5 Best Bank Savings Accounts in Nigeria (October 2026)
Five NDIC-insured bank savings accounts compared on what they pay at ₦100,000, withdrawal limits, fees and who each one suits. Rates checked 13 October 2026.
Introduction
In September, Fidelity Bank's High Yield Savings Account paid 8.45% a year on a ₦100,000 balance. When we checked again on 8 October 2026, the same balance earned 7.4%. Bank savings rates move quietly, and the account that looked best a few weeks ago is not always the best home for your money now.
That is why we've decided to write this article. Below we've highlighted the best bank savings accounts to open on your needs.
Our picks at a glance
- Best for a debit card you can use abroad:GTSave
- Best for keeping your savings out of reach:High Interest Deposit Account (HIDA)
- Best for opening from your phone in minutes:GTInstant
- Best for savers aged 55 and over:Zenith Timeless Savings Account
- Best non-interest option:Jaiz Savings Account (Mudarabah)
How we picked the best bank savings accounts
Best for a debit card you can use abroad: GTBank GTSave
GTSave
Guaranty Trust Bank · Savings account
Net monthly result (interest minus fees)
+₦307 a month
Earns more than 7 of 13- Interest rate
- 8.25% p.a.
- Interest lost after withdrawals
- 4 a month
- Free transfers per month
- 0 a month
- Transfer fee
- ₦10 / ₦25 / ₦50 + VAT
- Maintenance fee
- Free
- Minimum opening deposit
- ₦0
- NDIC insured
- Yes
Not confirmed yet: Interest paid
Licensed by CBN, NDIC · Updated Oct 2026
How we work this out
- Average balance: ₦100k
- Transfers to other banks a month: 15 (9 under ₦5,000, 4 from ₦5,000 to ₦50,000, 2 over ₦50,000)
- SMS alerts a month: 30
- Debit card: yes (issuance fee spread over 36 months)
- Withdrawals a month: 2
- Withholding tax on interest: 10%
GTSave is GTBank's standard savings account, and it is our pick if you want your savings to come with a card you can use abroad. It comes with a personalised Naira MasterCard for online and POS payments anywhere in the world (ATM withdrawals work in Nigeria only), plus internet banking, GTConnect and GTBank's electronic alerts. Opening needs your BVN or NIN, a passport photograph and a utility bill from the last three months.
It pays 8.25% a year, so ₦100,000 earns about ₦8,250 before tax. That is just ₦100 less than HIDA (₦8,350), which gives you no card at all, and beats the ₦8,175 on GTInstant and the ₦7,400 on Fidelity's High Yield Savings Account. GTBank says the rate rises as you save more but publishes only the 8.25% figure, so ask what applies to a larger balance.
The trade-off is what GTBank leaves unpublished. Its page gives no withdrawal rule, no minimum balance and no fees, so you cannot tell in advance whether frequent withdrawals will cost you interest, as they do at Fidelity after the 3rd in a month and at Access after the 4th. It also does not say how much you can spend abroad on the card. It suits savers who want one account with a card and a good rate, and who will confirm the withdrawal terms when they open it.
Pros
- +Highest rate here on an account with a card that anyone can open (8.25%)
- +Naira MasterCard for online and POS payments worldwide, ATMs in Nigeria
Cons
- -No published withdrawal rule, minimum balance or fees
- -Needs a utility bill and passport photograph to open
Also consider
- Fidelity High Yield Savings Account, if you want the withdrawal rule in writing (3 a month) and can accept a lower rate (7.4% at ₦100,000).
Best for keeping your savings out of reach: Access Bank High Interest Deposit Account (HIDA)
High Interest Deposit Account (HIDA)
Access Bank · Savings account
Net monthly result (interest minus fees)
+₦855 a month
Highest earner of 14- Interest rate
- 13% p.a.
