The Central Bank of Nigeria has published its latest savings deposit rates for Deposit Money Banks and Merchant Banks, revealing significant changes in what financial institutions are paying customers for their savings.
Nigerian Banks Boost Savings Rates
According to data released by the CBN as of October 31, 2025, the average savings deposit rate across Nigeria's banking sector has climbed to 8.25%, marking an increase from the previous rate of 7.88%. This adjustment reflects the current Monetary Policy Rate of 27.50% set by the central bank.
The CBN's Monetary Policy Committee decided to reduce the MPR during their September meeting, citing improved inflation figures as the basis for their decision. In their official communique, the committee stated their move was "predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025 and the need to support economic recovery efforts."
Which Banks Pay the Most?
The published data reveals substantial variation in what different banks offer their savings account customers. While most Tier-1 banks maintained competitive rates between 8.10% and 8.25%, Stanbic IBTC offered the lowest savings rate at just 2.75%.
Among the top performers, First Bank of Nigeria and Optimus Bank lead the pack with rates of 8.25%, closely followed by Parallex Bank at 8.23% and Globus Bank Ltd at 8.18%. Most other major banks, including Access Bank, Zenith Bank, United Bank for Africa (UBA), and Guaranty Trust Bank, consistently offered rates around 8.10%.
Here are the specific savings rates published by the CBN:
- Access Bank: 8.10%
- Alpha Morgan Bank: 8.10%
- Citi Bank: 8.10%
- Ecobank: 5.95%
- FCMB: 4.25%
- Fidelity Bank: 8.10%
- First Bank of Nigeria: 8.25%
- Globus Bank Ltd: 8.18%
- Guaranty Trust Bank: 8.10%
- Keystone Bank Ltd: 8.10%
- Nova Bank: 8.00%
- Optimus Bank: 8.25%
- Parallex Bank: 8.23%
- Polaris Bank: 8.10%
- Premium Trust Bank: 8.10%
- Providus Bank: 8.10%
- Signature Bank: 8.10%
- Stanbic IBTC: 2.75%
- Standard Chartered Bank: 8.10%
- Sterling Bank: 8.10%
- Suntrust Bank: 8.10%
- Tatum Bank: 8.10%
- United Bank for Africa (UBA): 8.10%
- Union Bank: 8.10%
- Unity Bank: 8.10%
- Wema Bank: 8.10%
- Zenith Bank: 8.10%
Growing Customer Deposits Despite Economic Challenges
In related financial news, customer deposits in Nigerian commercial banks continue to show remarkable growth despite ongoing economic challenges and persistent inflation. Data from bank filings on the Nigerian Exchange Group reveals that customer deposits reached N150.3 trillion in the first half of 2025.
This represents a substantial increase of N12.8 trillion from the N137.5 trillion recorded throughout the entire year of 2024. Customer deposits remain crucial assets for banks, serving as the primary source for lending activities and funding various investments within Nigeria's financial sector.
The CBN emphasized that these new savings rates are subject to change as market conditions evolve, encouraging customers to stay informed about the latest developments in banking rates and policies.
