Nigerian Banks with the Highest Interest for Savings Account

Over 80 percent of Nigerians with bank accounts maintain a savings account. 

But the truth is that most savings account holders in Nigeria do not get their due interest due to negligence or indifference about the matter. 

They either exhaust their monthly withdrawal limit which effectively disqualifies them from receiving any interest, or do not open the right interest-yielding account. 

Infact, when most bank customers think about interest-based banking, they mostly think about fixed deposit and investment accounts.

However, there are people who want to enjoy the benefits of an investment account as well as that of a savings account.

They see the benefits and freedom of banking that comes with a savings account, but also do not like leaving money on the table.

In this economy, an interest as low as 2 percent per annum can represent a significant cash inflow if you maintain a substantial amount of money in your savings account.

So, how do you find the best savings account in Nigeria that will give you the best interest rate and the best value for your money?

In this post, we take a look at some of the Nigerian banks and fintechs that offer the best interest rates for savings accounts.

Let’s take a dive.


Branch may be recognized as a loan app by most users, but it is one of the most prominent fintechs driving financial inclusion in Nigeria.

On the Branch app, users can deposit money into their wallet or investment account.

The investment account works just like a savings account, and with no withdrawal or deposit limit.

They offer a whopping Interest of 20% per annum, which is payable every week, usually on Mondays.

It doesn’t matter how many withdrawals you make in a month, as there is no limit. It’s just like a freedom savings account.

One other good thing about Branch is that stamp duty isn’t charged for deposits above 10,000 Naira. Also, all transfers are made free of charge.

In my opinion, Branch epitomizes the freedom of banking for many Nigerians. Not only can you save on the app, you can also pay bills and get loans when needed.


Carbon, which is formerly known as Paylater, has rebranded from a loan-focused fintech to an all-inclusive mobile money operator.

Just like Branch, they offer an investment wallet that works like a traditional savings account.

There is no restriction on withdrawals, and you can cancel at any time.

Carbon pays up to 11% per annum depending on the plan you choose, and the interest is accrued daily on the available balance.

It’s interesting to see your money grow on a daily basis with no obligation attached.

Carbon also offers bill payment and loan services in case you need those.

Piggyvest Piggyflex 

The Piggyvest Piggyflex account is the ultimate flex.

It is like a savings account on your mobile phone. All you have to do is transfer money to the personal account number attached to your wallet, and see your money continue to grow.

Piggyflex offers an interest of 7% per annum which is accrued daily on your available balance. 

The interest is usually claimable at the end of the month. If you forget to claim your interest for any previous month, you can still rewind and claim them into your Piggyflex account. 

One interesting thing about Piggyflex is that you can create different wallets and distribute your savings to each.

This helps you save for specific tasks, as well as monitor your savings in tranches.

FCMB Premium Savings 

If you are a traditional saver who is yet to catch the fintech bug, and you’d like to save with a traditional bank for higher interest, then FCMB is your ultimate plug.

The FCMB Premium Savings account offers above market interest rate and is ideal for customers who are saving specifically to grow their funds.

That means limited withdrawals and multiple cash inflows.

The FCMB Premium Savings account offers an attractive interest rate of 4% per annum, which is above the bank market rate of 1.15%.

The interest is paid monthly and is subject to the amount of withdrawals done on the account for each month.

With this account, you have the flexibility of withdrawal, but can only do so a maximum of 4 times per month if you want to receive your interest for that month.

If you make more than 4 withdrawals in a month, you’d have to forfeit the interest for that month.

The FCMB Premium Savings account also offers you a cheque book for third-party withdrawals and less charges on transactions.




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