oyin July 14, 2015 10:21 pm
  • Which bank is most good for one(1) month fix deposit? I want invest 10m

    chidubem July 18, 2015 10:37 pm
  • I want to fix 50million naira with either fbn or gtb. I’m considering three options – for a period of 30 days, or 60 days, or 90 days. Can you please break down the calculations so I have an idea of exactly how much I would be expecting as interest at the end of the times specified above. Thanks in anticipation of your speedy response

    ian Smith July 22, 2015 11:38 am
  • if i fix 2millon with first bank for 1yr, what will be the interest?

    ikenna ezika August 4, 2015 4:51 pm
  • Pls what is the procedure if l want to open a savings account do l need to have an existing account?

    Friday james August 5, 2015 2:50 pm
    • No, you don’t have to own an existing account to open a savings account. For FirstBank, you will need to take these items:
      – Minimum opening balance of N2,000.00.
      – Means of identification (National ID, International passport, driver’s license)
      – Utility Bill of Applicant (Nepa bill, water rate bill, tenement rate, rent receipt)
      – Two passport size photographs of Applicant
      – A form you will be given at the bank, or can be downloaded here: http://www.firstbanknigeria.com/assets/PDFs/Forms/Individual-Account-Opening.pdf

      Take these to the bank, and they will sort you out.

      mrpepe August 15, 2015 5:15 pm
  • mr pepe weldone oh ! you are doing a very wonderful work here in this platform, may Almighty God reward your good work, amen .
    i have 500k in fixed deposit with gtb with 6.7%, for 90 days. Sir how much will i get at the end of that 90 days ?

    bigbroz August 23, 2015 11:22 pm
  • Fixed deposit sucks really. Its an account for those who don’t know what to do with the little they have.

    T-klaxic August 24, 2015 2:36 am
    • Exactly. It makes sense until you spell it out like this. But it’s better than just putting the money in a savings account if you don’t know what to do with it.

      mrpepe August 25, 2015 9:54 am
  • Mr. Admin. I will welcome anyone who will like to fix 500k on me with the interest of 15k monthly and make refund in a year. Purely business.

    T-klaxic August 24, 2015 2:49 am
  • PLS.what are the requirements for fixed deposit account opening with first bank

    Chijiok Gideon N. August 26, 2015 8:48 am
    • Hi Chijioke,
      You will need to have an already existing account with First Bank (or open one). Then fund the account with the amount you want to fix. Speak to your account officer, who will then arrange this and the amount will be removed from your account for the period you are ‘fixing it”. You get monthly interest payments, and you fixed amount back at the end of the term. Hope this helps.

      mrpepe August 26, 2015 1:24 pm
    • For FirstBank, you will need to take these items:
      – Minimum opening balance of N2,000.00.
      – Means of identification (National ID, International passport, driver’s license)
      – Utility Bill of Applicant (Nepa bill, water rate bill, tenement rate, rent receipt)
      – Two passport size photographs of Applicant
      – A form you will be given at the bank, or can be downloaded here: http://www.firstbanknigeria.com/assets/PDFs/Forms/Individual-Account-Opening.pdf

      mrpepe September 15, 2015 3:11 pm
  • Fix deposit is not a wise business decision. Ask yourself why do business men collect the money you gave to the bank to pay back with interest? Your cash is worth nothing until you learn how to flip it. Business is the surest way to get rich. Dont wait for peanut interest when you can make millions.

    Peter Tersoo August 27, 2015 11:53 pm
  • Know that Dangote borrowed money @ 40% interest rate to build obajana cement, why? Cause he understands the power of good investment (cash flip).

