Nigerian Bank Offers 8.9% Interest Rate on Customers Savings Account
- Ecobank Nigeria Limited has revised interest rates on its Savings and Target Savings Accounts
- The changes in savings announced in an email to customers following changes in the CBN’s MPR
- The CBN has also released the latest savings interest rates of commercial and merchant banks
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Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ecobank Nigeria Limited has announced new interest rates on its savings products following an adjustment in the Central Bank of Nigeria’s Monetary Policy Rate (MPR).
In an email to customers, Ecobank said the new changes apply to both its savings account and target savings account.
Source: Getty Images
New the interest rate
Under the revised structure, the on now attracts an interest rate of 7.95% per annum, while the target savings account offers 8.95% per annum. The new rates became effective from March 1.
Ecobank Nigeria were the adjustment that reflects its commitment to maintaining competitive offerings while supporting customers’ financial growth amid ongoing changes in the monetary environment.
The bank encouraged customers seeking clarification or additional information to contact its customer service line.
The message reads:
"Revised interest rates for savings accounts. Dear Valued Customer, we wish to inform you of an update to the interest rates on our Savings and Target Savings Accounts, following the adjustment in the Monetary Policy Rate (MPR).
"The interest rates have been revised as follows: Savings Account: 7.95% per annum and Target Savings Account: 8.95% per annum
"These revised rates became effective on March 1. "We remain committed to providing you with competitive returns and excellent banking services. Should you require further clarification visit any of our branches."
The development comes as Nigerian banks continue to adjust deposit rates in response to recent monetary policy tightening by the Central Bank of Nigeria, which has influenced lending and savings rates across the financial sector.
Source: Getty Images
Changes in savings interest rates
According to recently released CBN 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 bank 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%.
Banks charge up to 60% on loans
Earlier, Legit.ng reported that Nigerian bank customers are paying lending rates of up to 60% on loans while earning as little as 2.7% interest on savings deposits.
The CBN said it now makes lending rates across all DMBs public to improve transparency and guide business decisions.
Data for January showed that borrowers in manufacturing, mining and quarrying, public utilities, finance and insurance, as well as construction, face maximum lending rates of up to 60% at some banks.
Source: Legit.ng
