Compare savings & fixed deposit rates in Nigeria
🎯 Not sure which is right for you? Get a personalised plan ranked for your situation. Get my plan →
Best for mutual funds
Cowrywise
★★★★☆
SEC-licensed platform (not a bank)
Regulation
Not NDIC-insured
Deposit Safety
~7–20%/yr (fund-dependent)
Typical Return
Mutual funds, naira + dollar, Halal
Best For
instant
Access
Pros
- SEC-licensed; largest pool of mutual funds
- Naira + dollar funds, plus Halal options
- Strong automation and transparency
Cons
- Not a bank — NOT NDIC-insured
- Returns vary with the fund and are not guaranteed
- Locked plans limit access before maturity
Fees, eligibility & documents
Fees
Account/monthly feeNone
Fund management feeApplies (varies by fund)
Early withdrawalLocked plans forfeit interest before maturity
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account to fund and withdraw
Documents needed
- BVN
- Valid ID (NIN, passport or driver's licence)
- Phone number / selfie for KYC
Most popular
PiggyVest
★★★★☆
SEC-registered (not a bank)
Regulation
Not NDIC-insured
Deposit Safety
~5–20%/yr savings; up to ~35% invest
Typical Return
Saving discipline + auto-save
Best For
instant
Access
Pros
- Excellent for building a saving habit (auto-save, locks)
- Higher rates than banks (money invested for you)
- Huge user base + track record
Cons
- Not a bank — NOT NDIC-insured
- Higher investment returns carry higher risk
- Safelock/target funds are locked until maturity
Fees, eligibility & documents
Fees
Monthly feeNone
Early-withdrawal feeOn locked Safelock/Target before maturity
InvestifyProduct-level fees vary
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account to fund and withdraw
Documents needed
- BVN
- Valid ID (NIN, passport or driver's licence)
- Phone number / selfie for KYC
Most established
Stanbic IBTC Asset Management
★★★★☆
SEC-regulated asset manager (bank-backed)
Regulation
Fund, not an NDIC deposit
Deposit Safety
Money-market fund ~12–18%/yr
Typical Return
Established, institutional trust
Best For
instant
Access
Pros
- Long-established, bank-backed asset manager
- Money-market fund (T-bills/commercial paper) + mutual funds
- Institutional-grade governance
Cons
- A fund, not an NDIC-insured deposit
- Returns track market rates and are not guaranteed
- App/UX less slick than the fintech apps
Fees, eligibility & documents
Fees
Fund management feeApplies
Monthly account feeNone
WithdrawalPer fund terms
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account to fund and withdraw
Documents needed
- BVN
- Valid ID (NIN, passport or driver's licence)
- Phone number / selfie for KYC
Best for dollar
Risevest
★★★★☆
SEC-registered (US custodians)
Regulation
Not NDIC; FX + market risk
Deposit Safety
~7–10%/yr in USD (+ naira upside)
Typical Return
Dollar / global exposure
Best For
fixed
Access
Pros
- Dollar exposure hedges naira depreciation
- Access to US stocks, real estate and fixed income
- Assets held via US-based custodians
Cons
- Higher risk — equities/real estate can fall
- FX and market risk on top of platform risk
- Not NDIC-insured
Fees, eligibility & documents
Fees
Management feeAnnual fee (no per-trade commission)
FXNaira-to-USD conversion spread
AccessSome plans locked for a set term
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account to fund and withdraw
Documents needed
- BVN
- Valid ID (NIN, passport or driver's licence)
- Phone number / selfie for KYC
i-invest
★★★★☆
SEC-regulated platform
Regulation
Not NDIC-insured
Deposit Safety
T-bills ~17%/yr (indicative)
Typical Return
T-bills, Eurobonds, fixed income
Best For
fixed
Access
Pros
- Direct access to T-bills (FGN-backed) + fixed income
- Lower-risk end of the spectrum
- One app for several fixed-income products
Cons
- Platform itself is not NDIC-insured
- Fixed terms limit access to your money
- Yields track CBN rates — they move
Fees, eligibility & documents
Fees
Monthly account feeNone
Product feesMay apply per instrument
AccessFixed terms limit early access
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account to fund and withdraw
Documents needed
- BVN
- Valid ID (NIN, passport or driver's licence)
- Phone number / selfie for KYC