    Peter Tersoo August 28, 2015 12:00 am
    • Hi Peter,

      He didn’t just understand the principles, he had enough assets to cover the cost of borrowing. Most ordinary people don’t have as many assets as he does.

      mrpepe September 6, 2015 11:31 am
  • Seems the interest I get for investing 100k is way to little. Any biz idea that would yield me more would be most welcomed

    kmax September 9, 2015 12:53 pm
    • You’re right. You’re actually better off going into buying and selling that fixing your money in an account. The only instance where fixing your money would be advisable would be if you haven’t got a business idea good enough to invest in. I will be sharing some business ideas here soon, so do check back or subscribe for updates.

      mrpepe September 10, 2015 7:04 am
  • Thank you…

    kmax September 10, 2015 12:17 pm
  • The interest rate is just too low that is no business

    Adekanye R I September 10, 2015 5:52 pm
    • Agreed. It’s probably for people who would rather put their money somewhere than let it go to waste.

      mrpepe September 10, 2015 11:04 pm
  • I have been thinking of channelling my little cash at hand into a profitable biz. Food stuffs comes to mind. But then, I have little or no knowledge on how to start.

    kmax September 11, 2015 3:07 pm
    • Do you have any experience in this area, Kmax? I’m working on some guides based on people’s experiences to help others start their own businesses.

      mrpepe September 12, 2015 8:29 am
  • Pls I need ur help on the best business Idea I can venture into with my 100k. Instead of fix depositing it.

    Adedayo_JNR September 12, 2015 11:27 am
  • sir i really like you work in this furum,i pray may God give you more wisdom, i want ask is the any biz you that i can start with 100k,an make a reasonable income,,waiting to hear from you thaks, please contact me on my email

    Joseph Orji Amah September 13, 2015 9:24 pm
    • Hi Joseph. I will share some ideas here soon and notify you.

      mrpepe September 14, 2015 5:53 am
  • Pls hw is d procedure for t. Bills and what iS d yield fr 500k at 90 days

    olamilekan September 16, 2015 7:35 am
    • Hi, I will cover treasury bills in another post. Will let you know when this is up.

      mrpepe September 16, 2015 10:44 am
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  • Hi Mr Pepe! What you say about diamond bank if someone install 100, 000. for 2years?

    Japhet September 25, 2015 6:50 am
  • tnx for d information

    Amara September 25, 2015 7:15 am
  • I Want To Deposit #20000 In Fix Deposit Acct With Gtbank, Where i Already Have My Save Acct With Them. What Will Be My Intrest In 4moths.

    Chuks September 28, 2015 11:10 pm
  • Hi Mrpepe,
    Tanx 4 d info abt d fixed deposit…
    Bt pls do u av any information abt Mcdaveinvestment?

    bidemi October 5, 2015 2:17 pm
    • Hi there. Yes. Mcdaveinvestment is an utter scam. They spend a lot of time spamming online forums and begging for investment with ridiculous returns and then they register under various monikers to validate themselves. The person behind it parades the company as an internationally reputable company, established in 1986 and offering returns of 160% – but from the poor quality website with multiple grammatical errors, any sensible investor would run!!

      mrpepe October 5, 2015 9:59 pm
  • Pls I want to fix 100k for 90 days and UBA rate is 8.5 . so which bank has the highest interest rate and how much will i earn per month after tax pls I need urgent response

    ESTHER GREG October 16, 2015 1:36 pm
  • i want to fix 100,000 for five years which bank
    has the highest interest rate
    and how much will i earn per
    month after tax pls I need urgent

    marv October 27, 2015 2:53 pm
  • thank you for for your post. is wonderful. but what fo think about insurance company IGi. because someone introduced me to it and I wanted to go into it
    .Thank you

    precious October 28, 2015 4:31 pm
    • Hi Precious,

      When you say you want to go into it, I’m not sure what you mean. Insurance is a way to protect your assets – i.e you pay N1,000 every month to an insurance company to “cover” your house, so that if anything happens to the house, the company pays the cost of repairs. That’s what insurance is – it isn’t a form of investment per se.

      mrpepe October 29, 2015 9:11 am
  • nice one. business idea is what I am interested in.

    will November 6, 2015 10:43 am
  • Still waiting for your business idea Mr pepe

    mimi November 10, 2015 6:38 am
  • Pls, which one is more advisable fixed deposit or treasury bill.

    kindly update me the percentage that Firstbank, Sterling bank and GTB is giving.


    Sunday November 12, 2015 4:57 am
  • Pls admin i want to start with 15,000 what will be the interest rate per month.

