Top 10 Best High Yield Savings Account in Nigeria

Top 10 Best High Yield Savings Account in Nigeria 2024

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Navigating the financial landscape in Nigeria can often feel overwhelming, especially when it comes to making the most of your savings. In a country where economic fluctuations are a constant reality, finding a safe and lucrative place to grow your money is essential. High yield savings accounts have emerged as a beacon of hope for savvy savers, offering interest rates that significantly outshine those of traditional savings accounts.

Whether you’re saving for a rainy day, planning a big purchase, or simply looking to make your money work harder for you, high yield savings accounts in Nigeria provide a compelling option. These accounts not only offer attractive interest rates but also come with various features that can enhance your savings journey.

In this blog post, we’ll delve into the best high yield savings accounts available in Nigeria. We’ll compare interest rates, fees, accessibility, and additional benefits to help you make an informed decision. Let’s embark on this financial journey and uncover the opportunities that lie in store for your savings.

What is a High-Yield Savings Account?

A high-yield savings account is a type of savings account that offers significantly higher interest rates compared to traditional savings accounts. These accounts are typically offered by online banks, credit unions, and some traditional banks. The higher interest rates allow your money to grow faster, making them an attractive option for individuals looking to maximize their savings.

How High-Yield Savings Accounts Work

High-yield savings accounts leverage the power of compound interest to help your money grow. Compound interest is calculated on both your initial deposit and the interest that accumulates over time.

Consider this example: if you deposit 100,000 naira into an account with a 10% annual percentage yield (APY) paid monthly, after the first month, you’ll have 100,000 naira + (10% of 100,000 / 12) = 100,000 + 833.33 = 100,833.33 naira.

In the second month, the 10% interest applies not just to your original 100,000 naira but also to the 833.33 naira earned in the first month. Thus, you get 10% of 100,833.33 / 12, which is about 840.28 naira, added to your balance. This compounding effect continues each month, accelerating your account’s growth.

Most high-yield savings accounts compound interest daily or monthly, maximizing the number of interest-earning periods in a year. The more frequently interest is compounded, the faster your balance grows, creating exponential growth over time without additional deposits.

However, these accounts typically limit withdrawals and transfers to a few free transactions per month. For emergencies, you can set up convenient access through attached debit cards or linked accounts, but be mindful that exceeding the free transaction limit can incur fees.

To benefit from the high advertised APYs, you usually need to maintain a minimum balance, often around 100,000 naira. If your balance falls below this threshold, you might earn a lower interest rate.

In summary, high-yield savings accounts offer a powerful way to grow your wealth automatically through regular, disciplined deposits. Understanding how compound interest works is essential to maximizing the benefits from these accounts.

Importance of High-Yield Savings Accounts

Higher Interest Rates: The most significant advantage of a high-yield savings account is the increased interest rate. This means your money earns more over time, helping you reach your financial goals quicker.

Inflation Protection: Higher interest rates help to mitigate the effects of inflation. With traditional savings accounts often offering rates that barely keep up with inflation, high-yield accounts provide a better chance of maintaining and increasing your purchasing power.

Safety and Security: High-yield savings accounts are typically insured by organizations such as the Nigeria Deposit Insurance Corporation (NDIC). This insurance protects your deposits up to a certain amount, ensuring that your money is safe even if the bank faces financial difficulties.

Liquidity: Unlike other high-interest investment options, high-yield savings accounts offer easy access to your funds. This liquidity makes them ideal for emergency savings, where you need to withdraw money without delay or penalty.

Low Risk: Compared to investments in the stock market or mutual funds, high-yield savings accounts offer a low-risk way to grow your money. The principal amount remains intact, and you continue to earn interest without worrying about market volatility.

How to Choose the Right High-Yield Savings Account

Selecting the right high-yield savings account can significantly impact how effectively your savings grow. Here are key factors to consider when making your choice:

Interest Rate (APY)

Look for accounts offering competitive annual percentage yields (APY). The higher the APY, the more interest you’ll earn over time.

Compounding Frequency

Interest can compound daily, monthly, or quarterly. Accounts with more frequent compounding will grow your savings faster. Daily compounding is usually the most beneficial.

Minimum Balance Requirements

Check the minimum balance needed to open the account and to earn the advertised high APY. Ensure you can consistently meet this requirement to maximize your interest earnings.


