Top 10 High-yield Savings Accounts in Nigeria 

Top 10 High-yield Savings Accounts in Nigeria 

High-yield Savings Account in Nigeria

In a country like Nigeria, where financial stability and smart money management are vital, high-yield savings accounts have become a popular choice for those looking to maximize their financial potential.

Maybe you’re tired of your current bank’s low interest rates or you want to quickly and easily build your emergency fund. In both cases, a high-yield savings account is the way to go. 

But with numerous options available, it can be tough to choose the right one. Lucky for you, in this article, we’ll highlight the top 10 high-yield savings accounts and the best 5 online platforms to make your money work harder for you. 

What is a high-interest savings account?

A high-interest savings account is the opportunity to earn significantly more interest on your idle funds, without locking your money away in long-term investments 

These accounts are quite similar to your everyday savings account, but they have a special feature – they pay you interest on the money you keep in them. 

How do high-yield savings accounts work? 

Firstly, these accounts offer compound interest. This means you earn interest not only on the money you initially deposited (the principal) but also on the interest it has already earned. It’s like your money earning interest on top of interest, which can significantly boost your savings. 

The frequency of interest compounding varies from one account to another. Some do it daily, while others do it monthly. The more frequently interest compounds, the more you’ll earn over time, so it’s beneficial to choose an account with more frequent compounding. 

When it comes to withdrawals, you can take money out of your high-yield savings account up to six times per month (depending on the bank) without incurring any additional fees or risking the closure of your account. 

How to Choose the Right Savings Account 

Before Picking the perfect savings account, you should consider these factors: 

1. Minimum Deposit: Check the account’s opening deposit requirement. Go for the one with the lowest. 

2. Minimum Balance: Some accounts need you to keep a certain amount. Choose one without such restrictions or the one with the lowest. 

3. Service Charges: Ask about the annual, monthly or special fees. While you can’t avoid them entirely, opt for an account with lower charges without compromising quality. 

4. Withdrawal Limit: A regular savings account should offer unlimited withdrawals. Stick with those. But some apps offer only 3-4 withdrawals days a year. In the end, it depends on what you’re saving for.  

5. Interest Rate and Security: Look for high interest rates, but don’t neglect account security. A balance is vital. Make sure the institution complies with all the necessary regulations.  

6. Customer Service: Ensure the bank has responsive and reliable customer support. (should you need their help someday) 

Top 10 Traditional High-Yield Savings Accounts in Nigeria   

Although traditional banks are known for their drastically low interest rates, there are some who work hard to give you the best rates, so your money grows faster. 

In this section, I’ve compiled a list of the 10 best accounts from traditional banks that can help you make the most of your savings. 

S/N Bank Name Account Name  Annual Interest Rate Minimum Balance (N) 
Max Yield Savings Target Account 4.2% -6% 50,000 
Access Bank  HIDA account 4% -7% 500 
ALAT ALAT 8.75% – 
FCMB  iNest 12% 100,000 
Stanbic IBTC Max YielD Savings 6%. Up to 10% 100,000 
GTBank  GTCrea8 E-Savers 4.2% 1,500 
Heritage Bank HB plus 4.2% 5000 
Fidelity Bank HYSA Account 4.95% – 6.95% 5000 
Sterling Bank Classic Savings Account   N5,000 
10 Unity Bank High Yield Interest Deposit Account 4.5%   

United Bank for Africa 

Account Type: UBA Target Account 

The UBA Target account is a savings account designed for individuals to save towards a specific goal, such as children’s education, weddings, or further studies. It offers high-yield interest rates and provides flexible access to the account. 

Interest Rates and Minimum Balances: 

– ₦50,000 – ₦99,999: rate 4.20% 

– ₦100,000 – ₦4,999,999: rate 4.50% 

– ₦5,000,000 – ₦99,999,999.99: rate 6.00% 

– ₦100,000,000 – ₦249,999,999.99: rate 5.50% 

– ₦250,000,000 and above rate 5.50% 

Interest is forfeited after 4 withdrawals in a month, but the account offers features like debit cards, free withdrawals across the counter, and funds transfer within and outside the bank. Online, mobile banking, USSD, and more are also available for account management. 

Access Bank 

Account Type: High-Interest Deposit Account (HIDA) 

The High-Interest Deposit Account (HIDA) is a special deposit account designed to help you save for special projects or emergency funding. It allows you to maximize credit interest earned on your savings with tiered interest rates. The interest earned per annum accrues daily and is payable monthly. 

Interest Rates and Minimum Balances: 

– Less than ₦100,000: 5.25% p.a. 

– ₦100,000 – ₦4,999,999: 5.35% p.a. 

– ₦5,000,000 – ₦49,999,999: 5.45% p.a. 

– ₦50,000,000 – ₦99,999,999: 5.50% p.a. 

– ₦100,000,000 – ₦249,999,999: 6.50% p.a. 

– ₦250 million and above: 7.00% p.a. 

Additional Account Details: 

– Convenience of depositing cash, other bank cheques, and dividend warrants at any branch. 

– Enjoy 4 free withdrawals without forfeiting credit interest payments on available balances. 

– No debit card comes with this account. 

– You can 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 N300 if the balance goes below N5,000. 


Account Type: ALAT Interest 

ALAT offers an impressive interest rate of 8.75% per year for your savings. However, it’s important to clarify how this interest works. 

Interest Details: 

– ALAT offers 8.75% interest per year. 


Account Type: iNest 

The iNest account by FCMB is a high-yield savings account that encourages you to set and achieve your financial goals. With iNest, you can earn up to 12% per annum on your savings, providing an opportunity for substantial growth. 