- Interest paid
- Monthly
- Interest lost after withdrawals
- 4 a month
- Transfer fee
- Free
- Maintenance fee
- Free
- NDIC insured
- Yes(based on its licence)
Not confirmed yet: Free transfers per month, Minimum opening deposit
Licensed by CBN, NDIC · Updated Oct 2026
How we work this out
- Average balance: ₦100k
- Transfers to other banks a month: 15 (9 under ₦5,000, 4 from ₦5,000 to ₦50,000, 2 over ₦50,000)
- SMS alerts a month: 30
- Debit card: yes (issuance fee spread over 36 months)
- Withdrawals a month: 2
- Withholding tax on interest: 10%
Access Bank's High Interest Deposit Account (HIDA) is a savings account built to sit apart from your everyday spending. Access pitches it for special projects and emergency funds, and it comes without a debit card on purpose, so the money is harder to spend on impulse. If you want a separate pot you will leave alone, with the withdrawal rule in writing and a rate that matches the best on offer to everyone, this is the account built for it.
On ₦100,000 it pays 8.35% a year, about ₦8,350 before tax, slightly more than GTSave (₦8,250) and GTInstant (₦8,175). Below ₦100,000 the rate drops to 7.95%. Interest accrues daily and is paid monthly. Bigger balances earn more: 9% from ₦5 million, 9.5% from ₦50 million, 11% from ₦100 million and 13% from ₦250 million. Access has changed these rates more than once this month, so confirm them before you deposit.
You get 4 withdrawals a month without losing that month's interest, and you can move money between your own Access accounts online, by phone or in a branch, but you cannot send money from HIDA to another bank. The trade-off is convenience: with no card, spending from HIDA means moving the money to another account first, and a ₦300 charge applies if your balance falls below ₦5,000. It suits savers who want money set aside that they will not dip into out of habit.
Pros
- +No card by design, so the money is harder to spend
- +4 withdrawals a month in writing before interest is at risk
Cons
- -No transfers to other banks
- -₦300 charge if your balance falls below ₦5,000
Also consider
- Keystone Bank High Interest Savings Account (HISA), if you can keep at least ₦500,000 in it: no card and 4 withdrawals a month like HIDA, paying the CBN's recommended savings rate plus 0.60% to 1.35%.
Best for opening from your phone in minutes: GTBank GTInstant
GTInstant
Guaranty Trust Bank · Savings account
Net monthly result (interest minus fees)
+₦301.38 a month
Earns more than 6 of 13- Interest rate
- 8.18% p.a.
- Interest lost after withdrawals
- 4 a month
- Free transfers per month
- 0 a month
- Transfer fee
- ₦10 / ₦25 / ₦50 + VAT
- Maintenance fee
- Free
- NDIC insured
- Yes
Not confirmed yet: Interest paid, Minimum opening deposit
Licensed by CBN, NDIC · Updated Sep 2026
How we work this out
- Average balance: ₦100k
- Transfers to other banks a month: 15 (9 under ₦5,000, 4 from ₦5,000 to ₦50,000, 2 over ₦50,000)
- SMS alerts a month: 30
- Debit card: yes (issuance fee spread over 36 months)
- Withdrawals a month: 2
- Withholding tax on interest: 10%
GTBank's GTInstant is a simplified savings account for people who want to start banking with minimal paperwork, which makes it our pick for opening from your phone. You open it on the GTWorld app or GTBank's website with just your BVN or NIN, and the account number and a Naira MasterCard are issued instantly, with no branch visit needed.
It pays 8.175% a year, about ₦8,175 on ₦100,000 before tax, only ₦75 less than GTSave (8.25%), GTBank's full savings account, which asks for a utility bill and a passport photograph before you can open it. Transfers to other GTBank accounts are free apart from regulatory charges, and GTBank charges ₦10 to ₦50 for transfers to other banks, depending on the amount.
