CBN have finally said all banks must report how much interest they will pay on deposit and will collect on loans. We all know most of them might not give us loans and they will always add hidden charges, so what really concern us is how much they will pay on our deposit. Remember what they are giving is average, you can get more or less depending on amount, tenor, negotiating ability, etc.
The best 4 banks according to the January list are....
1.GT Bank 16%
2.Access Bank 15.5%
4.Intercontinental bank 14.80%
The worst 4 Banks are......
1.United Bank for Africa
First Bank, Stanbic IBTC, Unity Bank and Zenith are not part of the report because what CBN reported for them is a range and not an average. Our own calculation of the average from that range however does not place them in either among the best or worst four.