The latest Annual percentage rates and Average Interest rates report released by the Bank of Ghana has shown that the average interest rate on deposits have reduced from 12.3 percent in May to 12.2 percent at the end of September this year.
Out of the 30 banks covered in the report, which the BoG says it published to promote transparency in the pricing and provision of banking services, UT Bank offers the highest interest rates on deposits; 15.8 percent.
The second highest of 14.7 percent, is offered by Stanbic bank. Fidelity Bank comes up third with 14.5 percent followed by First National Bank’s rate which is 14.4 percent.
Ecobank, Capital Bank and Access Bank are all at the fifth position with average interest on deposits at 14.3 percent.
They are also followed by GT Bank with 14.1 percent.
The seventh, eighth, ninth and tenth positions are occupied by GN Bank, UniBank, Bank of Baroda and Barclays Bank.
Their rates on deposits are 14, 13.8, 13.7 and 13.4 percent respectively.
New entrants, Sovereign bank is at the 11th position with 13.3 percent.
It is trailed by UBA with 12.8 percent, Sahel Sahara Bank 12.6 percent, HFC Bank 12.4 percent, Energy Bank 15.1 percent at the 12th,13th, 14th and 15th positions respectively.
Societe General is 16th with 11 percent, with CAL Bank at the 17th position with 10.7 percent.
Meanwhile FBN Ghana’s 10.4 percent places it at 18th position.
While the 19th and 20th positions are occupied by NIB and Prudential Bank with 10 and 9.4 percent respectively.
Counting from the bottom, Standard Chartered Bank offers the least interest on your deposits; followed by Agricultural Development Bank, then Zenith Bank and GCB bank.
Their interest rates are 4.4percent, 6 percent, 8.7 percent and 9.8 percent respectively.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana