If you are looking for a safe way to grow your money without taking risks, fixed deposits and locked savings accounts are some of the best options available in Nigeria today.
Unlike regular savings accounts where your money earns almost nothing, fixed and locked savings accounts pay significantly higher interest because you agree to keep your money untouched for a specific period.
Below are some of the best fixed deposit and locked savings options in Nigeria, including their features and potential interest rates.
1. PiggyVest – SafeLock:
Interest Rate: Up to 20% per annum
PiggyVest’s SafeLock allows you to lock your money for a chosen period and earn attractive interest. Once locked, you cannot withdraw until maturity, which helps eliminate the temptation to spend. It is ideal for disciplined savers who want predictable returns.
How to Invest:
- Download the PiggyVest app from Google Play Store or Apple App Store
- Sign up and complete your KYC verification
- Fund your PiggyVest wallet
- Select SafeLock from the dashboard
- Choose the amount and duration
- Confirm and lock your funds
2. FairMoney – FairLock:
Interest Rate: Up to 28% per annum
FairMoney’s FairLock is one of the highest-yielding fixed savings options in Nigeria. It is suitable for users looking for strong returns within a short to medium timeframe, especially for goal-based savings.
How to Invest:
- Download the FairMoney app
- Create an account and complete verification
- Fund your FairMoney wallet
- Select FairLock
- Choose your preferred tenor and amount
- Lock your funds and start earning
3. OPay – Fixed Money:
Interest Rate: Up to 17% per annum
OPay’s Fixed Money option allows users to lock funds and earn steady returns. It is simple to use, app-based, and suitable for people who want a straightforward fixed savings product without complexity.
How to Invest:
- Open the OPay app
- Complete your account verification
- Fund your OPay wallet
- Navigate to Finance → Fixed Money
- Select the duration and amount
- Confirm your investment
4. AB Microfinance Bank – Fixed Deposit:
Interest Rate: Up to 28% per annum
AB Microfinance Bank offers competitive fixed deposit accounts with flexible tenors. This option is suitable for individuals who prefer traditional banking products but still want high interest rates.
How to Invest:
- Visit a nearby AB Microfinance Bank branch
- Request to open a Fixed Deposit Account
- Provide required documents (ID, BVN, passport photograph)
- Deposit your funds and choose a tenor
- Receive your fixed deposit confirmation
5. Jollof+ by Baobab Microfinance Bank – JollofLock:
Interest Rate: Up to 21% per annum
JollofLock under the Jollof+ platform is a fixed savings product designed for disciplined savers. It offers attractive interest rates and is backed by Baobab Microfinance Bank, a licensed financial institution in Nigeria.
How to Invest:
- Download the Jollof+ app
- Register and complete verification
- Fund your wallet
- Select JollofLock
- Choose the lock period and amount
- Confirm and lock your savings
6. Kuda – Fixed Savings:
Interest Rate: Up to 15% per annum
Kuda’s Fixed Savings allows users to lock funds and earn higher interest than regular savings accounts. It is best suited for conservative savers who prioritize ease, transparency, and digital banking.
How to Invest:
- Open the Kuda app
- Ensure your account is fully verified
- Fund your Kuda account
- Go to Savings → Fixed Savings
- Select amount and duration
- Confirm and lock your funds
7. PalmPay – Fixed Savings:
Interest Rate: Up to 20% per annum
PalmPay’s fixed savings product offers competitive returns and is accessible directly from the app. It works well for users who already use PalmPay for daily transactions and want to earn more on idle funds.
How to Invest:
- Log in to the PalmPay app
- Complete your account verification
- Fund your wallet
- Navigate to Savings → Fixed Savings
- Choose your preferred amount and duration
- Confirm your investment
8. Nomba – SafeStash:
Interest Rate: Up to 20% per annum (Personal accounts)
Nomba’s SafeStash is designed for individuals who want to earn solid interest while keeping their funds locked for a specific period. It is also popular among small business owners managing excess cash.
How to Invest:
- Download the Nomba app
- Sign up and complete KYC
- Fund your Nomba wallet
- Select SafeStash
- Choose the amount and tenor
- Lock your funds
9. Moniepoint – Locked Savings:
Interest Rate: Up to 16% per annum
Moniepoint’s Locked Savings option provides stable returns and is suitable for users within the Moniepoint ecosystem who want a safe place to park funds temporarily.
How to Invest:
- Log in to your Moniepoint app
- Ensure your account is verified
- Fund your account
- Go to Savings → Locked Savings
- Select amount and duration
- Confirm and lock your funds
Important Bonuses You Should Know
Bonus 1: Safety First:
All the options listed above are licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). This makes them very safe for savings and fixed deposits.
Bonus 2: Avoid Unlicensed Platforms:
Please, do not save your hard-earned money with any financial institution that is not licensed by the CBN and insured by the NDIC. No matter how sweet the promise sounds, don’t do it.
Bonus 3: About Commercial Banks:
Those big commercial banks you know? Their fixed savings interest rates are often ridiculously low, you’ll see 3%, 5%, maybe 7% per annum. With inflation where it is, what exactly is that doing for your money?
In conclusion,
Fixed deposits and locked savings accounts are not for quick money. They are best for:
- Capital preservation
- Stable, predictable income
- Short- to medium-term financial goals
If you want your money to work for you instead of sleeping, fixed savings is a smart place to start—just make sure you choose licensed and insured platforms.