Average Interest On Savings Drops Marginally

The average interest that consumers earn on monies they deposit with commercial banks in Ghana should average 10.1 percent.

This represents a 0.3 percent reduction compared to the 10.4 percent recorded in January this year.

This is contained in the latest Annual Percentage Rates and Average Interest report published by the Bank of Ghana(BoG) for February this year.

According to the report, Omni Bank offers the highest interest rates on customer deposits at 14.6 percent.

Standard Chartered Bank still offers the lowest interest on deposits at 3.3 percent.

Following Omni Bank to occupy the second position is Bank of Baroda with 14.5 percent interest rate on your deposits.

The 3rd and 4th positions are occupied by Premium Bank and uniBank.

An amount of money you deposit with them should attract interests of 13.6 and 13.4 percent respectively.

Also, GN Bank placed 5th with its interest rate on deposits at 13.3 percent.

At the 6th, 7th and 8th and positions are Barclays Bank, Sovereign Bank and Zenith Bank with interest rates at 12.4, 12.2 and 12.0 percent.

The 9th position is occupied by National Investment Bank at 11.4 percent.

The 10th position is occupied by the Royal Bank with an interest rate of 11.0 percent, whiles the 11th position is occupied by First National Bank with an interest rate of 10.6 percent.

Prudential Bank and Bank of Africa occupy the 12th position with an interest rate of 10.5 percent.

At the thirteenth position are FBN Bank Ghana and Fidelity Bank with an interest rate of 10.0 percent.

Access Bank and Ecobank came in at the 14th position with its interest rate at 9.9percent.

While CAL Bank occupies the 15th position with their interest rate at 9.4 percent

Occupying the 16th position is BSIC and Societe General with an interest at 9.2 percent.

Occupying the 17th to 20th positions are, Stanbic Bank, First Atlantic Bank, HFC Bank and Heritage Bank.

Their interest is at 8.9, 8.8, 8.4 and 8.3 percent respectively.

At the 21st, 22nd, 23rd and 24th positions are GCB Bank, Universal Merchant Bank, Guaranty Trust Bank and ADB Bank with interest rates of 8.2, 8.0, 7.3 and 6.5 percent.

Also, with, 6.4 and 3.3 percent are Energy Bank and Standard Chartered Bank occupying the 25thand 26th positions.

The central bank believes the publication of the rates will promote transparency in the pricing and provision of banking services.

The data reveals that the industry average base rate as at February 28, 2018, was 24.5 per cent, representing a drop of 1.1 per cent, when compared with the average rate at end-January 2018. On a year-on-year basis, the end-February 2018 figure represents a drop of 2.4 per cent, when compared with the same period last year. The average base rate at the end of December 2017 was 25.7 per cent.