Access, Premium, Citi, others lead in banks with best savings interest, says CBN report

By Grace Edet

The Central Bank of Nigeria (CBN) has released the latest savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks, reflecting recent monetary policy adjustments following a reduction in the Monetary Policy Rate (MPR) to 27.5 per cent.
According to the CBN’s data published as of October 31, 2025, the average savings deposit rate across the banking industry rose to 8.25%, up from 7.88% in the previous period — signaling modest improvement in returns to retail depositors amid a cautious monetary easing cycle.
The adjustment follows the decision of the apex bank’s Monetary Policy Committee (MPC) at its September 2025 meeting to cut the MPR, citing improving inflation trends and the need to stimulate economic activity.
“The Committee’s decision to lower the monetary policy rate was predicated on the sustained disinflation recorded in the past five months, projections of declining inflation for the rest of 2025, and the need to support economic recovery effort,” the CBN stated in its communiqué.

Tier-1 banks lead with 8.25% rates
Most Tier-1 lenders including Access Bank, Zenith Bank, First Bank of Nigeria, and United Bank for Africa (UBA) maintained savings rates between 8.10% and 8.25%, keeping them among the highest in the market.
First Bank of Nigeria and Optimus Bank offered the top rate at 8.25%, while Stanbic IBTC Bank posted the lowest at 2.75%, far below the industry average.
Other mid-tier and emerging banks such as Globus Bank (8.18%), Parallex Bank (8.23%), and Nova Bank (8.00%) also remained competitive, reflecting increasing pressure to attract retail deposits amid tightening liquidity in the financial system.

Below is the latest published savings deposit rates (as of October 31, 2025):

Bank                                      Savings Rate (%)

Access Bank                                     8.10

Alpha Morgan Bank                         8.10

Citi Bank                                          8.10

Ecobank                                            5.95

FCMB                                               4.25

Premium Trust Bank                     8.10

Fidelity Bank                                     8.10

First Bank of Nigeria                         8.25

Globus Bank                                      8.18

Guaranty Trust Bank (GTBank)        8.10

Keystone Bank                                  8.10

Nova Bank                                         8.00

Optimus Bank                                    8.25

Parallex Bank                                     8.23

Polaris Bank                                       8.10

Providus Bank                                    8.10

Signature Bank                                   8.10

Stanbic IBTC Bank                            2.75

Standard Chartered Bank                   8.10

Sterling Bank                                     8.10

Suntrust Bank                                     8.10

UBA                                                    8.10

Union Bank                                        8.10

Unity Bank                                         8.10

Wema Bank                                       8.10

Zenith Bank                                       8.10

(Merchant Banks including Coronation MB, FBNQuest MB, FSDH MB, Greenwich MB, and Rand Merchant Bank did not publish savings rates as of the reporting date.)

Easing Policy, Tight Liquidity

Analysts say the slight uptick in savings rates may not translate into significant gains for depositors, given the still-high inflation and tight credit conditions. However, the central bank’s decision to reduce the MPR is seen as a signal of confidence in ongoing disinflation trends.
“The CBN appears to be balancing between easing rates to encourage lending and maintaining positive real returns for savers.
“The recent disinflation data gave the MPC enough room to make this downward adjustment,” said Chibuzor Anya, a Lagos-based financial analyst who spoke to The Trust News.
At 27.5%, the MPR remains among the highest in Africa, but the CBN’s stance indicates a gradual move toward supporting private-sector lending and consumption-led recovery, especially after multiple quarters of tight monetary policy aimed at curbing inflation.

Banking sector outlook

With savings rates inching higher, banks are expected to face higher funding costs, particularly as competition for retail deposits intensifies. Nonetheless, the CBN’s move is expected to encourage broader credit expansion in the medium term, aligning with government efforts to boost growth.
Economists note that as inflation moderates and liquidity improves, further adjustments to the policy rate could follow.
“The next few quarters will test how banks balance deposit mobilization with loan growth. The direction of the MPR will remain crucial in shaping margins and credit appetite,” said another analyst.

Conclusion

The new savings deposit rates underscore the CBN’s evolving policy stance toward a more accommodative framework aimed at stimulating growth while maintaining monetary stability. As the financial system adjusts to the 27.5% MPR, the spotlight remains on how banks manage liquidity, lending, and deposit pricing in the months ahead.