Are you interested in learning about the best 13 high yield interest savings accounts in Nigeria (June 2022)? Read along with me.
High yield savings accounts are designed to make you rich, but they are a great place to save money when you’re saving for your emergency funds or other large purchases.
A great part of being financially stable is saving money.
Before planning out your savings, one of the important things to decide first is where to keep your money.
Definition of High Yield Interest Savings Account
A high yield savings account is a savings account that offers an interest rate that is slightly higher than what is offered at normal bank accounts.
High yield savings accounts are flexible, easy ways to earn money while you are saving.
Best 13 High Yield Interest Savings Accounts in Nigeria
The best 13 high yield interest savings accounts in Nigeria include:
- Access Bank HIDA account
- Fidelity Bank high yield savings account
- FCMB Premium savings account
- UBA Target account
- GTBank Target savings account
- UnionKorrect account (Dai Dai, Qatar, and Exclusive)
- Save4me, EazySave Classic account, and EazySave premium accounts from Zenith bank
- Keystone Bank HISA
- Polaris Wise account from Polaris bank
- eSave account at Standard chartered bank
- Sterling recurring savings account (SRSD) with sterling bank
- Target saving account at Unity bank PLC
- HB Plus Hybrid account at Heritage bank PLC
1. Access Bank HIDA Account
Because it still provides poor savers with lesser interest yields, the Access HIDA savings account is the second runner-up on this list.
Features:
- #500 is the operating balance. If you let your balance go below the required operating balance, you will be fined #150.
- The HIDA account’s interest accrues daily and is paid monthly.
- If the balance falls below#5,000, there will be a #150 penalty.
- Opening Balance Requirement: #100,000
- Operating Balance Requirement: #500
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2. Fidelity Bank High Yield Savings Account (HYSA Account)
Fidelity Bank offers a higher interest rate on savings than the other 21 deposit money banks in 2022, paying an average of 3.5 percent.
As a result, Fidelity Bank is currently Nigeria’s best bank for saving money.
- If your withdrawals are not made within six (6) months, you will receive an additional 1% bonus interest.
- Interest is paid monthly. And it has a #5,000 minimum operating balance.
Features
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3. Premium Savings Account with FCMB
The most lenient account on this list must be this one. This is so because you can withdraw three times from your account before losing interest.
One of the greatest high-interest savings accounts in Nigeria is provided by FCMB.
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Feature
- When you deposit N100,000 or more, FCMB’s Premium Savings Account offers a deposit rate of up to 1.15 percent.
4. UBA Target Account
The UBA Target account is 2022 high-interest savings account created especially for people to save money for a certain purpose or goal.
Like the other options on this list, it gives consumers the ease of saving money and making the most of their assets while allowing them flexible access to their accounts whenever they choose.
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Features
- The minimum Opening Balance is #50,000 and the Minimum Operational Balance is: #50,000
- Deposits of #50,000–#99,999 have an interest rate of 1.05%
- Deposits of #100,000–#999,999 have an interest rate of 1.10%
- Deposits of #1,000,000–#4,999,999 have an interest rate of 1.15%
- Deposits of #5,000,000–#999,999,999,999 have an interest rate of 1.20%
5. GTBank Target Savings Account
One of the greatest high-income savings accounts in Nigeria is offered by the Guarantee Trust Bank and is known as GT-Target. Another account with a high-interest rate promotes saving for a specific goal.
This product is not easily accessible to “new” clients in GTB. Only as a subsidiary of your primary account can a high-interest savings account exist in 2022. So, you have to be a customer of theirs before you can have the GT-Target. However, in a day, both the primary account and any sub-accounts can be opened.
With GT Target, you are assured of reaching your financial objectives, whether you are saving for your ideal wedding or have your sights set on a new car.
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Features:
- Customers that hold a Standing Order deposit for a year will receive 1.15 percent interest every year and an additional 1% bonus interest.
- A non-transactional account, GT Target, can be created online using Internet Banking or at any GTBank location.
- Standing orders must be at least #5,000.
- The Standing Order can be followed on a monthly, quarterly, semi-annual, or annual basis.
6. Target Savings Accounts at Union Bank
Unionkorrect
Tenured savings account with a future expense as its goal is the Unionkorrect account. Customers earn a 1.5 percent interest rate with a tenor of 4 years and a minimum monthly deposit of #5000, plus they have a chance to win cash prizes in the bi-annual draws.
