The Central Bank of Nigeria (CBN) has officially unveiled the interest rates that commercial banks in the country are offering on savings deposits for the year 2026. The data, which provides a clear snapshot of the returns savers can expect, indicates a competitive landscape with rates clustering around the 8% per annum mark.
The figures, made public on January 9, 2026, reveal that while several major financial institutions are aligned in their offerings, a few banks are providing notably higher yields to attract customer deposits.
Top Performers and Market Average
According to the CBN's release, First Bank of Nigeria currently offers the highest interest rate on savings accounts at 8.25%. It is closely followed by Globus Bank Ltd, which provides a rate of 8.18%. Nova Bank also features among the competitive players with a solid 8.00% rate.
The data shows that a significant number of tier-one and mid-sized banks are offering rates around 8.10%. This group includes prominent names such as Access Bank, Guaranty Trust Bank (GTB), Zenith Bank, United Bank for Africa (UBA), Fidelity Bank, and Union Bank, among others. This clustering suggests intense competition for retail deposits within the Nigerian banking sector.
Understanding Savings Deposit Rates
A savings account interest rate is the percentage return a bank pays customers for keeping their money in a savings account. This serves as an incentive for customers to deposit funds and is a key component of personal finance. In Nigeria, these rates are regulated under the CBN's monetary policy framework, which mandates that banks pay a minimum percentage of the Monetary Policy Rate (MPR) on such accounts.
The current narrow range of top rates, from 8.00% to 8.25%, indicates that many banks are actively vying for customer savings, which form a stable source of funding for their lending activities.
Banks with Lower-Than-Average Returns
While the market average hovers around 8%, the CBN data also highlights institutions offering considerably lower returns. Some banks are paying rates between 2% and 4.25%. Notably, Stanbic IBTC posted a rate of 2.70%, while FCMB offered 4.25%. Ecobank's savings rate was recorded at 5.90%, which is still below the prevailing market average.
This disparity underscores the importance for savers to shop around and compare offerings from different banks to ensure their money is working as hard as possible for them.
Here is a snapshot of selected banks and their savings interest rates as released by the CBN:
- Access Bank: 8.10%
- Ecobank: 5.90%
- FCMB: 4.25%
- Fidelity Bank: 8.10%
- First Bank of Nigeria: 8.25%
- Globus Bank Ltd: 8.18%
- Guaranty Trust Bank: 8.10%
- Stanbic IBTC: 2.70%
- United Bank for Africa (UBA): 8.10%
- Union Bank: 8.10%
- Zenith Bank: 8.10%
The publication of this data by the apex bank enhances transparency in the financial sector, empowering Nigerian depositors with the information needed to make informed decisions about where to place their savings for optimal growth in 2026.