    Solomon November 14, 2015 8:59 pm
  • Pls admin do gtbank offer tressury bills and if yes what is their interest rate per month.

    Solomon November 14, 2015 9:02 pm
  • how much will be N2000000 interest rate per month in gtbank

    onyi November 15, 2015 10:52 pm
  • Please I need a pointer to the Nigerian Bank with highest TB interest rates. Very urgent please. Thank you.

    Joey November 16, 2015 10:36 am
    • Hi Joey,

      Sorry we can’t provide this information accurately because the rates change with time for various banks. You will need to contact the bank s you’re affiliated with to check current rates.

      mrpepe November 16, 2015 4:55 pm
  • I am partially into finance but i am greatly enlightened by the post and the comments. Meanwhile, i am selling a certain percentage of my company for N5,000,000 which will at-least make 400% for the investor in 1year and still retain his share: its a DOT COM company and very small now but that investment will make us go global…

    Ayo Akin November 24, 2015 12:52 pm
  • I am partially into finance but i am greatly enlightened by the post and the comments. Meanwhile, i am selling a certain percentage of my company for N5,000,000 which will at-least make 400% for the investor in 1year and still retain his share: its a DOT COM company and very small now but that investment will make us go global… helpdcom@gmail.com

    Ayo Akin November 24, 2015 12:56 pm
  • pls which is the best for a fixed deposit@GTBANK OR FIRST BANK?

    Abusola emmanuel December 7, 2015 9:50 pm
    • If you read the article comparison, you’ll see that Firstbank offers better rates for now.

      mrpepe December 11, 2015 9:02 pm
  • I have a 30 days fixed deposit account auto renew every month with First Bank at 10% interest paid monthly, but was paid less for November, so I checked my statement online and my interest has been reduced from 10% to 6%. So I sent email to Customer service and I was told that First Bank has reduced interest paid on fixed from 10% to 6%.
    My question is: Legally is it right without first consulting me, when I have a written contract of 10% interest.
    Can I force First Bank to continue paying me 10%.

    Labi Sow December 10, 2015 3:16 am
    • Labi, this is a breach of contract, especially if 10% was written down. Have you read the small print? Have they also written anywhere that their rates are subject to change without informing you? Please let me know, as I’m quite interested in this case.

      mrpepe December 11, 2015 9:00 pm
  • I have about 3m in my first bank savings account for 2years now, and every month sometimes i get 12,000. sometimes 15,000. Do you think i will get more if I put the 3m in fix deposit?

    Mr x December 15, 2015 4:31 am
  • Mr X, when did you start having the 12k and 15k, as u deposit the 3m or you let the money for 2yrs. Pls i want to no the bank?

    Dane December 17, 2015 8:43 am
    • You get the interest monthly after the fixed sum has been removed from your account.

      mrpepe December 17, 2015 7:49 pm
    • DANE….its first bank savings, i have over 3m for about 2years now and every month they take out either 1600 or 1800, and the same day they put in 12k or 15k…i started notice it after some after a year, the money wasnt fixed just normal savings, maybe its the bank interest am getting…..@MRPEPE…I want to know if i can get more than 12k to 15k monthly if i fix about 3.5m with first bank

      Mr X December 19, 2015 2:50 pm
  • Hi all,
    I’m very surprised to be offered 4% on a 2mil fix deposit by a bank (FCMB). I have fixed different sums with different banks in the past for interests ranging between 9% and 10%. Has there been a big reduction in interest rates on fixed assets across board in Nigeria in the last months? I’ve read different posts quoting different figures, but I feel there my be a new policy in the recent past.

    Easedom December 20, 2015 3:03 pm
  • please let me know the most favourable interest rate as at december 2015.

    owolaborn December 24, 2015 12:37 pm
  • i will also appreciate it if u let me know the interest rate on FGN BOND

    owolaborn December 24, 2015 12:46 pm
  • Pls Admin, from your bar Chart for #500,000, the difference in interest for 30 days and 90 days for first Bank is not much(#187.00). Pls,which option is better:- 1. To have auto renew fix deposit every month for two months (60days). 2. To have fix deposit for 2 months (60 days. Thanks for your good work here and your quick response to my post.

