Many of the banks usually brag about their interest on deposits compared to their peers.
But the Bank of Ghana (BoG) has released new figures showing exactly how much you earn on your deposits, depending on where you bank.
According to the BoG, new entrants Capital Bank offers the highest interest of 18 percent, on customer deposits as at the end of May this year.
Also, Unibank offered the highest base rate of 40.8 percent, on loans and advances it issues to customers.
These were contained in the central bank’s report on the financial institutions’ Annual Percentage Rates [APR] and Average Interests [AI] publication.
The publication which is a compilation of all charges and interests offered by the 29 commercial banks, is to inform the public and promote transparency in the pricing and provision of banking services.
With 18 percent, Capital bank offered the highest average interest on deposits, compared with an industry average of 12.3 percent.
According to the central bank’s figures, 17 banks offered interests above the industry average.
Standard Chartered Bank’s 4.3 percent is however the least customers will receive as interest on deposits.
For the minimum interest rate that you will have to pay on loans and advances, 16 banks offer rates equal to or above the industry average of 27.5 percent.
While Bank of Baroda offers the least base rate at 16 percent, Unibank offers the highest at 40.8 percent.
Meanwhile, for the true interest charged on loans and advances to households for mortgage purposes, (which also include charges and commissions levied by banks); GN Bank offers the least at 15.1 percent; below an industry average of 30.6 percent.
12 out of the 29 banks offer interests equal to, or above the average.
Again, Unibank offers the highest interest rate on mortgage between 40.8 to 45.8%.
Also, enterprises in the agric sector seeking loans for their businesses, pay an average of 31.3 percent on loans.
Again, Bank of Baroda offers the least rate at 21 percent, while Unibank offers the highest rate between 40.8 to 45.8%.
In addition, enterprises in the manufacturing sector that apply for loans from commercial banks pay an average of 32.8 percent which is being offered by 14 banks.
Yet, Bank of Baroda offers the least rate at 21 percent while Unibank’s rate for manufacturers ranges between 40.8 to 45.8 %.
Meanwhile data on a total of 18 banks were unavailable under all three categories mentioned above.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana