The Central Bank of Nigeria (CBN) recently announced updated savings deposit interest rates for Deposit Money Banks (DMBs) across the country. In the latest update, the average savings deposit rate has increased to 8.03%, up from the previous average of 7.88%. This boost is a reflection of the CBN’s continuous efforts to regulate interest rates and ensure that savings accounts remain an attractive option for Nigerians.One of the major banks leading the charge is Ecobank, which has increased its savings interest rate to 8.175% per annum. In a message to its customers, Ecobank stated: "Your savings just got a boost! Enjoy a new interest rate of 8.175% p.a. on all Ecobank savings accounts." This increase is part of the bank’s initiative to encourage more Nigerians to save and grow their money faster, whether they are saving for future goals or simply building a financial safety net.
Breakdown of Current Savings Interest Rates
Here’s a quick look at the updated average savings interest rates across several major banks, as published by the CBN:
Access Bank: 8.03%
Citibank: 7.88%
Ecobank: 8.175%
Fidelity Bank: 8.03%
First Bank: 8.03%
GTB: 5.55%
Stanbic IBTC: 2.68%
Zenith Bank: 8.03%
UBA: 8.03%
Union Bank: 8.03%
Sterling Bank: 8.03%
Wema Bank: 8.03%