If you are looking for the best saving interest rate in Nigeria and you are wondering which platform or bank will give you the highest return on your savings, then the good news is that there are many options in Nigeria right now that offer far better interest rates than what your regular bank savings account is giving you.
The truth is that most Nigerians are still saving their money in regular bank savings accounts where the interest rate is between 1% to 4% per year. That kind of return is almost nothing especially when you consider the current inflation rate in Nigeria. Your money is actually losing value every single day it sits in a regular savings account earning 1% or 2% per year.
The good news is that there are now saving platforms, microfinance banks, digital banks and government instruments in Nigeria that offer interest rates ranging from 8% to 28% per year and above. You just need to know where to look and that is exactly what this article will break down for you.
This article will cover the best saving interest rates in Nigeria in 2026 across saving apps, microfinance banks, commercial banks, cooperative savings, and government securities like Treasury Bills so that you can compare and pick the one that works best for your money.
Things to Know About Saving Interest Rate?
A saving interest rate is simply the percentage of money a bank, saving platform or financial institution pays you for keeping your money with them over a period of time.
For example, if you save ₦1,000,000 in an account that pays 20% per annum, by the end of one year, your account will have grown to ₦1,200,000. The extra ₦200,000 is the interest you earned just for keeping the money there.
The higher the interest rate, the more your money grows without you doing any additional work. That is why it is very important to compare saving interest rates before you decide where to keep your money in Nigeria.
Two Types of Savings Interest Rates
There are two main types of saving interest rates you will come across in Nigeria:
Flexible Saving Interest Rate
This is the interest rate that applies when you save in a flexible plan where you can withdraw your money anytime. Because the platform or bank cannot predict when you will withdraw, the interest rate on flexible savings is usually lower than on fixed savings.
Fixed or Locked Saving Interest Rate
This is the interest rate that applies when you lock your money for a set period and agree not to touch it until the date expires. Because the platform or bank knows that your money will stay with them for a guaranteed period, they reward you with a higher interest rate. This is why locked or fixed savings always give better interest rates than flexible savings.
Best Saving Interest Rates in Nigeria in 2026
1. FairMoney – Interest: Up to 28% Per Annum
FairMoney is currently one of the best savings platforms with the best saving interest rates of 28% per Annum in Nigeria.
Their FairLock saving plan offers between 17% to 28% per annum on fixed savings depending on how long you lock the money and the longer the tenure, the higher the interest accumulated.
Their flexible FairSave savings plan also offers up to 17% per annum which is actually the highest flexible saving interest rate among the major saving platforms in Nigeria right now.
The pay daily interest for the FairSave savings plan meaning, your money will grow every single day.
FairLock allows users to lock their money from as short as 7 days to as long as 730 days (which is 2 years).
You can also choose to receive your FairLock interest upfront before the tenure even ends which is a very attractive feature.
2. Renmoney – Interest: up to 28% Per Annum
Renmoney is another platform that offers up to 28% per annum on savings through their RenVault plan. Just like FairMoney FairLock, RenVault is a fixed savings plan where you lock your money for a set period and earn the agreed interest rate.
What makes Renmoney slightly different is that they also offer a Daily Interest Plan where your interest is paid into your account every single day and a Penalty-free Withdrawal plan where you can access your money at anytime without being penalized. Meaning, you can withdraw your savings anytime you wish without losing your interest.
You can also choose to receive your RenVault interest upfront or at maturity depending on your preference.
3. PiggyVest – Interest: up to 22% Per Annum
PiggyVest is the most popular saving app in Nigeria and their SafeLock plan offers up to 22% per annum on fixed savings. SafeLock allows you to lock a lump sum of money for a particular period of time and you cannot touch that money until the date that you set. The interest for this plan is up to 22% per annum.
Aside from SafeLock, PiggyVest also has other saving plans. Their Piggybank plan which is an automated saving plan gives up to 10% per annum.
Their Target Savings plan allows you to save towards a specific target like rent, school fees or emergency fund. The Target savings plan gives between 13.27% to 13.85% interest per annum.
4. VBank by VFD – Interest: up to 20% Per Annum
VBank is a digital banking platform by VFD Microfinance Bank and their interest on savings ranges from 14% to 20% per annum with higher interest on fixed deposits.
They also have a group savings feature where you can save together with others towards if you have shared target. VBank is a good option for people who want higher interest rates.
5. ALAT by Wema Bank – Interest: up to 17% Per Annum
ALAT has a fixed savings plan that gives up to 17% per annum and their flexible savings plan allows you to withdraw your savings anytime without penalty.
What makes ALAT a good option is the fact that it is backed by an established commercial bank.
Their savings plans include the following packages:
- Flexible savings: where you can withdraw anytime
- Fixed savings: where you lock your funds for a set period at up to 17% per annum
- Savings challenge: designed to keep you motivated reminded about your savings targets
- Group savings: where you can save with friends or family.
6. Cowry wise – Interest: performance based interest up to 13.85% per annum
Cowrywise is offers a performance based interest. It channels your funds into mutual funds that are managed by licensed and SEC-regulated asset management companies.
The returns on your savings will depend on how those funds perform and not a fixed rate.
Also, their Life Goals plan allows you to save towards specific goals like rent, emergency fund or school fees and each of these goals has its own interest range.