Best for saving and borrowing in one app
FairMoney Savings
★★★★☆
None for savings plans
Monthly Fee
CBN microfinance bank
Licence
NDIC-insured (to ₦2m, MFB tier)
Deposit Safety
Locked savings alongside quick loans
Best For
digital
Type
Pros
- Flexible, locked, goal and dollar plans in one app
- Deposits sit in a licensed microfinance bank with NDIC insurance
- Advertised locked-savings rates are among the highest in the market
Cons
- The brand is lending-first; the app pushes loan offers alongside savings
- Headline rates apply to locked tenors — flexible savings earn much less
- A microfinance bank, so NDIC cover is the lower ₦2m tier, not a commercial bank's ₦5m
Fees, eligibility & documents
Fees
Account/plan feeNone advertised
Early withdrawal from locked plansBreaks the plan's interest terms — check in-app before locking
Eligibility
- Nigerian resident with a smartphone
- Valid BVN
- 18 or older
Documents needed
- BVN and phone number
- Valid government-issued ID for full verification
Optimus by Afrinvest
★★★★☆
None advertised
Monthly Fee
SEC funds/portfolio manager (stated)
Licence
Investment products — capital at risk, not NDIC deposit insurance
Deposit Safety
Stepping up from saving into fixed income
Best For
digital
Type
Pros
- Backed by Afrinvest, a long-established Nigerian investment house
- Low entry point — flexible plans start from ₦1,000
- Ladder from simple savings into T-bills, commercial paper and equities in one app
Cons
- These are managed investments, not insured bank deposits — capital is at risk
- Locked plans run 60 days to 2 years; money is genuinely tied up
- Advertised plan rates are modest next to the money-market funds it competes with
Fees, eligibility & documents
Fees
Plan feesNone advertised on savings plans
Early exit from OptiLockLock-in applies for the chosen tenor
Eligibility
- Nigerian resident
- 18 or older
- BVN for identity verification
Documents needed
- BVN
- Valid ID
- Passport photograph for account verification
Best for money-market investing
ARM Money Market Fund (ARM One)
★★★★☆
None; fund management fee applies within the fund
Monthly Fee
SEC-registered unit trust; ARM is a SEC-registered fund manager
Licence
Mutual fund — capital at risk, not an NDIC-insured deposit
Deposit Safety
Parking cash at money-market yields
Best For
digital
Type
Pros
- SEC-registered fund run by a manager with over 30 years' track record
- Low minimum initial investment and small top-ups
- Underlying assets are short-term, high-quality money-market instruments
Cons
- Not a bank deposit — no NDIC insurance and yields move with the market
- Management fees inside the fund reduce the return you actually receive
- Withdrawals settle through the fund, so access is slower than a bank account
Fees, eligibility & documents
Fees
Entry feeNone advertised
Fund management feeCharged within the fund; see the fund prospectus
Eligibility
- Open to individuals; minors can be covered via parents/guardians
- BVN required
- Nigerian bank account for redemptions
Documents needed
- Valid ID
- BVN
- Passport photograph and bank account details
UBA Target Account
★★★★☆
No maintenance fee advertised on the product page
Monthly Fee
CBN commercial bank
Licence
NDIC-insured (to ₦5m, commercial bank tier)
Deposit Safety
Disciplined goal saving with branch backup
Best For
traditional
Type
Pros
- Big-bank safety: commercial-bank NDIC tier plus a nationwide branch network
- Tiered interest that rises with your balance
- Full channel access — app, USSD, debit card and counter withdrawals
Cons
- ₦50,000 minimum opening and operating balance is steep for small savers
- Interest is forfeited after the fourth withdrawal in a month
- Advertised rates trail the digital savings apps this account competes with
Fees, eligibility & documents
Fees
Opening balance₦50,000 minimum (also the minimum operating balance)
Excess withdrawalsMore than 4 in a month forfeits that month's interest
Eligibility
- Open to salary earners, traders, students and other individuals
- Ability to hold the ₦50,000 minimum balance
Documents needed
- Completed account-opening form
- Valid ID (passport, driver's licence, voter's card or national ID)
- Recent utility bill and passport photograph
