How to compare savings interest after fees

Match the amount and the time

Two headline annual rates are only comparable when the underlying terms are clear. Use the same deposit amount and holding period. Record whether the rate is fixed or variable, how interest is calculated and paid, and whether the offer applies only to a particular balance or introductory period.

Our savings comparison uses your stated annual nominal rate. Choose simple interest, annual compounding or monthly compounding. Monthly compounding assumes interest remains in the account; a product that pays interest out separately may not follow that pattern. The calculation assumes no extra deposits or withdrawals.

Subtract costs and check access

Enter total known fees for the period, rather than an annual fee unless the period is a year. The estimate shows interest before fees, interest after fees and the closing balance. It excludes tax and inflation. A higher estimated balance says nothing about whether your money is accessible when needed.

• Minimum opening balance and balance tiers
• Lock-in period and early withdrawal penalties
• Whether the rate can change
• Account charges and how interest is paid
• The legal deposit-taking institution and the applicable protection

Protection needs its own check

A savings product's branding may be different from the institution that holds the deposit. Check the actual institution and the applicable deposit-insurance arrangements directly with the Nigeria Deposit Insurance Corporation. Do not assume every product marketed as savings has identical protection.

We do not publish a league table of providers without verified source terms and review dates. The comparison tool starts with figures you enter and does not tell you which account to open. Confirm current terms with the institution before relying on an estimate.