Top 5 Best High-Interest Savings Accounts in Nigeria

Everyone wants to see their money grow over time. One of the most effective ways to do this is to put your money in a high-interest savings account.

Traditional banks in Nigeria offer high-yield savings accounts with annual interest rates of between 1-3%. However, online money saving apps offer much higher interest rates, at least 10%. This is because online apps have lower operating expenses than traditional banks. They do not have to maintain a network of branches, so they can pass on the savings to their customers in the form of higher interest rates.

If you are looking for a way to grow your money, a high-interest savings account is a great option.

Why online savings apps offer better interest rates on savings

There are a few reasons why online savings apps offer better interest rates on savings than traditional banks.

  • Lower operating expenses. Online savings apps do not have the same overhead costs as traditional banks. They do not have to maintain a network of branches, so they can pass on the savings to their customers in the form of higher interest rates.
  • Less competition. The online savings market is still relatively new, so there is less competition than in the traditional banking market. This allows online savings apps to offer higher interest rates in order to attract customers.
  • Technology. Online savings apps use technology to automate many of the tasks that are done manually at traditional banks. This allows them to save money and pass on the savings to their customers.

As a result of these factors, online savings apps are able to offer significantly higher interest rates on savings than traditional banks. For example, some online savings apps offer interest rates of up to 10%, while traditional banks typically offer interest rates of 1-3%.

5 best high-yield interest savings accounts in Nigeria


Piggyvest is a popular savings app in Nigeria that offers users a range of savings options, including flexible savings plans and target savings accounts. The app allows users to set up automatic savings and track their spending. This app offers interest rates of up to 13% per annum on savings.


Like Piggyvest, Cowrywise is an online saving app with a range of savings options like  short-term and long-term savings plans, as well as emergency savings accounts. This app offers interest rates of up to 12% on savings, allows users to set up automatic savings, and invest their money in mutual funds.

Alat by Wema Bank


Alat by Wema is a digital bank that offers a range of savings options. It has flexible savings and savings for specific goals. It also offers a high interest rate of up to 10% per annum and provides tools to help users manage their money and track their spending.


FairMoney is a popular loan app and digital bank in Nigeria that can boast two great savings wallets. The first is FairSave. FairSave gives 10% interest P.A. allows you access your savings whenever you want without charging for withdrawals. It also gives daily interest alerts on your savings. 

The second is FairLock. FairLock is a fixed deposit savings wallet that offers up to 18% interest rates P.A. which makes it a safe investment and one of the best interest rates on savings. As the name implies, FairLock involves locking your savings. Users pick a tenure to “lock” their funds and only get it when the tenure expires. This promotes savings discipline and helps you meet your savings goals. The interest rate you get depends on the duration, the longer the lock, the higher your interest rate.

Kuda Bank

Kuda is a digital bank that offers a range of savings options, including fixed deposits and flexible savings. It also offers a high interest rate of up to 10% per annum and allows users to easily transfer money in and out of their accounts.

Though online savings apps provide high interest savings accounts for Nigerians, most of them are still relatively new and do not yet have the track record of traditional banks.

Although they are regulated by the CBN and deposits in them are insured by the NDIC, some might still not trust their long term survivability.

If you would prefer to keep your money in traditional banks, here are some of the best high-interest savings accounts available in Nigeria.

1. Fidelity Bank High Yield Savings Account (HYSA Account)

Fidelity Bank currently offers the highest interest rates for savings deposit accounts (target) in Nigeria in 2022 – 3.3%. The current Fidelity Bank HYSA savings accounts interest yield tandem the highest volume, is actually the highest observed. This makes Fidelity Bank the best bank to save money in Nigeria right now.

Features and Benefits
  • View the interest table below:
Balance fromBalance toInterest Accrued
  • You earn an extra 1% bonus interest if your withdrawals are not made in six(6) months. 
  • Interest is paid monthly
  • Debit card of choice at normal price
  • Cheque, cash, and warrant deposits are allowed
  • Access to internet banking services granted
  • Minimum operating balance of ₦5,000
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2. Access Bank HIDA Account

Features and Benefits
  • Operating balance of ₦500. You will be penalized (₦150) if you allow your balance go below the minimum operating balance.
  • Interest on the HIDA account accrues daily and is paid monthly
  • View HIDA’s expansive interest table below:
a. ₦0 – ₦100,0000.50%
b. ₦100,000 – ₦4,999,9991.50%
c. ₦5,000,000 – ₦99,999,9992%
d. ₦100,000,000 – ₦249,999,9992.50%
e. ₦250 million and above2.15%
  • Gives you the convenience and flexibility of depositing cash, other banks cheques, and dividend warrants at any of our branches.
  • Enjoy 4 free withdrawals without forfeiture of credit interest payment on available balances maintained.
  • Encourages you to save as the account does not come with a debit card
  • The convenience of being able to transfer money between your own Access Bank accounts in the branch, online, or over the phone (if you are registered for Access/Diamond online and Access/Diamond mobile)
  • A penalty charge of N150 if the balance goes below N5,000