GTBank Savings (GTSave / GT Target)
★★★★☆
Standard CBN-regulated savings tariffs apply
Monthly Fee
CBN commercial bank (GTCO group)
Licence
NDIC-insured (to ₦5m, commercial bank tier)
Deposit Safety
Goal saving inside a big-bank relationship
Best For
traditional
Type
Pros
- Full commercial-bank safety net and NDIC cover at the ₦5m tier
- GT Target adds structured goal saving on top of the ordinary GTSave account
- Deep channel mix — internet banking, mobile app, *737# USSD and branches
Cons
- Savings rates at the big incumbents sit well below digital-app headline rates
- Goal accounts discourage early withdrawal — dipping in costs you interest
- Branch-grade paperwork if you want more than a basic tier
Fees, eligibility & documents
Fees
Account maintenancePer CBN's regulated bank-charges guide
Early withdrawal (GT Target)Breaking the savings pattern affects interest earned
Eligibility
- Individuals resident in Nigeria
- BVN required
- Minors via Smart Kids Save with a parent/guardian
Documents needed
- Valid ID
- BVN
- Passport photograph; utility bill for full-tier accounts
First Bank Savings Account
★★★★☆
None stated on the product page — confirm before opening
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Savers who want a large nationwide branch network behind their account
Best For
traditional
Type
Pros
- Zero account opening amount and a N100 minimum operating balance, per First Bank's page
- Transactions can be carried out at any FirstBank branch nationwide
- Clear upgrade path to FirstSavings Plus, a hybrid savings-current account with cheque access
Cons
- The interest rate is not published on the product page — you have to ask before opening
- Opening is form-led: download, complete and submit at a branch, slower than app-first rivals
- Digital onboarding lags the fintech savings apps already on this page
Fees, eligibility & documents
Fees
Account openingN0 (per First Bank's page)
Minimum operating balanceN100 (per First Bank's page)
Monthly maintenanceNot stated on the product page
Eligibility
- Every individual can apply, per First Bank's page
- Joint accounts available via a separate joint-holder form
Documents needed
- Valid ID (BVN, national ID, international passport or driver's licence)
- Utility bill (electricity, water or rent receipt)
- Two passport-sized photographs
Union Bank UnionSave
★★★★☆
None stated on the product page — confirm before opening
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Students and first-time savers starting with small amounts
Best For
traditional
Type
Pros
- Advertised 7.95% per annum on Union Bank's site at the time of this review — check the current figure before opening
- Low N2,500 minimum opening balance, per the bank's page
- A clear ladder upwards: UnionSave More and UnionSilver lift the caps as your balance grows
Cons
- Capped: N50,000 maximum single deposit and N300,000 maximum daily cumulative balance, per the bank's page
- N1,000 daily minimum operating balance must stay in the account
- Advertised savings rates move with the rate environment — the published figure can lag
Fees, eligibility & documents
Fees
Account opening balanceN2,500 minimum (per Union Bank's page)
Minimum operating balanceN1,000 daily (per Union Bank's page)
Monthly maintenanceNot stated on the product page
Eligibility
- Individuals, including students and first-time savers
- Bank Verification Number (BVN) required
Documents needed
- Duly completed account opening form
- Passport photographs
- BVN and valid means of identification
Stanbic IBTC Bank Personal Savings
★★★★☆
Not stated on the product page — confirm before opening
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Savers who want bank-deposit safety with everyday access, not a fund
Best For
traditional
Type
Pros
- No minimum opening balance, per Stanbic IBTC Bank's page
- No notice period — withdraw or transfer anytime
- Full channel access: mobile app, internet banking, *909# USSD and a debit card
Cons
- The interest rate is not published on the product page
- Easy to confuse with Stanbic IBTC's money-market fund products, which are investments, not NDIC-insured deposits
- Fees are not itemised on the product page