The trade-off is room to grow. Each deposit is capped at ₦50,000 and the total balance at ₦300,000, so the most the account can earn is about ₦24,525 a year before tax, and the card works for local transactions only. GTBank's page does not state a withdrawal rule for the account. To lift the limits, you upgrade by submitting your BVN or NIN and a utility bill, online or at a branch. It suits a first account or a small emergency fund rather than larger savings.
Pros
- +Opens in minutes with BVN or NIN, no branch visit
- +Account number and card issued instantly
Cons
- -₦300,000 maximum balance and ₦50,000 per deposit
- -Card works for local transactions only
Best for savers aged 55 and over: Zenith Bank Timeless Account
Zenith Timeless Savings Account
Zenith Bank · Savings account
Net monthly result (interest minus fees)
+₦342.63 a month
Earns more than 8 of 13- Interest rate
- 8.72% p.a.
- Interest paid
- Monthly
- Interest lost after withdrawals
- 4 a month
- Free transfers per month
- 0 a month
- Transfer fee
- ₦550 / ₦10 / ₦25 / ₦50
- Maintenance fee
- Free
- Minimum opening deposit
- ₦0
- NDIC insured
- Yes
Licensed by CBN · Updated Oct 2026
How we work this out
- Average balance: ₦100k
- Transfers to other banks a month: 15 (9 under ₦5,000, 4 from ₦5,000 to ₦50,000, 2 over ₦50,000)
- SMS alerts a month: 30
- Debit card: yes (issuance fee spread over 36 months)
- Withdrawals a month: 2
- Withholding tax on interest: 10%
Zenith Bank's Timeless Account is a savings account reserved for customers aged 55 and above. It is the best fit for older savers because it pairs the highest rate on this list for balances under ₦5 million with almost no running costs. You can open it with zero balance, and Zenith adds priority service at the branch plus travel and holiday offers.
It pays 8.725% a year, so ₦100,000 earns about ₦8,725 before tax, ₦375 more than HIDA pays on the same balance. Zenith also waives the charges that usually eat into a small balance: SMS alerts, the debit card, the cheque book, statement printing and the account maintenance fee are all free. Unlike HIDA, you get a card, so the money is easy to reach when you need it.
The limits are the age rule and what Zenith leaves unsaid. Its page does not say how many withdrawals you can make before the rate is affected, or whether 8.725% applies at every balance, so ask at the branch before you move a large sum. Opening also needs a utility bill dated within the last three months and a passport photograph. If you are under 55, the account is not open to you.
Pros
- +8.725%, the highest rate on this list below ₦5 million
- +No maintenance fee, plus free alerts, debit card, cheque book and statements
Cons
- -Only for customers aged 55 and above
- -Withdrawal rules are not published, so check them before you deposit
Best non-interest option: Jaiz Bank Savings Account (Mudarabah)
Jaiz Savings Account (Mudarabah)
Jaiz Bank Plc · Savings account
- Interest paid
- Monthly
- Free transfers per month
- 0 a month
- Transfer fee
- ₦10 / ₦25 / ₦50 + VAT
- Maintenance fee
- Free
- NDIC insured
- Yes
Not confirmed yet: Interest rate, Interest lost after withdrawals, Minimum opening deposit
Licensed by CBN · Updated Oct 2026
Jaiz Bank's Savings Account is built for savers who want to avoid interest altogether, which is why it is our non-interest pick. It runs on Mudarabah, a partnership: you are the investor, the bank manages the money, and the profit it makes is shared with you each month by a pre-agreed ratio instead of a fixed rate. Jaiz's products are validated by its Advisory Committee of Experts, whose decisions are subject to the CBN's own advisory committee.
Day to day it works like a normal account. You get an instant debit card (Verve or Mastercard), internet, mobile and USSD banking, free monthly e-statements, and cheque or dividend warrant lodgment up to ₦2 million face value. You can start opening it online and get an account number right away, and NDIC insures Mudarabah deposits at the same limit as conventional bank deposits, up to ₦5 million per depositor.
The trade-off is certainty. There is no fixed rate and Jaiz's product page does not publish the profit-sharing ratio, so you cannot know in advance what ₦100,000 will earn or compare it directly with the other four accounts here. You also forfeit that month's profit if your average balance falls below ₦2,000. It suits savers for whom avoiding interest matters more than a predictable return.
Pros
- +Non-interest structure overseen by a named Sharia advisory committee
- +Instant debit card plus internet, mobile and USSD banking
Cons
- -No fixed rate, and the profit-sharing ratio is not published
- -Profit forfeited in any month your average balance falls below ₦2,000
Compare our picks
| Product | Best for | Interest at ₦100,000 | Free withdrawals a month | Opening deposit | NDIC cover |
|---|---|---|---|---|---|
| GTBank GTSave | Debit card you can use abroad | 8.25% | 4 (CBN rule) | Not stated | Up to ₦5m |
| Access Bank HIDA | Keeping savings out of reach | 8.35% | 4 | Not stated | Up to ₦5m |
| GTBank GTInstant | Opening from your phone | 8.175% | 4 (CBN rule) | Not stated | Up to ₦5m |
| Zenith Bank Timeless | Savers aged 55 and over | 8.725% | 4 (CBN rule) | ₦0 | Up to ₦5m |
| Jaiz Savings (Mudarabah) | Non-interest | Profit share, varies | Not stated | Not stated | Up to ₦5m |
Rates were last checked on each bank's website on 13 October 2026. Access has changed its HIDA rates more than once this month. Interest figures are before tax.
How to choose a bank savings account
- The rate at your balance: tiered accounts advertise their top rate, but Access only pays 13% from ₦250 million, and GTBank does not publish GTSave's higher tiers. Check the rate for the band your balance actually falls into.
- How often you will withdraw: Access protects 4 withdrawals a month and Fidelity's High Yield account only 3. GTBank and Zenith do not publish their own rule for GTSave, GTInstant or Timeless, and the CBN lets banks stop paying the minimum savings rate after 4 withdrawals in a month, so if you dip in every week, ask before you open.
- Fees and minimum balances: on a small balance, a ₦300 charge below ₦5,000 (Access) or card maintenance fees can cost more than the interest you earn, so ask for the fee list before you open.
- How you will reach the money: some accounts come with a debit card and some do not, and GTInstant caps your balance at ₦300,000.
- Interest or profit-sharing: if you want to avoid interest, a Mudarabah account shares profit instead, but the return is not fixed in advance.
Frequently asked questions
Frequently Asked Questions
How much of my savings does NDIC protect?
Does a bigger balance earn a higher rate?
Can I open a bank savings account without going to a branch?
What happens if I go over the withdrawal limit?
Not financial advice
This list is general information, not financial advice. Rates, fees and terms change, so confirm the current figures with the bank before opening an account.
Want to see how these accounts compare on fees and features? Compare bank savings accounts side by side on our product grid.
Sources
- Keystone Bank High Interest Savings Account(official_site)
- GTSave, GTBank(official_site)
- Savings Account (Mudarabah), Jaiz Bank(official_site)
- Access Bank High Interest Deposit Account(official_site)
- NDIC raises deposit insurance coverage to ₦5 million(news_outlet)
- NDIC: deposit insurance for non-interest bank deposits(regulatory)
- Zenith Bank savings accounts(official_site)
- Fidelity High Yield Savings Account(official_site)
- GTBank GTInstant(official_site)
- GTBank instant transfer FAQs(official_site)
- Jaiz Omni Channel(official_site)
- FAQs - PiggyVest(official_site)
- Flexible Savings with Flex Naira™ - PiggyVest(official_site)
- Savings - Earn up to 20% p.a. | FairMoney(official_site)
- JAIZ BANK PLC(official_site)
- RC: 476637 Instant Banking Download JaizMobilePlu(official_site)
- Lock funds with Safelock™ - PiggyVest(official_site)
