Nigerian Bank Sends Message to Customers Over Changes on Savings Accounts

• Ecobank has announced a new interest rate on savings accounts in its latest message to its customers
• The bank announced that all its savings accounts will now carry a flat interest rate of over 7%, with rates rising to as high as 9%
• The new interest rate reflects the latest Monetary Policy Rates (MPR) by the Central Bank of Nigeria (CBN)

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.

Ecobank, widely known as the Pan African bank, has informed its customers of revised interest rate changes on their savings accounts.

In an email to customers seen by Legit.ng, the bank stated the changes affect personal savings accounts (all regular savings accounts), target savings accounts, Save As You Spend (SAYS), and Supersavers Plus accounts.

Read also

EFCC calls out POS operators, banks for empty ATM machines

The message reads:

"We are pleased to inform you that the interest rates on your savings accounts have been revised upwards. This means you can now enjoy more interest income on your savings."

The bank further provided the new saving interests as follows:

• Personal savings account (all regular savings account) - 7.4% p.a.
• Target savings account - 7.8% p.a.
• Save as you spend (SAYS) - 8.4% p.a.
• Supersavers plus account - 9% p.a. and more on balances above N500,000.

CBN raises interest rate

In February 2024, the Central Bank of Nigeria (CBN)'s Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) by 400 basis points to 22.75% from 18.75%.

The new interest rate effectively signifies adjustments in both savings and lending rates.

While most banks have quickly sent messages to customers about changes in lending rates, not much has been heard about increases in savings rates.

Read also

Access, UBA, GTB, zenith, others send message to customers as FG orders deductions on bank accounts

CBN stops daily CRR debits of Access, others

Ealier, Legit.ng reported that the Central Bank of Nigeria announced that it would stop daily Cash Reserve Requirement (CRR) debits for banks.

The apex bank said it would adopt an updated CRR mechanism intended to facilitate banks' capacity for planning, monitoring and aligning with records with the CBN.

This was disclosed in a letter addressed to all banks and signed by Adetona Adedeji, the acting director of the banking supervision department, on Friday, February 2, 2024.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng