@astute the rate is annualized and this is the exact thing people confuse with T-bills.. for example a 182day T-bill of 6% will yield 3% because it is annualized but the rate attached is 6% because banks annualize everything...

if still in doubt ask yourself what Ecobank has to invest in to pay its customers 42% per annum unless they want to go bankrupt

@astute;

I don't think it is a case of the writer misLeading the reader, but rather a case of the reader misReading writer!

What the table in the newspaper means is that if you deposit for one month, you will get 3.5%pa; and when you deposit for 3months, you will get, say, 3.75pa and so on.

You misRead that to mean 3.5%pm. But that wouldn't make sense when compared to the 3-month rate of 3.75%pQ. It would imply that keeping the money longer pays less!!

@youcan'tstopusnow; 35%pa is not "unheard of". I got higher than that regularly from T-bills in the early 1990s - soon after Patni walked away with unknown billions from CBK.