CBN Releases Access, UBA, Zenith Other Banks Updated Interest Rates for Loans, Savings
- The CBN has published the interest on loans and savings accounts offered by commercial banks in the country
- Checks show all banks, including Access Bank, Zenith, have adjusted their savings and loan rates for customers
- Based on the adjustments, Nigerians will earn more for their savings, but also pay more when seeking loans
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.
Ahead of the Central Bank of Nigeria's Monetary Policy meeting decision, a full breakdown of the latest saving deposit and lending rates for various Deposit Money Banks (DMBs) in Nigeria has been revealed.
The apex bank publishes these lending rates from all banks to assist businesses and customers in making informed decisions.
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A savings rate is the interest rate Nigerian banks pay their customers to save money, which varies between banks.
Interest rates are the cost of borrowing money or the return on investment.
Savings deposit rate.
Here is a breakdown of the latest banks' new interest rates on savings accounts.
- Access Bank – 8.25%
- Alpha Morgan Bank – 8.25%
- Citi Bank – 8.25%
- Ecobank – 5.90%
- FCMB – 1.15%
- Fidelity Bank – 8.25%
- First Bank of Nigeria – 8.25%
- 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%
- Polaris Bank – 8.25%
- Premium Trust Bank – 8.25%
- Providus Bank – 8.25%
- Signature Bank – 8.18%
- Stanbic IBTC – 2.75%
- Standard Chartered Bank – 8.25%
- Sterling Bank – 8.25%
- SunTrust Bank – 8.30%
- Tatum Bank – 8.25%
- Titan Trust 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%
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Here is a breakdown of the banks' loan interest rate max lending
Nigerian banks' loan rates are divided into prime lending and maximum lending rates.
Prime lending refers to the interest rate that banks charge customers with the highest credit scores, while Maximum lending rates refer to the average of the highest lending rates charged by deposit money banks in Nigeria.
- Access Bank – Prime 25.50%, Max 35.00%
- Alpha Morgan Bank – Prime 30.00%, Max 32.00%
- Citi Bank – Prime 24.00%, Max 27.00%
- Coronation Merchant Bank – Prime 25.00%, Max 33.00%
- Ecobank – Prime 26.75%, Max 48.00%
- FCMB – Prime 31.00%, Max 46.00%
- Fidelity Bank – Prime 30.00%, Max 36.00%
- First Bank of Nigeria – Prime 26.00%, Max 38.00%
- FCMBQuest Merchant Bank – Prime 28.00%, Max 33.00%
- Globus Bank Ltd – Prime 30.50%, Max 36.00%
- Guaranty Trust Bank – Prime 28.50%, Max 35.00%
- Keystone Bank Ltd – Prime 30.00%, Max 33.00%
- Parallax Bank – Prime 28.00%, Max 42.00%
- Polaris Bank – Prime 27.50%, Max 35.00%
- Premium Trust Bank – Prime 26.00%, Max 29.50%
- Signature Bank – Prime 26.00%, Max 28.00%
- Stanbic IBTC – Prime 29.00%, Max 37.00%
- Standard Chartered Bank – Prime 22.00%, Max 37.00%
- Sterling Bank – Prime 27.00%, Max 36.50%
- SunTrust Bank – Prime 28.50%, Max 32.00%
- Titan Trust Bank – Prime 10.00%, Max 35.00%
- United Bank for Africa (UBA) – Prime 32.00%, Max 40.00%
- Union Bank – Prime 32.50%, Max 34.50%
- Zenith Bank – Prime 25.40%, Max 35.00%
Banks reap N14tn from loans to customers
Earlier, Legit.ng reported that nine major Nigerian banks earned a combined N14.26 trillion in interest income in 2024, nearly double their earnings from the previous year.
The surge follows the CBN's aggressive monetary tightening, which pushed interest rates as high as 35%, significantly benefiting financial institutions.
However, experts warn that the rising borrowing costs have severely impacted manufacturers and small businesses and are limiting access to credit.
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Source: Legit.ng
