Data released by the Bank of Ghana has shown that you will need to make an initial deposit with most banks to open a savings account in Ghana. The data released in January this year shows that even though you will need no initial deposit to own a savings account you will be required by a majority of the bank to have an initial deposit.
If you are thinking of opening a savings account in Ghana, perhaps these are the initial deposits that you would have to make, according to the Bank of Ghana. First Atlantic Bank, Omnibank, and GT bank will not request that you make initial deposits when you open a savings accounts with these banks.
However, Access bank and CAL bank will require that you make an initial deposit of 10 cedis while you will need 15 cedis as initial deposit to open a savings account at First National Bank .
This is followed by FBN, GHL, Prudential Bank which will require that you make an initial deposit of 20 cedis to open a savings account. Next is Ecobank. You will have to make an initial deposit of 30 cedis with Ecobank to open a savings account.
Meanwhile, you will need an initial deposit of 50 cedis to open a savings account in adb bank, Barclays, Sahel Sahara bank, Bank of Africa, Consolidated Bank, Energy Bank, Fidelity Bank, and Republic Bank.
According to the Bank of Ghana, you will need to make an initial deposit of 80 cedis to open a savings account with GCB bank.
But how much do you need as your minimum operating balance for a savings account with these banks. For First Atlantic Bank and GT bank your minimum operating balance could be zero. You will need five cedis as minimum operating balance with Access bank and Omnibank.
This is followed by CAL bank, and NIB with a minimum operating balance of 10 cedis while adb bank, Prudential bank, and Sahel Sahara bank will require 20 cedis as minimum operating balance.
Bank of Africa will require that you hold a minimum operating balance of 30 cedis in your savings account.
Meanwhile, Barclays, GCB, Republic Bank, Consolidated Bank, Energy Bank, and Fidelity Bank will require that you hold 50 cedis as your minimum operating balance in your savings account. GHL will you to hold 200 cedis as your minimum operating balance.
Almost all the banks above do not charge you a maintenance fee for savings account except Omnibank with 2 cedis, while Fidelity bank with 10 cedis per month after exceeding 2 free withdrawals per month if not nill.
According to the Bank of Ghana, the data was released to promote transparency in the provision of banking services.
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By: Lawrence Segbefia/citibusinessnews.com/Ghana