Fixed Deposit Vs Mutual Funds: Which Pays Returns With ₦100k Investment?

I tested with ₦100,000 for 90 days:

A. FIXED DEPOSIT: - Rate in September 2026: 10-13% for ₦100k (Access Bank 11%, First Bank 10.5%, Stanbic 12% if you have ₦1m+) - Interest formula: Principal x Rate x Days / 365 - ₦100,000 x 11% x 90 / 365 = ₦2,712 gross - Withholding Tax 10% = ₦271.2 - Net you receive = ₦2,440.8 - Lock: 90 days, if you break before, you lose interest.

B. MUTUAL FUNDS (Money Market Fund): - Rate in September 2026: Stanbic IBTC Money Market 15.2%, Cowrywise Money Market 15%, PiggyVest Flex Dollar - Interest: Compounding daily, not simple - ₦100,000 x 15% x 90 / 365 = ₦3,698 (approximate, daily compounding adds small extra) - No 10% WHT deducted upfront, fund pays after - Liquidity: Withdraw within 24-48 hours, no penalty - Risk: Not insured by NDIC like Fixed Deposit, but invested in Treasury Bills and Commercial Papers

My Result: Mutual Funds paid ₦1,257 more than Fixed Deposit for the same ₦100k for 90 days. When to choose which? - Choose Fixed Deposit if you want NDIC insurance up to ₦500k and you will not touch money. - Choose Mutual Funds if you want higher return and flexibility to withdraw for emergencies.

I am not selling anything. Just sharing what I learned saving ₦10k monthly with ₦334 daily from car wash.

What do you use? Fixed or Mutual Funds?

Thank you.