Top 10 High-Yield Savings Accounts in Nigeria

When it comes to growing your savings, simply leaving money in a regular savings account isn’t enough.

Traditional savings accounts in Nigeria often offer low interest rates, which means your money barely grows over time – especially with inflation constantly eating into your purchasing power.

This is where high-yield savings accounts (HYSA) come in. These accounts offer significantly higher interest rates, allowing you to maximize your returns while keeping your money secure.

In this guide, you’ll discover:

What a high-yield savings account is and why it matters.
The top high-yield savings accounts in Nigeria, including banks and fintech apps.
Factors to consider before choosing a savings platform.
Tips to grow your savings faster and smarter.

By the end, you’ll know exactly where to put your money to get the best returns in Nigeria.

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What is a High-Yield Savings Account?

A high-yield savings account (HYSA) is a type of savings account that offers above-average interest rates compared to regular savings accounts.

For example, while a standard bank savings account might offer 3% to 4% per year, a high-yield savings account can give you anywhere from 8% to 15% or more annually, though depending on the bank or fintech company.

The higher the interest rate, the faster your money grows—without you doing extra work. It’s low-risk, secure, and perfect for:

Emergency funds
Retirement savings
Big purchases like cars or houses
Growing a side investment pot

Top High-Yield Savings Accounts in Nigeria

Here are the best high-yield savings accounts in Nigeria, carefully selected based on interest rates, ease of use, and overall reliability.

1. PiggyVest – Up to 21% Interest Annually

PiggyVest is one of Nigeria’s most popular savings apps. It’s perfect if you want flexible savings options and high returns.

Interest Rate: Up to 15% per year
Minimum Balance: None
Standout Feature: “SafeLock” lets you lock funds for a fixed time and earn higher interest up to 21% in interest
Why Choose PiggyVest: It’s beginner-friendly, secure, and offers automatic savings options.

Tip: Use PiggyVest to set up specific saving goals like rent, school fees, or business capital.

2. Cowrywise – Smart Automated Savings

Cowrywise focuses on automating your savings while giving you access to diverse investment opportunities.

Interest Rate: 8% – 12% annually
Minimum Balance: ₦100
Standout Feature: Savings plans linked to investment products.
Why Choose Cowrywise: Perfect for those who want to save and invest in one app.

3. Renmoney Savings – High Returns for Long-Term Savings

Renmoney isn’t just a loan platform—they also offer competitive savings plans.

Interest Rate: 10% – 24% annually
Minimum Balance: ₦1,000
Standout Feature: Flexible withdrawal terms.
Why Choose Renmoney: Best for long-term savings and fixed deposits.

4. FairMoney Savings – Convenient and Secure

FairMoney is widely known for loans, but their savings product is easy to use and highly rewarding.

Interest Rate: 9% – 17% annually
Minimum Balance: ₦1,000
Standout Feature: Built into the FairMoney app with instant account opening.
Why Choose FairMoney: Great for mobile-first savers.

5. Access Bank High-Interest Deposit Account

Access Bank offers a traditional yet rewarding savings option for those who prefer banking with a top-tier institution.

Interest Rate: 7% – 10% annually
Minimum Balance: ₦20,000
Standout Feature: Comes with the trust and stability of a big bank.
Why Choose Access Bank: Ideal for those who want security and physical branch access.

6. Stanbic IBTC Max Yield Account

Stanbic IBTC is known for premium financial services and this account is no exception.

Interest Rate: 8% – 10% annually
Minimum Balance: ₦100,000
Standout Feature: Attractive for high-net-worth individuals.
Why Choose Stanbic IBTC: Great for large deposits and wealth growth.

7. Unity Bank High-Yield Interest Deposit

Unity Bank’s offering is a straightforward way to earn more on your savings.

Interest Rate: 8% – 9% annually
Minimum Balance: ₦50,000
Standout Feature: Simple, no-frills savings.
Why Choose Unity Bank: Best for users who want simplicity and safety.

8. GTBank GTTarget Account

GTBank combines structured savings goals with attractive interest rates.

Interest Rate: Up to 7% annually
Minimum Balance: ₦20,000
Standout Feature: Perfect for saving toward specific milestones.
Why Choose GTBank: Reliable, goal-driven savings structure.

9. UBA Super Savers Account

UBA’s savings product offers flexible savings and decent returns.

Interest Rate: 6% – 8% annually
Minimum Balance: ₦10,000
Standout Feature: Widely accessible across Nigeria.
Why Choose UBA: Ideal for everyday savers.

10. Ecobank Super Savers Account

Ecobank provides another strong option for those who prefer traditional banking.

Interest Rate: 5% – 9% annually
Minimum Balance: ₦10,000
Standout Feature: Extensive branch network for easy access.
Why Choose Ecobank: Trusted for reliability and regional presence.

How to Choose the Best High-Yield Savings Account

Before opening an account, consider these factors:

Interest Rate: Higher rates mean faster growth.
Fees: Avoid accounts with hidden charges that eat into your returns.
Accessibility: Decide if you want instant access or a lock-in period for higher returns.
Minimum Balance: Choose what fits your budget.
Security: Ensure the platform is CBN licensed and funds are insured.

Pro Tips to Grow Your Savings Faster

Automate your savings so you’re consistent.
Reinvest your interest to maximize compounding.
Use fixed savings features like PiggyVest SafeLock for better rates.
Diversify between banks and fintech apps for safety and flexibility.
Avoid frequent withdrawals to enjoy full interest benefits.

Conclusion

Choosing the right high-yield savings account in Nigeria is one of the smartest financial moves you can make.

Whether you prefer a traditional bank or a modern fintech app, the key is to prioritize high interest rates, low fees, and security.

Start today by picking a platform that matches your savings goals. The earlier you begin, the faster your money grows—turning your savings into real wealth.

Best Banks and Apps Offering High-Yield Savings in Nigeria

What is a High-Yield Savings Account?

Top High-Yield Savings Accounts in Nigeria