Are you tired of earning low-interest rates on your savings in Nigeria? Do you want to make the most out of your money by opening a high yield savings account? Then you have come to the right place. 

We will introduce you to the best banks in Nigeria that offer high yield savings accounts. We will provide you with a detailed overview of each bank’s offerings, interest rates, fees, and requirements. 

By the end of this article, you will have a better understanding of which bank is right for you and your financial goals.

First Bank of Nigeria:

First Bank of Nigeria is one of the oldest and most reputable banks in Nigeria. They offer a range of savings accounts, including a high yield savings account called the FirstInstant Savings Account. This account offers an attractive interest rate per annum and is one of the highest rates in Nigeria. 

The minimum opening balance for this account is ₦100, and there are no monthly account maintenance fees. There are no restrictions on the frequency of withdrawals that can be made from the account within a given month.

Guaranty Trust Bank:

Guaranty Trust Bank (GTBank) is a popular bank in Nigeria that offers a high yield savings account called the GTMax Account. This account offers an interest rate of up to 4.45% per annum, which is one of the highest rates in Nigeria. 

The minimum opening balance for this account is ₦100,000, and there are no monthly account maintenance fees. However, there is a penalty fee of ₦1,000 if the account balance falls below the minimum balance.

Zenith Bank:

Zenith Bank is another well-known bank in Nigeria that offers a high yield savings account called the Zenith Bank High-Interest Savings Account. This account offers an interest rate of up to 2.5% per annum, which is also one of the highest rates in Nigeria. 

The minimum opening balance for this account is ₦100,000, and there are no monthly account maintenance fees. However, If the account is liquidated before maturity, a penalty fee equivalent to 20% of the accrued interest or ₦2,000 is charged.

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Access Bank:

Access Bank is a leading bank in Nigeria that offers a high yield savings account called the High-Interest Deposit Account. This account offers an interest rate of up to 5.25% per annum, which is one of the highest rates in Nigeria. 

You can conveniently and flexibly deposit cash, cheques from other banks, and dividend warrants at any of our branches. Additionally, you can make four withdrawals free of charge without losing out on credit interest payments on the available balances you maintain.

The minimum opening balance for this account is ₦100,000, and there are no monthly account maintenance fees. However, there is a penalty fee of ₦300 if the account balance falls below ₦5,000.

Fidelity Bank:

Fidelity Bank is a fast-growing bank in Nigeria that offers a high yield savings account called the Fidelity High Yield Savings Account. This account offers an interest rate from 4.95% – 7.3% per annum, which is higher than some of the other banks on this list. The minimum opening balance for this account is ₦5,000, and there are no monthly account maintenance fees.

One of the benefits of the Fidelity Savings Account is that it offers customers the ability to earn loyalty points on their deposits. Customers can earn loyalty points for transactions such as depositing money, transferring money, and paying bills. These loyalty points can then be redeemed for airtime, cashback, and other rewards.

Conclusion 

There are several banks in Nigeria that offer high yield savings accounts. These accounts are a great way to make the most out of your savings by earning higher interest rates.

However, it’s essential to consider the minimum opening balance, interest rates, fees, and other requirements before opening an account. By doing so, you can make an informed decision and choose the right bank that meets your financial goals.

We hope that this article has been helpful in guiding you toward the best bank for a high yield savings account in Nigeria.