Abstract
This study investigated the application of Analysis of Variance (ANOVA) to compare savings interest rates offered by selected commercial banks in Nigeria. The objective was to determine whether significant differences exist in the interest rates of First Bank of Nigeria, Guaranty Trust Bank, United Bank for Africa, Zenith Bank, and Eco-bank Nigeria. Secondary data were obtained from published banking reports and official financial sources. A one-way ANOVA was conducted to assess differences in mean interest rates. The results indicated a significance value of 0.310, exceeding the 0.05 threshold, suggesting no statistically significant difference among the banks. The study concluded that savings interest rates are generally similar due to uniform financial regulations. It is recommended that customers consider other banking services when selecting banks, while banks should enhance service delivery and maintain transparency in interest rate information.