New Rates: CBN Releases How Much Access, UBA, Other Banks Pay Customers for Savings
by Dave Ibemere, https://www.facebook.com/legitngnews · Legit.ng News · Join- Keystone Bank recorded the highest average savings deposit rate in October at 7.95%, compared with 8.10% in January
- Most banks reduced their reported savings rates from 8.10% in January to 6.90% in October
- Stanbic IBTC recorded the biggest increase, rising from 2.70% to 6.90%, while Ecobank's rate fell from 5.90% to 0.06%
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian banks recorded mixed movements in average savings deposit interest rates between January and October, with most lenders reporting lower rates in October.
A comparison of the figures shows that 21 of the 25 banks with October data recorded lower rates than their January figures, while Stanbic IBTC recorded a significant increase.
Keystone Bank offered the highest savings deposit rate in October at 7.95%, down slightly from 8.10% in January.
Ecobank recorded the sharpest decline, with its rate dropping from 5.90% to 0.06%. FCMB also reduced its rate from 4.25% to 3.90%.
First Bank of Nigeria and Globus Bank recorded rates of 6.90% in October, down from 8.25% and 8.18% in January, respectively.
January versus October savings deposit rates
The table below compares the average savings deposit interest rates reported by banks in January and October.
| Bank | January 2026 (%) | October 2026 (%) | Change (percentage points) |
| Access Bank | 8.10 | 6.90 | -1.20 |
| Alpha Morgan Bank | 8.10 | 6.90 | -1.20 |
| Citi Bank | 8.10 | 6.90 | -1.20 |
| Ecobank | 5.90 | 0.06 | -5.84 |
| FCMB | 4.25 | 3.90 | -0.35 |
| Fidelity Bank | 8.10 | 6.90 | -1.20 |
| First Bank | 8.25 | 6.90 | -1.35 |
| Globus Bank | 8.18 | 6.90 | -1.28 |
| Keystone Bank | 8.10 | 7.95 | -0.15 |
| Nova Bank | 8.00 | 6.90 | -1.10 |
| Optimus Bank | 8.10 | 6.90 | -1.20 |
| Parallex Bank | 8.10 | 6.90 | -1.20 |
| Polaris Bank | 8.10 | 6.90 | -1.20 |
| Premium Trust Bank | 8.10 | 6.90 | -1.20 |
| Providus Bank | 8.10 | 6.90 | -1.20 |
| Signature Bank | 8.10 | 6.90 | -1.20 |
| Stanbic IBTC | 2.70 | 6.90 | +4.20 |
| Standard Chartered | 8.10 | 6.90 | -1.20 |
| Sterling Bank | 8.10 | 6.90 | -1.20 |
| SunTrust Bank | 8.10 | 6.90 | -1.20 |
| Tatum Bank | 8.10 | 6.90 | -1.20 |
| UBA | 8.10 | 6.90 | -1.20 |
| Union Bank | 8.10 | 6.90 | -1.20 |
| Wema Bank | 8.10 | 6.90 | -1.20 |
| Zenith Bank | 8.10 | 6.90 | -1.20 |
CBN announces biggest interest rate cut
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has reduced its benchmark interest rate by 350 basis points to 23%, the largest cut to the Monetary Policy Rate (MPR) in the bank's history, in a move that could lower borrowing costs across the Nigerian economy.
CBN Governor Olayemi Cardoso announced the decision on Tuesday, September 22, 2026, following a two-day sitting of the Monetary Policy Committee (MPC) in Abuja. At its 307th meeting, the committee voted to bring the MPR down from 26.50% to 23%.
Alongside the rate cut, the MPC agreed to recalibrate the Standing Facilities Corridor to +50/-300 basis points around the MPR.