Zenith, Access Lead Top 10 Banks With Highest Customers Deposit, Interest Rates on Savings

• 10 Nigerian banks have revealed that customers deposited over N33 trillion into their accounts in the nine months ending September 2025
• Sterling Holdings, Ecobank and UBA recorded the highest increases, while Stanbic IBTC, Wema Bank, Fidelity Bank, GTCO, and Access Holdings also posted notable gains.
• Zenith Bank and First Holdings remain banks with the highest deposits despite a drop recorded in the period under review

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

New data has revealed that ten banks in Nigeria have recorded over N33.24 trillion in savings deposits in the nine months ending September 2025.

The latest figure represents a 6.8% increase from N31.13 trillion in the same period of 2024.

Analysis of the banks’ financial reports filed on the NGX for the period indicates that Tier-2 banks experienced stronger growth in savings deposits, whereas two Tier-1 banks recorded a decline.

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The banks covered in the review include Access Holdings Plc, Ecobank Transnational Plc, First Holdings Plc, Guaranty Trust Holdings Plc, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, Sterling Holdings Plc, United Bank for Africa (UBA) Plc, Wema Bank Plc, and Zenith Bank Plc.

Tier-1 Banks Performance

According to Vanguard, Tier 1 banks Access Holdings Plc, First Holdings Plc, Guaranty Trust Holdings Plc, UBA Plc, and Zenith Bank Plc saw a 4.3% increase in savings deposits, rising to N24.466 trillion by the end of September 2025, up from N23.454 trillion in December 2024.

Declines:

• Zenith Bank: -1.3% to N7.486 trillion (from N7.585 trillion)
• First Holdings Plc: -3.0% to N4.026 trillion (from N4.154 trillion)

Other Tier-1 growths:

• Access Holdings: +7.3% to N4.420 trillion
• Guaranty Trust Holdings: +8.0% to N2.774 trillion
• UBA Plc: +14.6% to N5.76 trillion

Tier-2 Banks Performance

Tier-2 banks Ecobank, Fidelity Bank, Stanbic IBTC, Sterling Holdings, and Wema Bank saw stronger growth of 14.3%, increasing savings deposits to N8.77 trillion from N7.67 trillion in December 2024.

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Snapshot of banks deposits

• Sterling Holdings: +20% to N477 billion (from N398 billion)
• Ecobank: +15.6% to N6.186 trillion (from N5.350 trillion)
• UBA: +14.6% to N5.76 trillion (from N5.03 trillion)
• Stanbic IBTC: +12% to N406 billion (from N362 billion)
• Wema Bank: +11% to N473 billion (from N426 billion)
• Fidelity Bank: +8.3% to N1.23 trillion (from N1.135 trillion)
• Guaranty Trust Holdings (GTCO): +8% to N2.774 trillion (from N2.569 trillion)
• Access Holdings: +7.3% to N4.420 trillion (from N4.121 trillion)
• Zenith Bank: -1.3% to N7.486 trillion (from N7.585 trillion)
• First Holdings: -3% to N4.026 trillion (from N4.154 trillion)

Savings deposit rates by banks

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks.

The changes reflect the adjustment that followed the Monetary Policy Committee (MPC) meeting.

The average savings deposit rate across the sector is 8.25%, up from 7.88% previously.

Source: Legit.ng