By Bayo Olupohunda,Dave Ibemere
Copyright legit
The latest savings rate for customers of Nigerian banks including Access, UBA, Zenith and others have been publishedThe figures aligns with the latest Monetary Policy Rate (MPR) decision of the CBN which kep all parameters unchangedMost banks survey average savings rates around 8.25% but the lowest offered is Stanbic IBTC 2.75%
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks.
The changes reflects the adjustment that followed the Monetary Policy Committee (MPC) meeting of held on July 21 and 22, 2025.
CBN MPC’s meetings
The Committee on Tuesday, September 18 decided to maintain the current monetary policy stance and hold all policy parameters.
CBN said in a statement on the decision:
“Retain the Monetary Policy Rate (MPR) at 27.50 per cent., Maintain the asymmetric corridor around the MPR at +500/-100 basis points, Retain the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50.00% and for Merchant Banks at 16.00 per cent. Keep the Liquidity Ratio unchanged at 30.00 per cent.
This decision was premised on the need to sustain the momentum of disinflation and sufficiently contain price pressures. Maintaining the current policy stance will continue to address the existing and emerging inflationary pressure.
“The MPC will continue to undertake rigorous assessment of economic conditions, price development and outlook to inform future policy decisions.”
Savings deposit rates by banks
According to the CBN’s published data, the average savings deposit rate across the banking sector now stands at 8.25% as at September 9, compared to 7.88 per cent in the previous period.
The published rates are as follows:
Access Bank: 8.25%Alpha Morgan Bank: 8.25%Citi Bank: 8.25%FCMB: 4.25%Fidelity Bank: 8.25%First Bank of Nigeria: 8.25%FSDH Merchant Bank: -Globus Bank Ltd: 8.18%Guaranty Trust Bank: 8.00%Keystone Bank Ltd: 8.25%Nova Bank: 8.00%Optimus Bank: 8.25%Parallex Bank: 8.25%Premium Trust Bank: 8.25%Providus Bank: 8.25%Signature Bank: 8.25%Stanbic IBTC: 2.75%Standard Chartered Bank: 8.25%Sterling Bank: 8.25%Suntrust Bank 8.30%Tatum Bank: 8.25%United Bank for Africa (UBA): 8.25%Union Bank: 8.25%Unity Bank: 8.25%Wema Bank: 8.25%Zenith Bank: 8.25%
10 banks with the highest customer deposits
Earlier, Legit.ng reported that total customer deposits in 10 commercial banks in Nigeria listed on the Nigerian exchange have increased to N108.50 trillion.
This is N35.03 trillion, or 47.67% increase, from N73.47 trillion last year.
The figures are captured in the third quarter report of the financial institutions submitted in the NGX.
Customer deposits are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments.
Source: Legit.ng