    Zhuky January 7, 2016 11:26 am
    • Hi there, actually these rates were relevant in September 2014, and only serve as a guide. With the current economic situation, it is advisable for you to check current rates with the bank before fixing any amount of money. If you do have another investment opportunity which could yield more before the end of the term, then it is only advisable to fix your money for as short a period as possible, and then free it up for other investment opportunities after. Hope this helps.

      mrpepe January 7, 2016 12:32 pm
  • Wow. what a nice post here about investment….. admin more grace to your effort…keep it up

    Chris January 9, 2016 11:01 am
    • Thanks, Chris. Hope it helps!

      mrpepe January 10, 2016 4:24 pm
  • I agree with what a previous poster said, there must be a great decline in rates as I was offered 4% for 2 million per annum by GTB!!!! Ridiculous. Do you have any idea on this sir?

    Adaora January 12, 2016 4:30 pm
    • Hi Adaora,

      It is a trend, I’m afraid. All banks seem to have slashed their interest rates, and fixed deposits are now a less favourable way of investing spare cash. However, they are still a better alternative if you have no solid business plan to invest into as your capital is safe.

      mrpepe January 12, 2016 4:50 pm
  • Sir,what is the better alternative you talked about here since I have no solid business plan in mind now

    Maureen January 18, 2016 7:38 am
  • Please what would be the amount received on N30m in first bank if it matures every 3 months.

    Blessing January 19, 2016 9:05 am
    • Hi, I don’t know First banks current rates, but I know a lot of banks are fixing around the 4% mark. At this rate, N30m will fetch you 90,000 a month by my calculations.

      mrpepe January 20, 2016 3:41 pm
  • I operate a hida account at diamond bank for some months now and i have been getting sometin close to 10k per month as capital interest for months nw, bt to my greatest surprise, i got only 3k plus last month and decided to email d bank to knw y and i was told that there was downward review of interest in hida and the funniest tin is that even at d new interest rate, i ought to get 6k. And i ask d bank y, am yet to be reply by nw. Ds is just pure fraud. U reduce interest without deeming it fit to inform customers.

    Emmanuel obinna February 2, 2016 7:39 am
    • Hi Emmanuel, you are right – the banks should inform customers when the interest is adjusted and this is pure miscommunication rather than being illegal. I believe that in the terms and conditions which you sign when opening the account, the banks cover themselves by stating that interest rates are subject to change at the discretion of the bank, so that you cannot take it up legally with them. My advice would be to seek an alternative investment option if this isn’t doing it of you any more.

      mrpepe February 2, 2016 10:12 pm
  • Please what is the least amount to use for a fixed deposit account???

    Joysee February 3, 2016 8:46 am
    • It depends on the bank – Firstbank for example, has a minimum of N100,000. Although – a word of advice is that in the current economy, fixed deposits are not a good investment option and your returns on N100,000 monthly is likely to be around N200 per month.

      mrpepe February 3, 2016 3:15 pm
  • I have a savings account with first bank and i want to open a fix deposit account. Is it possible?

    Aiguosarhuo February 5, 2016 3:42 pm
  • I want to fix for six month. Can i extend it after six?

    Aiguosarhuo February 5, 2016 3:47 pm
    • Yes you can, if you wish to.

      mrpepe February 6, 2016 5:52 pm
  • hello admin, please you ignored some questions that am intrested in. For students who will like to fix their money, say between 20 to 40 thousand. Is it advisable to fix such amount? Do any bank receive as low as 20thousand and what banks? If their is, at what intrest?

    prince February 5, 2016 4:14 pm
    • Hi Prince, sorry I must have overlooked your question. The minimum amount depends on what bank you’re with, and I currently don’t know any bank that accepts this range for a fixed deposit. Based on todays prevailing rates, on N40,000 you would be getting back around N80 per month in interest.

      mrpepe February 6, 2016 5:55 pm
  • I made a fixed deposit of 100k wt first bank @ rate of 2% yesterday hoping to get 2k per month in return but now reading through previous comments, I now realized that I’ll be getting 167 naira per month. This is a bad investment, please can I instruct the bank to stop this investment now before the stipulated period….180days is too long with this kind of interest. Urgent reply. Thanks