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Unionkorrect has other savings accounts:
“Dai Dai”
Individuals with little disposable income are the intended market for the tenured savings account known as the Unionkorrect Dai Dai. Only 11 states in the northern region of Nigeria have access to this account.
Qatar
Customers of Union Bank can use this product to save money while also having the chance to win a round-trip flight to Qatar in 2022 to see the beautiful game.
An interest rate of 1.5 percent is offered to customers who save #5,000 per month for five years.
Exclusive
You will receive a greater interest rate on your savings thanks to the architecture of this product. In the quarterly draws, customers also have a chance to win cash rewards.
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7. Save4Me, EazySave Classic Account, and EazySave Premium Accounts from Zenith Bank
Customers who want to save money for a specific goal can do so with Save4me, a high-interest-generating account. For various objectives, the customer may open multiple target accounts.
The Target Savings account (SAVE$ME) at Zenith Bank pays 1.15 percent interest and has a minimum deposit of #10,000.
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8. For Keystone bank HISA
High interest saving account at keystone bank allows you to own a joint account with someone you trust or your partner. It yields interest, which is payable monthly. The interest rate is 1.15%.
250,000 to 999,999 yield 1.75% monthly while 1,000,000 to 4,999,999 yeilds an interest of 2%. Also, 5,000,000 is valued at 2.5% monthly.
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9. Polaris bank -Polaris Wise
Polaris Wise account is one of the best 13 high yield interest savings accounts in Nigeria. The Polaris Wise account combines the benefits of savings, current, and fixed deposit accounts into one 3-in-1 high-yield savings account. Your savings will grow as a result of this.
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Features
- A deposit of #0 – #100,000 has an interest rate of 1.15%
- While #100,000 and above have an interest rate of 2%
- The minimum opening balance is #10,000
10. eSaver Account at Standard Chartered Bank
eSaver account at the standard chartered bank is one of the best 13 high yield interest savings accounts in Nigeria. High-yield savings account from Standard Chartered encourages you to put money aside for your long-term financial objectives.
Feature:
- The account’s interest rate might reach 1.25 percent.
11. Sterling Recurring Deposit Account (SRDA) with Sterling Bank
Sterling bank’s recurring deposit account is one of the best 13 high yield interest savings accounts in Nigeria. SRDA is an investment account created for people who want to put money away for a particular goal. Tenure is between six months and five years.
Features
- A 1.15 percent to 2 percent annual interest rate range.
- A 5,000 Naira minimum monthly deposit
- A 50% charge of accumulated interest is applied to premature termination before the end of the tenure
- When the contract expires or if there is a default in any monthly contribution, the interest rate will automatically reverse to the lowest rate on the product or the interest rate on a regular savings account, whichever is lower.
- There is no limit to monthly deposits, but the minimum deposit must be #5,000.
12. Target Savings Account at Unity Bank Plc.
The target savings account from Unity Bank is a product for all types of businesses that need to set aside money for projects and earn income. it is one of 2022’s high-interest savings account
Feature
- Flexible initial opening balance of #2,000 and an ongoing running balance of #5,000
13. HB Plus Hybrid Account from Heritage Bank Plc.
Heritage Bank offers a high-yield savings account called the HB Plus Hybrid Account.
Features
- Initial Balance: #10,000
- A #10,00 minimum balance (a monthly charge of #100 if the balance falls below #10,000)
- 1% extra bonus on the standard interest rate
About the Best 13 High Yield Interest Savings Accounts in Nigeria
Some Nigerian banks provide greater interest rates to customers who save money with them, while others pay less than the regulatory-mandated minimum rate of 1.25 percent per annum.
On 24th May 2022, the Central Bank of Nigeria (CBN) reduced the minimum interest payable on savings placed in banks across the country to 13% of the Monetary Policy Rate (MPR).
Every other interest rate utilized in an economy is based on the MPR, which serves as the foundational interest rate for that economy.
The current MPR is 13 percent. This means that banks must pay an average interest rate of 13 percent to clients who save with them.
Some tier two and tier three banks are reportedly offering higher interest rates on savings accounts as a strategy to draw in consumer deposits.
Conclusion
High interest savings account with banks is possible. Some offer higher rates than others. However, before you save with any bank in Nigeria, make sure you read and understand the terms of their savings account.
Read and understand also the terms and conditions applied and taxes to be charged when you make a withdrawal or buy airtime from your savings account fund. Be sure to understand the full details surrounding their savings account to avoid any sad stories.
Saving banks can be a great way to earn a higher rate and ensure your money stays protected. You can target the savings towards achieving a plan.
