Access Bank, Zenith Bank, Fist Bank, others announce changes on deposits in Savings Accounts

LEGIT

Following the Central Bank of Nigeria’s (CBN) hike of the Monetary Policy Rate (MPR), Nigerian banks have announced new interest rates on savings accounts. One of Nigeria’s leading financial institutions, Access Bank announced in an email to customers that it reflects the new CBN interest rate on savings accounts ‘effective immediately.’ 

Other banks announce new interest rates

 Also, Zenith Bank, First Bank, FCMB, and Fidelity Bank, among others, announced new interest rates on savings accounts. 

According to the email from Access Bank, it increased the interest rate on all its savings accounts to 4.50% per annum. Also, Zenith Bank and other banks increased to similar rates to reflect the new MPR by CBN. 

During its last MPR meeting, CBN announced a new hike on the interest rate to 18% to combat rising inflation and a high standard of living in the country. 

The effect of interest rates on savings 

The effect of the quarterly hike in interest by CBN can be felt in purchasing power, the standard of living, and the hike in prices of consumer goods.