Term Deposit Account

Earn big savings by opening a term deposit account with Snug Bank. Your money has huge potential. That’s why we offer you very attractive savings rates, regardless of how long you’re prepared to wait for your savings to mature.

The minimum amount allowed is 100,000 and the maximum amount 100,000,000

5 great reasons to open a term deposit account with Snug Bank

3.50% Interest rates up to 3.50% per annum.

Maturities from
1 month to 5 years.

Minimum deposit of ₦100,000.

Start your term deposit for free.

Depositor Insurance Scheme: up to ₦10,000,000.

Earn up to 3.50% p.a. with Snug Bank term deposit accounts

Snug Bank offers very attractive fixed term deposit interest rates, reaching up to 3.50% per annum on five year plans. How much you save depends on how quickly you need your money back.

Put aside your hard-earned money for your preferred term, ranging from 1 month to 5 years. Now sit back and watch your savings grow: our term deposit account guarantees a high yield on your savings.

1 Month

0.05%

3 Months

0.15%

6 Months

0.25%

1 Year

2.00%

2 Years

2.50% p.a

3 Years

2.80% p.a

4 Years

3.00% p.a

5 Years

3.50% p.a

Here’s why so many people are choosing Snug Bank Term Deposit.

Open your account online

Open your account for free

No maintenance fees

No monthly or annual fees

Available in Naira

Transfer your deposits for free

Minimum deposit of ₦100,000

Maturity up to 5 years

Depositor Insurance up to ₦10,000,000

Access from any device

Interest paid annually

Guaranteed rate for the entire term

Protect your savings with the Depositor Insurance Scheme.

Snug Bank is regulated as a credit institution and investment services provider by the Central Bank of Nigeria (CBN), Registration Number: RCXXXXX.

As a member of the Nigeria Deposit Insurance Corporation Scheme, deposits up to ₦10,000,000 per client are protected by the Depositor Insurance Scheme, which is based on the Decree No. 22 of 1988 on deposit-insurance schemes, subject to meeting the criteria provided in the link below.

Click to verify

Depositor Insurance Scheme

What you need to open a term deposit account

All Snug Bank products and services are subscribed to and controlled through our users' account, which serves as their online banking platform. If you are already a Snug Bank user, log into your online bank account to open a term deposit account of your choice. If you are not yet a Snug Bank user, here is what you need to get started:

Be over 16 years old.

An electronic bill to prove your residency.

A copy of your
ID Card or Passport

An Android or iOS mobile or tablet.

Save money for the term that suits you best.

Snug Bank offers highly competitive term deposit rates, making its plans a great way to save good money fast. Snug Bank term deposit accounts are excellent options for young couples saving money for their first home, entrepreneurs and business professionals looking to let their savings work for themselves, and persons wishing to put aside some funds to ease their entry into retirement.

Why Snug Bank?

Snug Bank is an online-only bank as an eWallet. It is backed by one of the leading Banks in Nigeria and registered in Nigeria, the largest populated country in Africa with a strong reputation in the financial services sector and its regulation. Snug Bank provides its services to individuals based in Nigeria and Diasporas and supports its clients in different languages.

Learn more about Snug Bank