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The short answer
Moniepoint shows the interest rate for each savings plan in the app when you create it; its support centre does not publish a single rate table. The rate depends on the plan (Flexible, Locked, Fixed, Target or Save As You Transact) and, for Fixed, the tenor you pick. Interest is subject to 10% withholding tax, and Moniepoint's pages do not say whether it is credited daily or monthly, so check the plan screen.
Why there is no single Moniepoint savings rate
Moniepoint Microfinance Bank, which its website says is authorised and regulated by the CBN with deposits insured by the NDIC, offers several personal savings plans. Its support centre names them as Flexible, Locked and Fixed, plus Target savings and Save As You Transact (SAYT V2). A bank sets different rates for these because they give it different certainty about how long it can hold the money. Money you can withdraw at any time is worth less to the bank than money fixed for twelve months, so it pays less.
Rates also move with the wider market. When the CBN changes its policy rate or treasury bill yields rise or fall, banks adjust what they pay depositors. That is why we do not print a figure here; any number would be out of date within weeks.
Where to see the rate
- Open the Moniepoint app and go to the savings section.
- Choose the plan type. For Fixed, select the tenor (Moniepoint offers 1, 3, 6 or 12 months); the rate shown can change as you switch between them.
- Read the summary before confirming. It should show the rate, the maturity date and the expected interest.
- For an existing plan, open it to see the rate locked in and the interest accrued so far.
How interest is paid
Moniepoint's savings pages say that for Target savings, principal and interest are credited at maturity after 10% tax is withheld. They also say Fixed savings forfeit interest if broken early, and that cancelling a Flexible plan forfeits accrued interest. What the pages do not say is whether interest on Flexible or other plans is added to your balance daily, monthly or only at the end. The plan screen in the app is the place to find out.
Comparing quoted rates: an example
Example only, with invented rates. Two options for ₦250,000 over three months:
| Option | Rate | Interest for 3 months | After 10% tax |
|---|---|---|---|
| Flexible (example) | 8% a year | ₦250,000 × 8% × 3 ÷ 12 = ₦5,000 | ₦4,500 |
| Fixed, 3 months (example) | 11% a year | ₦250,000 × 11% × 3 ÷ 12 = ₦6,875 | ₦6,187.50 |
The fixed option earns ₦1,687.50 more after tax in this example, in return for giving up access. If there is a real chance you will need the money before three months are up, the flexible option may be worth more to you than the extra interest, because breaking the Fixed plan would forfeit all of its interest.
Reading a rate correctly
Savings rates in Nigerian apps are almost always quoted per year, even on plans of one or three months. To estimate what a plan will earn, multiply the balance by the rate and by the fraction of the year the money is held, then take off 10% for tax. Watch for three traps. A rate marked "up to" applies to the best case, often the longest tenor or a larger balance. A rate quoted per month is about twelve times smaller than the yearly figure, so do not compare the two directly. And a rate with compounding, where interest is added to the balance and itself earns interest, gives slightly more over a year than the same rate paid only at the end.
If an app's rate seems far above what banks and treasury bills pay, ask how the return is produced. Our guide to investment scams in Nigeria explains the warning signs.
Opting out and Save As You Transact
Moniepoint's support pages note that interest can be switched off on savings, which suits customers who prefer not to earn it. Save As You Transact, as its name suggests, ties saving to your everyday transactions and is available on personal and business accounts; check in the app whether it earns interest on your account and at what rate.
What to check first
- The rate on the confirmation screen, not a figure from social media or an old blog post.
- Whether the rate is per year, and whether the expected interest shown is before or after the 10% tax.
- How often interest is credited for the plan you choose.
- The early-exit rule. Our guide to Moniepoint fixed and target savings terms covers each plan.
- Whether your deposits are within the NDIC limit; see NDIC deposit insurance limits.
If you hold savings with more than one app, compare them on the same day and the same basis: the yearly rate, after the 10% tax, for the same length of time. Write the figures down with the date. A comparison made this way, repeated every few months, tells you far more than any list of rates published online, which may be months old by the time you read it.
Where Pryme fits
Pryme's naira Savings Boxes also show their rate in the app before you move money in. Read more about fixed deposits versus savings accounts to choose between a flexible and a fixed pot.
Questions people ask
What is Moniepoint's savings interest rate today?
Moniepoint shows the rate in the app when you create a plan; it varies by plan and tenor and changes over time. Its support centre does not publish a single rate table.
Does Moniepoint pay interest daily?
Moniepoint's support pages do not say whether interest is credited daily or monthly. Check the plan details in the app.
Is Moniepoint savings interest taxed?
Yes. Moniepoint says interest on Target savings is credited at maturity after 10% tax is withheld.
Can I turn off interest on Moniepoint savings?
Yes. Moniepoint's support pages say you can opt out of interest.
Sources
- Moniepoint Support: Savings (Flexible, Locked, Fixed, Target and Save As You Transact) · accessed Oct 2026
- Moniepoint Nigeria: homepage footer (licence and NDIC statements) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.