Introduction
With inflation continuing to surge and the cost of living constantly outstripping the wallet of the average Nigerian, more people are in need of smarter ways to grow their money while avoiding unnecessary risks. One of the simplest and most accessible ways to do that is with high-yield savings accounts — special accounts that offer much higher interest rates than regular bank savings.
As of 2025, a number of digital banks and Fintech companies in Nigeria offer savings yields as high as 7% or higher to enable users grow wealth quite passively; while making funds very accessible. This article is going to give you all the details about what high-yield accounts are, how they work, the top platforms that offer over 7%, who should consider whether it’s right for them and dangers and benefits.
What Is a High-Yield Savings Account And Do You Need One?
High-yield savings accounts (HYSA) are specific types of savings accounts that pay higher interest rates than traditional bank savings. Traditional banks, for example, typically pay 1% to 2% annually, while some high-yield accounts pay between 7% and 15%, depending on the platform and the savings product.
These accounts surged in popularity with the advent of fintech banks that have a fraction of the overhead costs and can pass on more returns to customers.
What to Look for in a High-Yield Account
- Interest rates higher than any High Street bank savings attendeeCppCodeGen
- Automated saving options
- Flexible withdrawal rules
- Monthly or quarterly interest payouts
- It doesn’t require so much to get started
High-yield accounts are a great asset for salary earners, self-employed individuals, students and anyone else interested in making passive money growth without the risks associated with trading or investing.
7%+ Interest Rates in 2025 Issued by the Banks
Though many of these fintech apps have a range of savings products offering returns here and there, just a handful actually reliably return more than 7%. Below are some of the best platforms with attractive savings rates in Nigeria today.
VFD Bank – High Interest V Bank Savings
VFD (V Bank) is still one of the top digital banks with significant high-interest banking products. It offers 7%-12% annual returns to users via its V Savings and V Goals products, depending on the lock-in period and saving amount.
Why VFD stands out:
- Flexible savings plans
- More interest for focused or locked savings
- Instant banking services
- Reliable customer support
- Interest compounded monthly
VFD is especially popular among working class and middle claims people who desire automatic debits straight from their bank account with that ability to make withdrawal in case of emergency but still grow their money safely.
Kuda Bank – Spend & Save (7–15% Annually)
Kuda, which also goes by the nickname “The Bank of the Free,” features a Spend & Save function that automatically helps users save a percentage of all their spending. When coupled with its smart automation and high yield, it’s one of the best digital savings choices available.
Kuda’s high-yield interest plans can produce 7% to 15%, depending on:
- How much you save
- Whether you use fixed deposits
- How long you keep your money
For instance, long-term fixes (say 6 to 12 months) generally attract a higher interest rate than daily habens.
Why Kuda is preferred:
- Great for those who can’t set money aside on their own
- Automated “save as you spend” account deductions
- No hidden fees, high yield
- No transfer fees and clear user experience
Kuda is an excellent tool for beginners who are interested in low input, high return savings.
Opay OWealth & Target Savings (8%–15%)
Opay has quickly established itself as one of the most reliable finance apps in Nigeria. OWealth, including it’s savings-and-investment products offer concerns 8-15% returns their savings way.
Main features include:
- Daily interest payout
- No penalties for withdrawal (for OWealth)
- Increased rates for target savings (locked savings)
- Huge user base and proven reliability
Opay is perfect for anyone who wants to grow some money but still have instant access to it. Users feel comfortable to keep money in the app since Opay processes millions of transactions every day.
Moniepoint – Target Save / Business Savings (8%+)
Moniepoint, with its huge POS network base has also broaden it ecosystem to become a full digital banking solution. Its Target Save suggests users can achieve 8% or more in rate on periodic and locked savings.
Why you should save with Moniepoint:
- Ideal for the self-employed and business owners
- High productivity, in particular for long-term targets
- Automatic deductions
- Safe, secure and trusted, supported by a regulated financial institution
Moniepoint is especially loved by petty traders, POS agents and business owners seeking to save proceeds from their transactions in an interest-earning account without allowing withdrawal at anytime.
How to Get a High-Yield Savings Account
With most digital banks having fewer barriers than traditional banks, getting approved for these high interest accounts is easy. To earn north of 7 percent, what you usually need is:
A Working BVN
This is to prove that you are the owner of the account being secured.
A Phone Number and Smartphone
All these saving apps work digitally, a working mobile line and Android/iOS phone are prerequisites.
A Funding Source
You should have the ability to pay money into the savings account – typically by:
- Bank transfers
- Card deposits
- Automated deductions
A Completed KYC Profile
A high level KYC is required by most of the apps to get you higher interest limits.
Consistency in Deposits
Not mandatory — but regular savers often get higher rates or bonus interest.
In other words, nearly every Nigerian with a BVN and a working smartphone can easily qualify.
How to Automate Your Savings for a High-Yielding Future
One of the strongest draws of digital banks is the ability to automate savings. Instead of struggling to save yourself (which is difficult for many people), you can use apps to automate your deposits in various ways:
- Automatic Daily/Weekly/Monthly Deduction
- Save-as-You-Spend (Kuda)
- Round-up Savings
- Locked Savings
- Standing Orders from Your Bank
Automation means you never forget to save, and it goes straight to your bottom line: the more consistently you save, the more interest you earn over each year.
High Dividend Savings Accounts – Pros & Cons
While high-yield savings accounts can be a phenomenal tool for wealth accumulation, they need to understand the other side of things — everything from risk to all that the bank earns too — in order to make better financial choices.
Benefits
- Higher Returns than Traditional Banks
- Low Risk
- High Liquidity
- Automation Features
- Great for Short and Medium-Term Goals
- No Expertise Needed
Risks
- Inflation Can Reduce Real Returns
- Withdrawal Penalties (Locked Savings)
- Terms Can Change
- Oversaving Without Diversification
- Fraud Risks on Unsecured Phones
For most everyday savers, the benefits outweigh the risks.
Also read Best Personal Loans for Bad Credit in 2026 Nigeria and Best Instant Loan Apps in Nigeria (2025): How to Get Money in Minutes
Conclusion
High-yield savings accounts with over 7% return are considered some of the best financial tools for Nigerians in 2025. With products like VFD Bridge, Kuda Spend & Save, Opay OWealth and Moniepoint Target Save users can now have their money safe and accessible while it earns generous returns for them in a scintillating way. The barriers to entry were low, the tools for automation (like interest rates) are powerful and it’s an effective weapon against inflation.
Now saving isn’t about stashing your cash in a bank, where you’ll earn next to nothing on it — digital banks have smarter ways to save that reward you for your discipline. Whether you’re building up a nest egg for rent, school fees, travel, business capital or an emergency fund — high-yield savings accounts will help your money grow faster with little to no effort.