    Kp February 13, 2016 1:45 am
    • Hi Kemi,

      I think a lot of people misunderstand how the interest rates on fixed deposits are calculated, and this is why I created this post. I agree that you have made a bad investment, as the current rates are appalling and worse still, the rates are to fixed. They can rise and fall, and the bank doesn’t have to update you if you don’t ask. If you have signed an agreement, then it is a contract you will have to honour. If not, I would suggest speaking to your account manager. Book and appointment with him/her, visit the bank in person and speak to them. Please let me know how you get on and all the best!

      mrpepe February 13, 2016 8:54 am
  • Pls what is the current fixed deposit rate because I was told in October 2015 was 10% and dropped to 3% as at February 10. I just need clarification on this

    Ahmed February 14, 2016 7:19 am
    • Hi Ahmed,

      Please exercise a little patience. This appears to be a popular request which I will address shorty.

      mrpepe February 15, 2016 12:56 am
  • Hello please i want to use 1 million naira to open a fixed deposit account in first bank for 5 years, so how much will i be getting as my percentage every month?

    Spaco February 15, 2016 10:15 pm
    • Hi, you will get N2,250 each month based on current rates.

      mrpepe February 16, 2016 1:03 am
  • What!!! N2,250 is too small for 1 million na, then i think i have to change my mind and invest my money on other business because i cant invest 1 million naira in a business and be getting N2,250 per month….

    Spaco February 16, 2016 2:50 pm
    • It’s good that you checked beforehand, otherwise you would have made an investment you would have regretted.

      mrpepe February 16, 2016 2:54 pm
  • Sorry sir i don’t understand you well, did you mean i should invest the money on fixed deposit or not because i have already started the process. Let me just make it clear to you so that you will understand everything!! I live in France and i wanted to invest some money on fixed deposit because i don’t need the money urgently for now so i don’t know if it’s a good idea or not?? Urgent reply please because i want to do it before this week runs out… THANKS

    Spaco February 16, 2016 9:12 pm
    • Hi, i would advise not to invest in a fixed deposit unless you just want a safe place to keep your money. If you don’t mind taking a little risk for a bigger profit margin, I would say invest somewhere else.

      mrpepe February 16, 2016 9:19 pm
  • I will be coming back 2019 or 2020, so i don’t know if am making a good or bad decision… Urgent reply please! THANKS

    Spaco February 16, 2016 9:15 pm
    • Hi Philip, where will you be coming from and why?

      mrpepe February 16, 2016 9:16 pm
  • Am from Nigeria but i live in France so i am looking for something to invest my money then a friend told me about fixed deposit so i wanted to confirm from you guys before i make any moment… Please urgent reply THANKS

    Spaco February 18, 2016 7:22 pm
  • I am currently in Paris now and someday i must return back to my country which is Nigerian

    Spaco February 19, 2016 9:35 pm
  • plz mrpepe how much is d higest money i can deposit in my firstbank saving acct. sumone told me dat higest money is 500,000,00

    paultemmy February 27, 2016 12:06 pm
  • I invested in ecobank eti shares in 2008 and i received dividend only twice (the first two years after i got the shares) i am tinking if i can sell off the shares now because the share rate is lower than what i bought it. Its been 8yrs now and its not increasing

    Ekeke emeka March 29, 2016 9:57 am
    • Hi, Emeka,

      I will advice selling your shares before they fall any further and investing your money elsewhere.

      mrpepe March 29, 2016 10:31 pm
  • why is the interest at gtb so low to that of fb

    Innocent April 29, 2016 8:13 pm
    • Hi, interests are generally low due to the forex fretful.

      mrpepe April 29, 2016 11:06 pm
  • hello am planning to invest with MANSARD do u think they are reliable and can i just fix my money wit dem for a period of time or i ve to kip investing a particular amount monthly

    JOJU May 6, 2016 12:16 pm
  • Please, how much will i be getting monthly if I fix 1 million naira with first Bank?

    jerubaal May 8, 2016 9:24 pm
  • This is too low…I thought there was good interest in these. My advice is investment is better. What is 10k for 100k?

