Best Fixed Deposit Interest Rates in Nigeria 2018 is Offered by PiggyBank, RenMoney MFB, and ARM Securities PayInvestor’s App – Get Highest Interest Rates on your Savings Accounts
For those who are still looking for the best bank that offers the highest interest on your fixed deposit or savings accounts in Nigeria, the truth is banks aren’t paying attractive rates on savings again. As of this writing, we are currently developing a mobile that will help you compare interest rates of various fixed investment securities of GTBank, FirstBank, Zenith Bank, Union Bank, Fidelity, Ecobank, Skye Bank, Diamond Bank, FCMB, Sterlings Bank, Access Bank and UBA. While we are collating rates of various financial firms, lenders and banks, we discovered that highest rates are offered by providers a lot of people aren’t aware of. The providers are fast growing financial technology companies that are redefining the future of banking in Nigeria.
Here are some of the highest interest providers and how you can download their mobile application on your smartphone.
Some of the Best Fixed Deposit Interest Rates in Nigeria you can Explore:
PiggyBank lets you automate your savings for a predefined period so that on an interval (daily, weekly or monthly) the amount you specified will be deducted from your bank and deposited into a locked account. The account isn’t accessible to the savers until the period you choose to save for elapse. You can earn a higher interest of 10% per annum on your savings compared to the normal bank savings.
But, here is an interesting feature of PiggyBank app I love so much, it’s called “SafeLock”. SafeLock lets you lock your money for a particular period while your interest on the fixed deposit is paid instantly. SafeLock offers 12.4% per annum and up to 34% if you save for 3 years.
Let’s assume you lock N1,000,000 into PiggyBank SafeLock for 3 years, you will receive N340,000 upfront interest while the N1,000,000 will be available in 3 years, that’s like 1000 days. As a smart saver, you can also save using the core saving feature, add it to the N340,000 interest earnings and lock it for another period. The idea is to create a savings plan that generates passive income for you in the short-medium term.
You can also explore other SafeLock fixed deposit periods of 30, 60, 90, 180, 360, or more depending on how long you want to keep the money and the projects or needs you might want to finance.
PiggyBank app, which has a bank level security, doesn’t charge you deposit, withdrawal or monthly fees.
To get started on PiggyBank, click here to read my story and how to try PiggyBank SafeLock app.
ARM PayDay Investors’ App
PayDay Investor’s app is powered by ARM Investment Securities, one of the oldest mutual fund service providers in Nigeria offering professional investment and money market services to millions of individual and corporate clients. The new PayDay Investors’ app lets you save automatically based on your predefined settings while investing in high-yield short-term investment opportunities like Treasury Bills, Banker’s Acceptance, Commercial Papers, etc.
You can explore these low-risk savings plan to earn higher interest rate return on your savings account.
Read more about PayInvestors’ App here
Of all the fixed deposit and savings plan available here in Nigeria, RenMoney MFB, as of this writing, offers the highest return on your investment. Their fixed deposit returns are not only attractive but beat all the local bank offers. When I compared the rate offered on N400,000 investment in RenMoney MFB for 9-12 months, I arrived at an estimated return hovering around N55,000 – N60,000 compared with a paltry interest of about N10,000 – N25,000 on bank’s fixed deposit.
We understand that rate change varies and can’t be relied on for 6-12 month period, RenMoney still leads other providers in the industry.
The bank is yet to release an official mobile application that will help clients invest via mobile but I will update this guide as soon it’s on Google Play Store or iOS.
That’s all for now. If you are still looking banks that offer the best fixed deposit interest rates in Nigeria this year, take your eyes off the bank for now and try PiggyBank, ARM Securities and RenMoney.
Feel free to share your comments on other providers and experiences.