Best Fixed Deposit Rates in Nigeria 2026: Up to 24% Per Annum — Full Bank Comparison

Fixed deposits are the safest way to earn a guaranteed return in Nigeria. Unlike savings accounts (where rates can change anytime), a fixed deposit locks in your interest rate for the agreed period. In 2026, with MPR at 26.5%, fixed deposit rates have risen significantly — here's how to find the best deal.

Fixed Deposit Rate Comparison — May 2026

Bank	30 Days	90 Days	180 Days	365 Days
Providus Bank	18%	20%	22%	24%
Stanbic IBTC	15%	17%	19%	21%
Polaris Bank	14%	16%	18%	20%
First Bank	12%	15%	17%	19%
GTBank	10%	13%	16%	18%
Zenith Bank	10%	13%	15%	17%
UBA	11%	14%	16%	18%

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Frequently Asked Questions

Which Nigerian bank offers the highest fixed deposit rate?+

As of May 2026, Providus Bank and some tier-2 commercial banks are offering up to 24% per annum on 365-day fixed deposits. Rates vary by amount, so negotiate for larger deposits.

Are fixed deposits safe in Nigerian banks?+

Yes. All deposits in CBN-licensed banks are insured by the NDIC (Nigerian Deposit Insurance Corporation) up to ₦500,000 per depositor. Amounts above this limit are not insured, so spread large savings across multiple banks.

Can I break a fixed deposit before maturity in Nigeria?+

Yes, but most banks charge a penalty of 1–2% of the principal or forfeiture of the interest earned. Some banks allow penalty-free early withdrawal in financial emergencies — check the terms before placing your deposit.

Disclaimer: CompareMarket NG is an independent comparison service. Information is verified against regulatory databases (NAICOM, CBN, FCCPC, NDIC, NERC, NCC) and updated regularly, but rates and products change frequently. Always verify current terms directly with the provider before making a financial decision. This is not financial advice.