The best interest rates from Nigerian digital banks (2025)

“Where am I going to get the money for this now?”

It’s sitting in the emergency fund you forgot to build. We’ve all been there. One of the easiest ways to start growing that safety net is through fixed deposits.

The thing is, in 2025, nearly 8 in 10 Nigerians still keep their savings in traditional banks like Zenith, Access, or GTBank—where rates often hover between 3–7% a year, with VAT quietly eating into the returns.

Move that same money to a CBN-licensed, NDIC-insured digital bank and you could earn more—without paperwork or stepping out of your comfort zone. Whether it’s ₦50,000 or ₦5 million, the long-term difference can be significant, and even early withdrawals earn proportionate interest.

This guide walks you through where to find the best fixed deposit rates from Nigerian digital banks—so your money works harder, right from your phone.

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11 digital banks with the best fixed deposit rates in 2025

We’ve shortlisted the banks offering some of the best fixed deposit rates in Nigeria for 2025, using public sentiment and available rate data, ranked in ascending order so you can quickly compare and choose which to download.

1. Kuda

Interest Rate: 15% per annum | Minimum Deposit: ₦5,000 | Tenure Options: starts from 30 days

Kuda’s Fixed Deposit lets you grow your savings with competitive interest rates of up to 15% per annum. You can lock in your money for as short as 30 days or as long as a year, with the option to receive either your interest only or both your principal and interest at maturity. 

This feature is available directly in the Kuda app, allowing you to secure your funds and earn returns without visiting a branch. Interest earned is subject to the applicable withholding tax.

2. Moniepoint 

Interest Rate: 16% per annum | Minimum Deposit: ₦1,000 | Tenure Options: Flexible

Moniepoint’s Fixed Deposit Account is designed for anyone looking to securely grow a lump sum while earning attractive returns. With as little as ₦1,000, you can lock funds for a chosen period—perfect for big goals or long-term projects—and enjoy interest rates of up to 16% per annum. Interest is paid upfront, so you see your gains immediately. 

The plan is NDIC-insured, offers the option to roll over at maturity, and even allows halal-compliant saving by opting out of interest. Keep in mind: breaking the plan before maturity means forfeiting all accrued interest.

3. Opay 

Interest Rate: 17% per annum | Minimum Deposit: ₦5,000 | Tenure Options: Starts from 7 to 1000 days

Opay’s Fixed Deposit is designed for users who want strong returns without sacrificing safety. You can invest for as little as 7 or 30 days, or lock funds for longer periods—up to 180 or even 1000 days—for higher rates. 

With interest climbing to 18% per annum and paid at maturity, it’s a competitive option in Nigeria’s digital banking space. Funds placed in locked mode remain inaccessible until the term ends, but the reward is a better return. All interest is subject to a 10% withholding tax.

4. Palmpay 

Interest Rate: 20% per annum | Minimum Deposit: ₦5,000 | Tenure Options: Flexible

PalmPay’s Cashbox is a flexible savings plan for users who want daily interest payouts while keeping access to their funds. With rates of up to 20% per annum, users can grow their savings directly from the PalmPay app. 

Interest accrues daily, and in 2023, PalmPay reached 25 million users and onboarded 800,000 businesses to its agent and merchant network.

5. Carbon (Cash Vault)

Interest Rate: 20% per annum | Minimum Deposit: ₦50,000 | Tenure Options: Flexible

Carbon’s Cash Vault Fixed Savings offers competitive returns for customers who want to grow their funds securely with a fully digital bank. NDIC-insured and CBN-certified, Carbon allows you to earn up to 20% interest per annum on deposits starting from ₦50,000. 

Savers can set automated contributions at their preferred time of the month, making it easier to build a consistent habit. Funds are locked for a chosen tenure, and interest is credited at maturity. Combining banking, lending, and savings in one mobile-first app, Carbon delivers a streamlined, branch-free experience for those seeking both flexibility and security.

7. Sycamore

Interest Rate: 24% per annum | Minimum Deposit: ₦100,000 | Tenure Options: Starts from 3 months

Sycamore, primarily a lending platform since 2018, has facilitated over ₦22 billion in loans and grown to 100+ staff. Licensed by the CBN, approved under the FCCPC’s digital lending guidelines, and recently granted a fund/portfolio manager license by Nigeria’s SEC, it now offers more than loans.

