A fixed deposit account is a savings option where individuals lock in a sum of money with a financial institution for a specified period, earning higher interest rates than regular savings accounts. These accounts are favored for their predictable returns and minimal risk, making them ideal for conservative investors.
Given Nigeria’s fluctuating economic climate, characterized by inflation and currency depreciation, fixed deposit accounts have become a more attractive investment option. They offer a stable way to grow your funds without exposure to the volatility of the stock market or forex trading. This article highlights the top five fixed deposit accounts in Nigeria with the best interest rates, helping you make informed decisions. Please note that rates and terms are subject to change; therefore, confirm details with the respective banks.
When reviewing the best fixed deposit accounts in Nigeria for 2025, we considered:
Interest Rates: How competitive and rewarding they are.
Minimum Deposit: Accessibility for different income levels.
Tenure Flexibility: Range of lock-in periods offered.
Reputation & Security: Trustworthiness of the institution.
Ease of Access: Whether you can apply and track deposits online.
This balanced approach provides a comprehensive overview of each account’s offerings and their suitability for various needs.● Overview: Rank Capital is a financial institution specializing in high-yield investment options.
● Interest Rates: Up to 27% per annum.
● Minimum Deposit: ₦500,000.
● Tenure Options: 90 - 365 days.
Why Choose: One of the highest-paying FDs in Nigeria, designed for investors with larger capital.
● Features:
○ Competitive interest rates for long tenures.
○ Personalized support for investors.
● Pros:
○ One of the highest interest rates in the market.
○ Ideal for large-scale investors.
● Cons: Higher minimum deposit requirement.
Looking for maximum returns? Apply for Rank Capital Fixed Deposit on nairaCompare
● Overview: Afrinvest Income portfolio is a fixed deposit product offering attractive rates.
● Interest Rates: Up to 19% per annum.
● Minimum Deposit: ₦100,000.
● Tenure Options: 30 - 365 days.
Why Choose: A structured income product combining safety with attractive yields. Backed by a trusted investment house.
● Features:
○ Flexible interest payout options.
○ Online account management is available.
● Pros:
○ High returns for microfinance institution standards.
○ Suitable for moderate investors.
● Cons: Limited branch network.
Secure your funds with confidence. Compare Afrinvest Income Portfolio today
● Overview: Renmoney offers a range of financial products tailored to individual and business needs.
● Interest Rates: Up to 12% per annum
● Minimum Deposit: ₦50,000.
● Tenure Options: 30 - 365 days.
Why Choose: Ideal for small to medium-sized investors seeking safe, short-term investments. Fully online application.
● Features:
○ Dedicated account managers for high-value deposits.
○ Customizable interest payout schedules.
● Pros:
○ High rates with personalized options.
○ Strong support for all risk types.
● Cons: Early withdrawal penalties apply.
New to fixed deposits? Open a Renmoney FD via nairaCompare
● Overview: PAC Asset Management is known for reliability and robust digital investment.
● Interest Rates: Up to 18% per annum (varies by tenure).
● Minimum Deposit: ₦250,000.
● Tenure Options: 90 - 365 days.
Why Choose: A professional-grade fixed income product with strong institutional backing.
● Features:
○ Online account management.
○ Interest payout flexibility (monthly or at maturity).
● Pros:
○ Easy application process online.
○ Strong customer service.
● Cons: Limited options for early withdrawal.
👉 For investors seeking a balance of safety and returns. Check PAC Asset Fixed Income Note
● Overview: Kuda offers a range of financial products tailored to individual and business needs.
● Interest Rates: Up to 10% per annum.
● Minimum Deposit: ₦50,000.
● Tenure Options: 30 - 365 days.
Why Choose: A digital-first bank that lets you set up FDs right from your mobile app.
● Features:
○ Easy application process online.
○ Flexible tenure options.
● Pros:
○ Accessibility for small to medium investors.
○ Transparent terms and conditions.
● Cons: Lower rates compared to Rank Capital.
Prefer banking on your phone? Explore Kuda Fixed Deposit on nairaCompare
Comparison Table
| Institution / Product | Interest Rate (Per Annum) | Minimum Deposit | Tenure Options | Key Features |
|---|---|---|---|---|
| Rank Capital Moni (Fixed Deposit) | Up to 27% | ₦500,000 | 90 – 365 days | Personalized investment support, very high yields |
| Afrinvest Income Portfolio (Fixed Deposit) | Up to 20% | ₦200,000 | 90 – 365 days | SEC-regulated, diversified income notes |
| Renmoney Fixed Deposit | Up to 15% | ₦50,000 | 30 – 365 days | Easy online setup, flexible tenures |
| PAC Asset Management – Fixed Income Note | Up to 18% | ₦100,000 | 90 – 365 days | Professional fund managers, institutional-grade |
| Kuda Microfinance Bank – Fixed Deposit | Up to 12% | ₦50,000 | 30 – 365 days | 100% digital account opening |
| Zenith Bank – Fixed Deposit | Up to 12% | ₦50,000 | 30 – 365 days | Strong bank reputation, flexible payout |
| GTBank – Fixed Deposit | 8–10% | ₦100,000 | 30 – 365 days | Reliable and widely accessible |
| First Bank – Fixed Deposit | 8–11% | ₦100,000 | 30 – 365 days | Legacy Bank, nationwide branches |
| UBA – Fixed Deposit | 8–10% | ₦100,000 | 30 – 365 days | Regional presence across Africa |
| Access Bank – Fixed Deposit | 9–11% | ₦100,000 | 30 – 365 days | Large network, trusted provider |
Traditional banks: Stable but lower rates (8–12%), great for risk-averse customers.
nairaCompare providers: Much higher returns (12–27%), with flexible digital options and shorter lock-in periods.
Selecting the right fixed deposit account goes beyond interest rates. Consider the following:
● Financial Goals: Short-term vs. long-term goals can influence your choice of tenure.
● Bank Reputation: Prioritize banks with strong financial stability.
● Penalties: Understand the terms for early withdrawals to avoid unexpected charges.
● Accessibility: Opt for banks with user-friendly online platforms and efficient customer service.
Opening a fixed deposit account in Nigeria is straightforward:
1. Compare products on nairaCompare’s FD listing page
2. Required Documents: Valid ID, proof of address, passport photos, and account opening forms.
3. Steps:
○ Visit the bank branch or their online platform.
○ Provide the required documents and select your preferred tenure.
○ Deposit the funds and receive confirmation.
4. Online Options: Many banks now allow online applications for convenience.
It depends on the provider. Some microfinance banks like Renmoney or Kuda accept as little as ₦50,000, while investment houses like Rank Capital require up to ₦500,000.
Most Nigerian banks and investment firms offer 30 to 365-day tenures, though some may extend up to 2 years. The longer your tenure, the higher the interest rate you’re likely to earn.
Yes, but early withdrawals usually attract penalties or reduced interest. Always confirm the terms before applying.
Tip: Compare withdrawal policies across providers from other investment products on nairaCompare
Yes. Fixed deposits are considered low-risk investments, especially when held with reputable banks or SEC-regulated institutions. However, inflation may reduce your “real” returns over time.
Yes. Interest earned is subject to a 10% withholding tax under Nigerian tax law. This is deducted automatically by your bank or investment house.
As of 2025, Rank Capital Moni Fixed Deposit offers one of the highest returns in Nigeria (up to 27% per annum).
7. Can I open a fixed deposit account online in Nigeria?
Yes! Many providers like Renmoney and Kuda allow you to set up and manage fixed deposits entirely online. Traditional banks often require a branch visit, but digital-first platforms are changing that.