CBN Releases Updated Savings Rates as Major Banks Slash Interest for Customers
The Central Bank of Nigeria (CBN) has published updated data on savings deposit interest rates offered by Nigerian banks, revealing a general decline in the returns paid to customers. The latest figures, released on March 20, 2026, indicate that most banks have reduced their savings rates, with many now offering 7.95% per annum, down from 8.10% earlier in the year.
Widespread Reductions Across the Banking Sector
According to the apex bank's data, several tier-one and mid-sized lenders, including Access Bank, Guaranty Trust Bank, Zenith Bank, United Bank for Africa (UBA), Fidelity Bank, and Union Bank, have cut their rates to 7.95% from 8.10% as of January 2026. This adjustment reflects a broader trend of decreasing interest rates on savings accounts across the Nigerian financial landscape.
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 more significant declines. For instance, Globus Bank dropped from 8.18% to 7.95%, and Ecobank reduced its rate from 6.00% to 5.80%. Stanbic IBTC saw a slight decrease to 2.65% from 2.70%.
Impact of Monetary Policy Changes
The drop in savings rates 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 recently in Abuja. Savings deposit rates are guided by the CBN's monetary policy framework, which requires banks to maintain a minimum interest rate benchmark tied to the MPR. This framework incentivizes individuals to save while providing banks with funds for lending and investment activities.
How Savings Deposit Rates Work
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 also enabling banks to accumulate funds necessary for loans and other financial services. The rates are directly influenced by the CBN's monetary policies, which aim to balance economic growth with inflation control.
List of Banks and Their Current Savings Rates
As of March 20, 2026, the savings rates for various Nigerian banks are as follows:
- 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%
Broader Context and Regulatory Scrutiny
This development occurs amid ongoing regulatory scrutiny of bank charges. Earlier reports indicated that the House of Representatives has initiated plans to investigate charges imposed by commercial banks on customers' accounts, including excessive SMS alert fees, card maintenance charges, account maintenance fees, and interbank transfer costs. The committee on banking regulations plans to summon the CBN and major commercial banks to address these concerns, highlighting the broader financial environment in which these interest rate changes are taking place.
The adjustments in savings rates underscore the dynamic nature of Nigeria's banking sector, influenced by both monetary policy and market conditions. Customers are advised to stay informed about these changes to make better financial decisions regarding their savings and investments.