Be aware of any fees associated with the account, such as monthly maintenance fees, withdrawal fees, and transfer fees. Ideally, choose an account with minimal or no fees to avoid diminishing your returns.
Withdrawal and Transfer Limits

High-yield savings accounts often limit the number of withdrawals and transfers you can make each month. Ensure these limits fit your financial needs and that you can access your funds when necessary without incurring penalties.


Consider how easy it is to access your funds. Look for accounts that offer convenient online and mobile banking, ATM access, or linked accounts for easy transfers.
Bank Reputation and Security

Choose a bank with a strong reputation for customer service and reliability. Ensure that the bank is insured by the Nigeria Deposit Insurance Corporation (NDIC) to protect your deposits.

Additional Features

Some high-yield savings accounts offer additional perks like automatic savings tools, financial planning resources, or bonus interest rates for certain behaviors (like making regular deposits).

Top 10 Savings Account Online in Nigeria for 2024

1. Fidelity Bank High Yield Savings Account (HYSA)

Interest Rate: 6% on balances above 100,000 naira
Key Features: No opening balance requirements or monthly fees, free transfers to other Fidelity accounts, and savings can be used as collateral for loans.

2. Stanbic IBTC Max Yield Savings Account (MYSA)

Interest Rate: Tiered rates from 3% to 6%, with premium rates for balances over 2 million naira
Key Features: Free debit card, mobile and internet banking, and life insurance coverage. Ideal for high-net-worth individuals.

3. Access Bank High-Interest Deposit Account (HIDA)

Interest Rate: 5% on deposits above 100,000 naira
Key Features: Affordable minimum opening balance, extensive branch network for convenient deposits and withdrawals.

4. FCMB Premium Savings Account

Interest Rate: Up to 5% for balances over 100,000 naira
Key Features: Interest boosters for salary-loaded accounts, free life insurance coverage up to 10 million naira for accidental death.

5. UBA Target Account

Interest Rate: Tiered rates from 3% to 10% for balances over 5 million naira
Key Features: No account maintenance fees, charges apply for more than 4 withdrawals per month, additional rate bonuses for steady deposits.

6. ALAT by Wema

Interest Rate: 7.5% daily interest on deposits above 5,000 naira
Key Features: Fully online and paperless, no opening or maintenance fees, secure digital banking solutions for 24/7 access.

7. GTBank GTCrea8 eSavers Account

Interest Rate: Tiered rates from 5% to 7%
Key Features: Designed for young savers (18-29 years old), zero bank charges, allowing interest gains to compound.

8. Keystone Bank High-Interest Savings Account (HISA)

Interest Rate: Up to 10% for deposits above 500,000 naira, plus an extra 5% for senior citizens
Key Features: No opening balance or monthly fees, joint accounts available for combined savings goals.

9. Kuda Bank

Interest Rate: Up to 10% per annum
Key Features: Digital bank offering fixed deposits and flexible savings, easy transfers in and out of accounts.

10. Polaris Bank Polaris Wise

Interest Rate: Attractive rates on the savings portion
Key Features: 3-in-1 account bundling high-yield savings, current, and fixed deposit services, debit cards, internet banking, and quick credit services if required.

Best savings apps in Nigeria

Top Digital Savings Options in Nigeria

1. FairMoney

FairSave: This savings wallet offers a 14% interest rate per annum. You can access your savings at any time without withdrawal charges. Additionally, you receive daily interest alerts to keep track of your earnings.
FairLock: A fixed deposit savings wallet providing up to 24% interest per annum. It requires you to lock your savings for a chosen tenure, promoting disciplined saving and helping you achieve your financial goals.

2. Piggyvest

Piggyvest is a popular savings app that offers various savings options, including flexible savings plans and target savings accounts. Users can set up automatic savings and monitor their spending. The app provides interest rates of up to 13% on savings.

3. Cowrywise

Cowrywise is an online savings app with a variety of options, such as short-term and long-term savings plans, and emergency savings accounts. It offers up to 12% interest on savings and allows users to automate their savings and invest in mutual funds.

4. ALAT by Wema Bank

ALAT by Wema is a digital bank with several savings options, including flexible savings and goal-specific accounts. It offers a high interest rate of up to 10% per annum and provides tools for money management and spending tracking.


Choosing the right high-yield savings account involves assessing interest rates, fees, accessibility, and additional features that align with your financial needs and goals. These options in Nigeria provide a variety of benefits tailored to different preferences, ensuring there’s a suitable choice for everyone.