Through the Sycamore app, investors can access fixed return plans of up to 24% per annum, starting from just three months with a ₦100,000 minimum. Beyond fixed yields, the app is rolling out tools for multi-currency wallets and regulated asset portfolios, putting lending, investing, and wealth management on one platform.

6. Piggyvest (SafeLock)

Interest Rate: 22% per annum | Minimum Deposit: ₦5,000 | Tenure Options: Starts from 10 days

Piggyvest’s Fixed Savings Options are designed for individuals who want their money to grow steadily or lock in guaranteed returns over a set period. With PiggyBank, interest is accrued daily and paid monthly, making it ideal for those who prefer consistent growth on their deposits. For savers who want higher, guaranteed returns, SafeLock allows you to lock funds for a fixed period and receive your interest upfront.

Piggyvest offers flexible tenures and competitive rates that can be tailored to your goals—whether you’re saving short-term or planning ahead for the year. As one of Nigeria’s most trusted fintech savings platforms, with over 8 years of operation, your funds remain safe, regulated, and consistently working for you.

7. Fairmoney (FairLock)

Interest Rate: 28% per annum | Minimum Deposit: ₦5,000 | Tenure Options: Flexible

FairMoney’s FairLock Fixed Deposit is designed for customers who want predictable, high returns over a chosen period. Tenures start from 30 days, with interest and principal paid out at maturity. As one of Africa’s leading neobanks, FairMoney offers some of the most competitive rates in Nigeria—up to 28% per annum for existing users and an exceptional 30% for new users. 

The exact rate depends on the tenure selected, making it ideal for long-term planners or anyone saving toward a major purchase. Interest is subject to withholding tax at 10%, and funds must remain locked until the agreed term ends.

8. Renmoney

Interest Rate: 28% per annum | Minimum Deposit: ₦10,000 | Tenure Options: Up to 24 months

Renmoney’s Fixed Deposit Account is designed for savers who want to grow their money with attractive returns while keeping it safe. With a minimum deposit of just ₦10,000, you can lock in funds for your chosen tenure and earn competitive interest rates. Renmoney also offers flexible savings options like Smart Goal for targeted savings and Save Easy for convenience.

You can top up your investment at any time, with the combined amount re-invested for your selected term. Regulated by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), your funds remain secure while you watch them grow.

9. Kongapay

Interest Rate: 28% per annum | Minimum Deposit: ₦5,000 | Tenure Options: Flexible

KongaPay K-Save Fixed Savings offers one of the highest interest rates for digital savers in Nigeria, with returns of up to 28% per annum. This fixed savings plan allows users to lock in funds for a chosen duration and earn interest proportionate to the term. 

Savings are funded directly from the KongaPay wallet, ensuring a seamless and secure process without external transfers. KongaPay employs encryption, secure servers, and fraud detection systems to protect transactions. At maturity, depositors can withdraw their principal along with earned interest. Interest is subject to withholding tax at the prevailing rate.

10. Jaiz Bank (JAPSA)

Interest Rate: Profit is shared based on a pre-agreed ratio | Minimum Deposit: ₦500,000 | Tenure Options: 30 to 360 days

Jaiz Bank’s JAPSA Term Deposit is tailored for savers who want their money to grow while staying true to Sharia principles. Operated on the Mudarabah (partnership) model, you’re the investor while the bank serves as Fund Manager—investing only in profitable, socially responsible, and Sharia-compliant ventures. 

Profits are shared monthly based on your balance and a pre-agreed ratio, and higher profit rates are available for longer tenures. With this account, you can earn ethically in Nigeria, avoid interest-based banking, and still enjoy predictable, steady returns.

Before you lock it in, here’s what you need to consider

Fixed deposits in your bank app can be a smart way to grow savings, but they’re not a “set it and forget it” decision. Before you tap that “Lock Funds” button, remember:

1. There is a fixed tenure (how long your money stays locked —30, 90, 180, or 365 days are common.)

2. You can’t touch it until the period ends without paying penalties. So make sure it’s money you truly don’t need right away.

3. Some banks automatically renew your deposit when it matures. If you want access to the funds, turn this off.

4. Low risk, predictable returns. Your principal is safe in a CBN-licensed, NDIC-insured bank, and you know exactly what you’ll earn.

5. If inflation runs higher than your interest rate, your real purchasing power could shrink.

6. Over the long term, stocks, mutual funds, or real estate can outperform fixed deposits, though they carry more risk.

7. Withholding tax can take a small bite out of your earnings.

8. Once you lock in, your rate won’t change—but if market rates go up later, you could miss out.