3. UBA Target Account

Features and benefits
  • View UBA’s Target Account interest table below:
N50,000 – N99,9991.05%
N100,000 – N999,9991.10%
N1,000,000 – N4,999,9991.15%
N5,000,000 – N999,999,999,9991.20%
  • Minimum Opening Bal: N50,000
  • Minimum Operation Bal: N50,000
  • Deposit of OBCs and Dividend Warrants allowed
  • Debit Card available
  • Withdrawal across the counter – Free
  • Interest is forfeited after 4 withdrawals in a month
  • Funds transfer allowed within and outside the bank
  • Online, Mobile Banking, USSD etc.

4. GTBank Target Savings Account (GT-Target)

Features and benefits
  • 1.15% interest rate per annum and additional 1% bonus interest to customers who maintain Standing Order deposit for 1 year.
  • GT Target is a non-transactional account and can be opened on Internet Banking or at any GTBank branch.
  • Minimum mandatory standing order of N5,000
  • The regularity of the Standing Order can be monthly, quarterly, semi-annually and annually.
  • Your GT Target interest accrues daily and is capitalized every 6 months.
  • Savings in GT Target has to be maintained consistently for at least 6 months to qualify for interest.
  • No cash withdrawals from the account but 3rd party transfers into the GT Target can be done.

5. Polaris Bank – Polaris Wise

Polaris Wise is a 3-in-1 high yield savings account that combines the features of a savings, current and fixed deposit account. It encourages you to save more to earn more.

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Features and benefits
N0 – N100,0001.15%
N100,000 – above2%
  • Minimum opening and operating balance of N10,000
  • Debit card issuance
  • Non-clearing cheque book on request
  • Lodgement of cheques/dividend warrants of up to N2million; For cheques above N2million, references will be provided
  • Access to e-channel platforms

6. Standard Chartered Bank – eSaver Account

Standard Chartered offers a high yield savings account that encourages you to save for your future financial goals.

Interest rate on account could get up to 1.25%.

Features and benefits
  • Free monthly eStatements, online banking and e-alerts
  • Maximum of 2 withdrawals per month
  • 24/7 access to your account information and free transactions on our online and mobile banking.
  • Access to a variety of investment opportunities that suit your financial goals.
  • Zero minimum opening balance. Available in local currency only.
  • The more you save the more you earn.

7. Sterling Bank – Sterling Recurring Deposit Account (SRDA)

(SRDA) is an investment account designed for individuals that wants to save towards a specific financial target. Tenor ranges from 6 months – 5 years.

Features and benefits

• Interest rate of 1.15% – 2% p.a.
• Minimum monthly deposit of N5,000
• Premature termination before the end of tenor attracts 50% charge of accrued interest
• Automatic reversal of interest rate to the least rate on the product or regular savings account interest rate (whichever is lower) when the contract expires or if there is a default in any monthly contribution.
• No limit to the monthly deposits but not less than the minimum deposit of N5,000.
• Customers can access a credit card limit or personal loan of 80% of their investment value using the investment as cash collateral.

wrapping up

If you are looking for a way to grow your money, a high-interest savings account with an online savings app is a great option. However, it is important to do your research and compare different accounts before you choose one. Here are a few things to keep in mind when choosing a high-interest savings account:

  • Interest rate: This is the most important factor to consider. You want to choose an account with the highest interest rate possible.
  • Fees: Some high-interest savings accounts have fees, such as monthly maintenance fees or withdrawal fees. Make sure to factor these fees into your decision.
  • Minimum balance: Some high-interest savings accounts require you to maintain a minimum balance. If you cannot maintain the minimum balance, you may be charged a fee.
  • Accessibility: You want to choose an account that is easy to access. Some high-interest savings accounts only allow you to make withdrawals at certain ATMs or branches. Make sure to choose an account that will meet your needs.

Once you have chosen a high-interest savings account, you can start saving your money and watch it grow. With a little effort, you can easily grow your money and reach your financial goals.

Ibrahim Ismail

A passionate and highly skilled individual who has seamlessly blended the worlds of statistics, technology, and finance.

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