Interest Details: 

– iNest offers interest rates of up to 12% per annum. 

– The interest earned is based on your savings balance and the duration for which you save. 

Stanbic IBTC 

MaxYield Account 

The MaxYield Account by Stanbic IBTC Bank is designed to accelerate your savings while providing flexibility for partial withdrawals in case of emergencies. It offers a range of benefits, including optional withdrawals, the ability to pay in cheques and dividend warrants, third-party withdrawals, and bonus interest. 

Interest Details: 

– Bonus interest of 0.5% plus 10% of MPR per annum if the daily balance is more than N100,000. 

– Interest of 10% of MPR per annum if the balance is less than N100,000 or if there are more than 1 withdrawal per month. 

– Interest is forfeited after the 5th withdrawal in a month. 

– Interest is paid monthly, subject to a 10% withholding tax. 

Guaranty Trust Bank Ltd 

Account Type: GTCrea8 eSavers Account 

The GTCrea8 eSavers Account by Guaranty Trust Bank is designed for undergraduate individuals aged 16 to 25. It is aimed at helping young account holders take their first steps towards financial independence. This account offers exclusive banking privileges and benefits tailored to the needs of students and young adults. 

Interest Details: 

– Interest rate of 5.25% per annum on the Account Balance. 

Heritage Bank 

Account Type: HB Plus Hybrid Account 

The HB Plus Hybrid Account is designed to offer a rich, rewarding, and convenient banking experience with the added benefit of earning interest on your savings. It’s suitable for individuals who want the flexibility of a current account with the added advantage of interest on their balances. 

Interest Details: 

– Normal interest rate with a 1% bonus. 

– 5% withdrawal fees on transaction amount for the Domiciliary Foreign Currency Account. 

Minimum Balance: 

– Opening Balance: N10,000 

– Minimum Balance: N10,000 (a monthly charge of N100 if the balance falls below N10,000) for the High-Yield Hybrid Account. 

– Opening Balance for Domiciliary Foreign Currency Account: 100.00 ($, £) 

– Minimum Balance for Domiciliary Foreign Currency Account: 10.00 ($, £) 

Fidelity Bank 

Account Type: High Yield Savings Account 

The Fidelity High Yield Savings Account is a flexible and rewarding savings option that allows customers to earn higher interest rates as their balances grow. It’s suitable for individuals who want to see their money grow over the long term. 

Interest Details: 

– Below N100,000: 5.625% p.a 

– N100,000 – N4,999,999: 6.375% p.a 

– N5m – N49,999,999: 7.075% p.a 

– N50m – N99,999,999: 6.875% p.a 

– N100m – N199,999,999: 6.725% p.a 

– N200m and above: 7.025% p.a 

Minimum Balance: 

– Open the account with any amount. 

– Minimum Operating balance of N5,000. 

Sterling Bank

Account Type: Classic Savings Account 

Description: The Classic Savings Account is an excellent choice for individuals looking to achieve their savings goals. It allows you to earn interest on your savings and conduct transactions conveniently. 

Interest Rate: 1.25% per annum (30% of MPR) 

Minimum Balance: 

– Minimum opening balance of N2,000.00 

– Daily minimum balance of N1,000 


– Access to a Debit Card 

– Access to Electronic Banking 

– Valid Identification 

– KYC (Know Your Customer) 

– SMS alert service 

Top 6 High Yield Saving Apps in Nigeria 

Online banks often offer higher interest rates than traditional banks because they don’t have the costs associated with physical branches. However, it’s essential to note that online banks may have certain requirements like minimum deposits or monthly fees, so it’s crucial to carefully read the terms and conditions before opening an account. In this section, we’d compile the 6 best hysa accounts. 

S/N Bank Name  Annual Interest Rate 
Moni 21% 
PalmPay 20% 
Branch Loan App 15% 
FairMoney 18% 
VBanm 16.5% 
Kuda 25% 

How to Calculate Your Interest

To calculate your monthly interest based on an annual interest rate, let’s consider an example: You deposit 100,000 Naira in an account with an annual interest rate of 15%. To find out how much you’ll earn every month, you can use the following formula: 

Monthly Interest = (Principal Amount x Annual Interest Rate) / 12 

In this case, the calculation would be: 

Monthly Interest = (100,000 Naira x 15%) / 12 = (15,000 Naira) / 12 = 1,250 Naira 

So, if you have 100,000 Naira in an account with a 15% annual interest rate, you’ll earn approximately 1,250 Naira per month. 

For a simpler way to determine your monthly earnings, you can use our savings calculator to see how much you would earn each month based on your specific deposit and interest rate. 

Benefits of a HYSA

Earning More: By keeping your money in a high-yield savings account, you can earn more in interest compared to a traditional checking account. This extra income can help your savings grow over time. 

Convenience: For traditional banks, these accounts are just as convenient to use as regular current accounts. You can write checks, make online payments, and access your funds easily through ATMs or online banking. 

Safety: High-yield savings accounts are typically offered by well-established banks and financial institutions, making them a safe place to store your money and begin your investment journey.  


To sum it up, high-yield savings accounts in Nigeria are a smart way to grow your money.

They pay more interest than regular savings accounts and provide the flexibility to access your funds when needed. This means you can earn a little extra while still enjoying the convenience of everyday banking. 

In the end, making smart financial choices is like having a good map. We encourage you to explore high-yield accounts in Nigeria and choose the one that fits your goals. Your financial journey starts with one step, and this could be the right one. 

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