Their emergency fund goal for example earns around 13.27% interest per annum while their rent goal earns around 13.85%interest per annum.
7. Kuda Bank – Interest: up to 12% Per Annum
Kuda fixed savings plan gives up to 12% interest per annum and their Save Frequently Pocket plan gives up to 8% interest per annum on automated savings where Kuda will automatically deduct the set amount from your balance and save it for you whether daily, weekly or monthly.
8. Treasury Bills – Interest: 18% to 25%+ Per Annum
Treasury Bills are government securities issued by the Central Bank of Nigeria (CBN) on behalf of the Federal Government of Nigeria. They are one of the safest saving and investment options in Nigeria because they are backed by the federal government.
The interest rate on Treasury Bills in Nigeria has been very attractive in recent times. Interest rates ranges from 18% to over 25% per annum depending on the tenure and the market conditions at the time of the auction.
The common tenures are 91 days (about 3 months), 182 days (about 6 months) and 364 days (about 1 year). The 364-day T-Bill generally has the highest interest rate.
One thing to note is that T-Bill is subject to withholding tax of 10% which is deducted automatically. So the net return you will receive will 10% lower than the actual amount .
You can buy T-Bills through the following platforms:
- GTBank
- Access Bank
- Zenith Bank
- First Bank
- UBA
- PiggyVest
- Bamboo
- Stanbic IBTC
- FirstBank
- Cowrywise
- Trove
- Risevest
- i-invest
- Meristem Securities
- AIICO Capital
- Stanbic Stockbrokers
- Cordros Capital
9. Commercial Banks Savings – Interest: 6% to 15% Per Annum for Fixed Deposits
Regular commercial banks in Nigeria also offer fixed deposit accounts where you can lock your money for a set period and earn a guaranteed interest rate.
The rates for commercial bank fixed deposits generally range from 6% to 15% per annum depending on the bank, the amount and the tenure.
Major commercial banks in Nigeria that offer competitive fixed deposit rates include:
- GTBank
- Zenith Bank
- Access Bank
- First Bank
- UBA
- Stanbic IBTC and others
10. Microfinance Bank – Interest between 15% to 28% Per Annum for Fixed Deposits
Microfinance banks in Nigeria offer higher interest rates on fixed deposits compared to commercial banks. Their interest rates generally range from 15% to 28% per annum depending on the bank, the amount and the tenure.
Some of the microfinance banks in Nigeria that offer competitive fixed deposit rates include:
- Mutual Trust Microfinance Bank
- LAPO Microfinance Bank,
- AB Microfinance Bank
- VFD Microfinance Bank
- MoneyMaster PSB
- Kuda Microfinance Bank
- Renmoney MFB
- Sparkle Microfinance Bank
- FairMoney MFB
- C24 Microfinance Bank
- BCash Microfinance Bank
- Izon Microfinance Bank
- Omax Microfinance Bank
Discover 5 Modern Ways of Saving Money in Nigeria in 2026.
Quick Interest Rate Comparison
Below is a quick rundown of the best saving interest rates in Nigeria in 2026 across the major platforms:
| Platform | Flexible Savings Rate | Fixed/Locked Savings Rate | Risk Level |
|---|---|---|---|
| FairMoney | Up to 17% p.a. (FairSave) | 17% – 28% p.a. (FairLock) | Low |
| Renmoney | Varies (Penalty-free plan) | Up to 28% p.a. (RenVault) | Low |
| PiggyVest | Up to 10% p.a. (Flex Naira) | Up to 22% p.a. (SafeLock) | Low |
| VBank | Up to 14% p.a. | Up to 20% p.a. | Low |
| ALAT by Wema Bank | Varies | Up to 17% p.a. | Low |
| Treasury Bills | N/A | 18% – 25%+ p.a. | Very Low |
| Cowrywise | Depends on fund performance | Depends on fund performance | Low to Medium |
| Kuda Bank | Up to 8% p.a. | Up to 12% p.a. | Low |
| MFB Fixed Deposit | N/A | 15% – 28% p.a. | Low |
| Commercial Bank Fixed Deposit | N/A | 6% – 15% p.a. | Very Low |
FAQs About Saving Interest Rates in Nigeria
Which platform gives the best saving interest rate in Nigeria?
FairMoney and Renmoney currently give the best saving interest rates in Nigeria with up to 28% per annum on their fixed locked savings plans. Treasury Bills also offer competitive rates of 18% to 25%+ per annum and they are backed by the federal government.
What is the highest saving interest rate in Nigeria right now?
You can get the highest saving interest rates in Nigeria right now from FairMoney FairLock, Renmoney RenVault and some microfinance bank fixed deposits which all offer up to 28% per annum.
Which platform is best for someone who wants to start savings?
Saving apps like FairMoney, PiggyVest and Renmoney are the best options for people who want to start saving. Some of them even allow you to start saving with as little as ₦100 or ₦1,000.
See Also: How To Calculate Interest on a Loan in Nigeria
Conclusion
If you want to grow your money in Nigeria in 2026, you have to look for a higher savings interest and not just your regular bank savings account where the interest is almost nothing.
The platforms covered in this article all offer best saving interest rates in Nigeria than what a regular savings account will give you.
