Average interest rate on deposits stays at 10.4%

The average interest rate on customer deposits among commercial banks, remained unchanged at 10.4 percent in December 2017.

According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, of the thirty-one banks that were surveyed, Bank of Africa offers the highest interest rates on customer deposits at 16.1 percent.

Standard Chartered Bank still offers the lowest interest on your deposits at 5.4 percent.

Following Bank of Africa to occupy the second position is Omni Bank with 14.9 percent interest rate on your deposits.

The 3rd and 4th positions are occupied by Bank of Baroda and Unibank.

An amount of money you deposit with them should attract interests of 14.8 and 13.8 percent respectively.

Also, Premium Bank placed 5th with its interest rate on deposits at 13.5 percent.

At the 6th, 7th and 8th and positions are GN Bank, Barclays Bank,  and Zenith Bank with interest rates at 13.3, 12.4 and 11.9 percent.

The 9th position is occupied by United Bank for Africa at 11.5 percent.

The 10th position is occupied by BSIC, First National Bank and National Investment Bank with an interest rate of 11.4 percent.

Sovereign Bank, Ecobank and FBN Bank placed 11^th, 12^th and 13^th with 11.1, 10.6 and 10.3 percent interest rates on deposits, in that order.

GCB Bank came in at the 14th position with its interest rate at 10.0 percent.

While Access Bank occupies the 15th position with their interest rate at 9.8 percent

Occupying the 16th  position is Fidelity Bank and Royal Bank with an interest at 9.6 percent.

Occupying the 17th to 20th positions are, Societe General, Prudential Bank,First Atlantic Bank, CAL and Stanbic Bank Bank.

Their interest is at 9.2, 9.0,9.0, 8.8,  and 8.5 percent respectively.

At the 21^st, 22^nd, 23^rd and 24^th positions are HFC Bank, Heritage Bank, Universal Merchant Bank and Guaranty Trust Bank with interest rates of 8.4, 8.3, 8.0 and 7.3 percent.

Also, with, 6.4, 6.2, and 5.4 percent are Energy Bank, ADB Bank and Standard Chartered Bank occuping the 25^th, 26^thand 27^th positions.

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By: Anita Arthur/citibusinessnews.com/Ghana