    Dave May 11, 2016 6:52 am
  • Please how much will i get if i fix 300,000 in 3months in firstbank

    Damina mahanan May 11, 2016 9:52 am
  • What different btw treasury bill and fix deposit?

    Ajayi May 12, 2016 5:37 pm
  • Fcmb offer 6% if I fix 1.5 million naira and I’m rolling it over month by month. How much would be my interest in a month?

    obey grant May 23, 2016 5:32 pm
  • Good job Mrpepe

    Azeez June 13, 2016 3:05 am
  • Good job Mrpepe God bless u Sir

    Azeez June 13, 2016 3:05 am
  • pls i want to put my money in fixed deposit,want is the lowest money to be fixed and and at what percentage

    victory June 27, 2016 11:47 am
    • Hi Victory,

      It depends on the bank.

      mrpepe June 30, 2016 12:18 pm
  • mrpepe i want to know the period of maturity and the lowest amount to be fixed and how much

    victory June 27, 2016 11:50 am
  • Thanks very much. I really appreciate your comment/ response to peoples questions. How do you see first bank insurance 5% interest of any deposit for one yr? What do you have to say about MMM

    Obinna June 28, 2016 7:43 pm
  • ello I read your interesting article today .
    My question is : with the collapse of the Nigerian currency in a month has gone from 200 to 313 euro , I wonder if there is a possibility of losing the investment and
    question 2 : assuming a deposit of FIRST BANK of 7 million naira with a 9.5% annualized return of 12 months ,I monthly 5,541 naira ? removed the tax expenditures?
    her, please correct me if I make mistakes..

    luca July 13, 2016 1:08 pm
  • what is the current interest rate on 2million naira for ninety days in first bank

    MELISSA August 24, 2016 8:15 pm
  • sir please i need a speedy reply

    MELISSA August 26, 2016 9:03 pm
  • why should I fix my money with these interest rate, when I have business to run with my money. it really not excited. people should not think of these as investment you are just keep your money for the future purpos.

    supersolo August 28, 2016 4:18 pm
    • I agree with you. This is why I made this post. However, business comes with a risk, and for those who might need to kee the money safe while researching the business, this might be a viable solution.

      mrpepe August 29, 2016 8:16 am
  • pls, whot will be profit 30million of 5years

    mario September 16, 2016 6:29 am
  • boss if someone place 30million on fix deposit accout for 5yrs how much well the money yield?

    mario September 16, 2016 10:04 am
  • i have 20k i want to use it for fix acct how much is the interest pls explain better with fidelity bank

    adisa idris September 29, 2016 9:16 am
  • pls mrpepe I wanna fix 150000 for 1yr how much interest will it be for first bank pls help me urgent.

    legacy October 10, 2016 4:23 pm
  • this fix deposit account is not really a sure one because we don’t gain well on it . please kindly give a break down of all the information we need as fellow :

    joseph October 11, 2016 10:57 am
  • Hello sir…
    I’m a student and I have a very bad habit of spending money unnecessarily..
    Please isn’t there a bank I can open a fixed deposit with a minimum of 50000..
    Thank you

    Doris November 24, 2016 9:25 am
  • If it’s MMM, better run!

    Ethan Okoli December 5, 2016 3:48 am
  • how sure is this upate am hearing right now

    joseph December 5, 2016 5:05 pm
    • Hi Daniel,

      What’s this update?

      Ethan Okoli December 6, 2016 10:56 pm
  • if I’m deposit 100,000 on fixed deposit account in one year what is my interest

    david December 13, 2016 8:45 pm
  • Please Is Treasury Bill Better Than Fixed Deposit… If Yes Why?

    Tikwe December 17, 2016 12:53 pm
  • Like how much is the minimum amount to use in opening a fixed deposit account

    COSMAS NWEKEE March 5, 2017 1:46 am
  • am abt to run a small business in school but am financially unstable. and it’s something I know will sell. but I need sponsors or loan. how wil I go about it… 08065584136

    Bernard May 20, 2017 4:28 pm
  • (1). if i want to deposit 1million as a fixed deposit how much will I be paid, will the interest be paid monthly or otherwise, and how much will the interest be.
    (2). what if I decide to place the money for life and only need the interest, how will my interest be paid and how much will it be then

    Edidiong July 14, 2017 7:41 am
  • please is there any disadvantage to fixed deposit account,.

    victor October 14, 2017 8:43 am
  • Mrpepe i’m you’re doing a good work more grace,pls i’m thinking of investing my money in banks and i don’t know how to go about it,pls is it advisable if i put in 500million in a fixed deposit or rather keep it in ordinary savings,and if i invest 500m in fixed deposit with 9.5% per month how much will i get every month,pls reply thanks…

    Ti Atei October 15, 2017 3:07 am
  • Is it lmportant to request for certificate of deposit after making a fix deposit?

    Essien October 23, 2017 10:17 am
  • Many of the questions asked should be thrown at respective banks, and not the admin.If at all you want a deal, it’s the bank you will be dealing with. So why not direct the questions at them.

    mindingmyownbusiness October 28, 2017 9:49 pm
    • God bless you!

      Ethan November 5, 2017 12:59 am
  • hello Scholars’ in a situation where 108,000 is deposited,5% as it’s interest rate,what will be the interest monthly..note dis as regards to Uba.Thank for Ur Swift response.

    Abiodun January 5, 2018 4:25 am
  • I want to have a fixed deposit with keystone bank do you know anything about their interest rate

    GIFT February 13, 2018 12:32 pm
  • I Fixed 530K with First bank a term, imagine they give me N569,750 and I want to roll it over again…I need a female friend like mind it can lead to something positive, you can Reply me.

    John March 1, 2018 12:36 pm
  • Please, I Need Somebody That Can Invest On Me, To Be Paid Back In 5 Month With Interest Rate Of 15% Monthly Or A Car Higher Purchase, Call Me If God Wants To Use You To Change My Life. My Number Is 08160087140

    Abah Augustine April 7, 2018 5:27 pm
  • nice article. im presently running a fleet management company. got a deal to put 100cars on the electronic ride sharing platforms before the end of the year im on 30 plus right now. But when i did my research i found out the same thing you had shared. higher purchase is the one to go. so i get cars from clients put it up for higher purchase of over 40% to 50% depending on the year and state of car preferably tokunbo. we spread the new calculated cost of the car over 18 tto 24 to 30 months,depending on cost.Im able to thrive with this module because i have a network of over 100 drivers waiting in line for the higher purchase deal. this is better than the conventional fixed deposit rates the banks offer you over 2 years.
    if you know anyone that wont mind investing i can provide resource and perspective.

    Amodu April 19, 2018 2:32 pm
  • Hello Mr Pepe. You said the deposit is made into your existing account with the Bank. Does this account have to be a current account?

    DoB May 9, 2018 7:02 am
  • No either current or savings account all the same. What you need to do is just to write a latter to the bank that they should dedopt the amount which you want to fixed. That’s all..

    Mr James May 10, 2018 9:57 pm
  • is it any amount can one put into your fixed deposit account, and like how many days, months or years

    ADURAGBEMI May 14, 2018 10:08 am
  • I want to fix #100000 for 5yrs in first bank. What will be my profit at the end?

    Igwe Daniel July 11, 2018 11:35 pm
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    Eco Teck August 8, 2018 9:26 am
  • If I fix deposit 20000 thousand naira for 5 years, how much will I get?

    victor August 24, 2018 10:59 pm
  • I like the information you are giving out here it is enlightening and educative ,keep up the good
    work and explore other areas like bonds and treasury bills etc-ANDY

    ANDY January 1, 2019 4:35 pm
  • Please sir i wish to know how the days are counted, are weekends and non working days counted for the amoung the days or not?

    Yohanna stephen July 16, 2019 10:45 am
  • Please i want to know how much i will be getting when i invest 1million naira with gt bank

    Mavix October 26, 2019 3:43 pm
  • i want to start with 150,000. d interest rate is how much at firstbank in 90days

    chibuzor October 28, 2019 4:28 pm

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