Fees, eligibility & documents
Fees
Minimum opening balanceNone (per Stanbic IBTC Bank's page)
Monthly maintenanceNot stated on the product page
Eligibility
- Individuals resident in Nigeria
- Can be opened via *909#, the mobile app or internet banking
Documents needed
- Two passport photographs
- Valid means of identification
- Utility bill showing physical address
Wema Bank Personal Savings
★★★★☆
Not published online — confirm with the bank
Monthly Fee
CBN-licensed commercial bank (NDIC commercial-bank register)
Licence
NDIC-insured — cover up to N5m per depositor (2024 limit)
Deposit Safety
Savers who want a long-established bank branch behind a simple savings book
Best For
traditional
Type
Pros
- Interest retained on up to four withdrawals a month, per Wema's support portal
- Long-established commercial bank on the NDIC register
- Goal-based sister products (SmartSave) and a youth account (Purple) under the same roof
Cons
- The headline rate published in Wema's support material is dated and low — confirm the current rate before opening
- Exceeding four withdrawals in a month forfeits that month's interest
- Wema's main site publishes very little product detail — most figures must be confirmed in-app or in-branch
Fees, eligibility & documents
Fees
Monthly maintenanceNot published online — confirm with the bank
Withdrawal ruleInterest forfeited for the month after more than 4 withdrawals (per Wema's support portal)
Eligibility
- Individuals resident in Nigeria
- BVN required
Documents needed
- Duly completed account opening form including signature mandate card
- BVN and one passport photograph
- Valid ID and evidence of residential address
Non-interest
Jaiz Bank Savings (Mudarabah)
★★★★☆
Not published on the bank's site — confirm in-branch
Monthly Fee
Non-interest bank (NDIC non-interest bank register)
Licence
NDIC-listed insured institution
Deposit Safety
Savers who avoid interest on principle and want profit-sharing instead
Best For
traditional
Type
Pros
- A genuine alternative for savers who do not take interest: Mudarabah profit-sharing, not an interest rate
- Profit distributed monthly based on your balance and the pre-agreed sharing ratio
- Longest-running non-interest bank in Nigeria, listed on the NDIC register
Cons
- Returns depend on the bank's investment performance — there is no fixed, guaranteed rate
- The profit-sharing ratio is agreed at account opening and is not published online
- The website publishes very little product detail — minimums and fees must be confirmed with the bank
Fees, eligibility & documents
Fees
Monthly maintenanceNot published on the bank's site
Profit-sharing ratioAgreed at account opening; not published online
Eligibility
- Individual applicants (the model is open to customers of any faith)
- Account operates under Mudarabah terms agreed with the bank
Documents needed
- Standard bank KYC (valid ID, photograph, BVN) — confirm the exact list with Jaiz, as it is not published on the site
Non-interest
LOTUS Bank Savings (Mudarabah)
★★★★☆
Not published on the bank's site — confirm with the bank
Monthly Fee
Non-interest bank (NDIC non-interest bank register)
Licence
NDIC-listed insured institution
Deposit Safety
Ethically-minded savers in the south who want a non-interest option beyond Jaiz
Best For
traditional
Type
Pros
- Shariah-compliant profit-and-loss sharing savings rather than interest
- Modern digital channels: *5045# USSD, mobile app and online banking
- On the NDIC's register of insured non-interest banks
Cons
- A young bank with a smaller footprint than the big commercial names on this page
- Publishes little product detail online — sharing ratios, minimums and fees must be confirmed
- Returns are not fixed; they depend on the performance of the bank's financing
Fees, eligibility & documents
Fees
Monthly maintenanceNot published on the bank's site
Profit-sharing ratioAgreed with the bank; not published online
Eligibility
- Individual applicants (open to customers of any faith)
- Account operates under Mudarabah terms agreed with the bank
Documents needed
- Standard bank KYC (valid ID, photograph, BVN) — confirm the exact list with LOTUS Bank, as it is not published on the site
