Access, UBA, Other Banks Slash Interest Rates on Savings Accounts
- Nigerian banks’ savings deposit rates have dropped from the level at which they started the year
- The changes across the banks indicate that customers will be paid lower interest rates
- The new figures show First Bank of Nigeria maintained the highest rate at 8.25%
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
The Central Bank of Nigeria (CBN) has released updated data on savings deposit interest rates offered by Nigerian banks, showing a general drop in returns paid to customers.
The latest figures published on March 20, 2026, indicated that most banks have reduced their savings rates, with many now offering 7.95% per annum, down from 8.10% earlier in the year.
Source: UGC
The drop follows the Central Bank of Nigeria's decision to cut the Monetary Policy Rate (MPR) by 50 basis points to 26.50% from 27% at its 304th Monetary Policy Committee (MPC) meeting held in Abuja recently.
Changes on savings interest rates
According to the apex bank’s data analysed by Legit.ng, several tier-one and mid-sized lenders, including Access Bank, Guaranty Trust Bank, Zenith Bank, United Bank for Africa, Fidelity Bank, and Union Bank, cut their rates to 7.95% from 8.10% as at January 2026.
Only First Bank of Nigeria retained the highest savings rate at 8.25%, unchanged over the period under review, while Nova Bank also held steady at 8.00%.
However, some banks recorded the highest declines. Globus Bank dropped from 8.18% to 7.95%, while Ecobank reduced its rate from 6.00% to 5.80%. Stanbic IBTC also saw a slight drop to 2.65% from 2.70%.
How a savings deposit works
A savings deposit rate is the percentage a bank pays customers for keeping money in their accounts. It serves as an incentive for individuals to save while providing banks with funds for lending and investment.
Savings rates are guided by the CBN’s monetary policy framework, which requires banks to maintain a minimum interest rate benchmark tied to the Monetary Policy Rate (MPR).
Source: Getty Images
Banks savings rates as of March 20, 2026
- Access Bank: 7.95%
- Alpha Morgan Bank: 7.95%
- Citi Bank: 7.95%
- Ecobank: 5.80%
- FCMB: 4.25%
- Fidelity Bank: 7.95%
- First Bank of Nigeria: 8.25%
- Globus Bank Ltd: 7.95%
- Guaranty Trust Bank: 7.95%
- Keystone Bank Ltd: 7.95%
- Nova Bank: 8.00%
- Optimus Bank: 7.95%
- Parallex Bank: 7.95%
- Polaris Bank: 7.95%
- Premium Trust Bank: 7.95%
- Providus Bank: 7.95%
- Signature Bank: 7.95%
- Stanbic IBTC: 2.65%
- Standard Chartered Bank: 8.10%
- Sterling Bank: 7.95%
- Suntrust Bank: 8.10%
- Tatum Bank: 7.95%
- United Bank for Africa (UBA): 8.10%
- Union Bank: 7.95%
- Unity Bank: 7.95%
- Wema Bank: 7.95%
- Zenith Bank: 7.95%
List of 10 common bank charges
Earlier, Legit.ng reported that the House of Representatives has initiated plans to investigate charges of commercial banks against customers' accounts and plans to summon the CBN and major commercial banks to appear before the committee on banking regulations.
Offiono had listed some of the questionable deductions, including excessive SMS alert fees, card maintenance charges, account maintenance fees, and interbank transfer costs.
Source: Legit.ng
