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Cost of opening savings account still high in Ghana

Data released by the Bank of Ghana(BoG) has shown that cost of opening a savings account in Ghana is still high.

According to the data which captured 12 banks, seven of the banks will require that you make an initial deposit of 50 cedis in a savings account.

The data named Bank Charges shows that you will need a minimum initial deposit of 50 cedis to open a savings account in adb bank, Barclays, Sahel Sahara bank, Bank of Africa, Consolidated Bank, Energy Bank, and Fidelity Bank.

The data released in January 2019 also shows that only First Atlantic Bank out of 12 banks named required between zero to 100 cedis to open a savings account.

Apart from First Atlantic Bank which requires no initial deposit to open an account, Access bank and CAL bank will require that you make an initial deposit of 10 cedis.

This is followed by FBN which will require that you make an initial deposit of 20 cedis.

Next is Ecobank. You will have to make an initial deposit of 30 cedis with Ecobank to open savings account.

Meanwhile, you will need a minimum initial deposit of 50 cedis to open a savings account in adb bank, Barclays, Sahel Sahara bank, Bank of Africa, Consolidated Bank, Energy Bank, and Fidelity Bank.

But how much do you need as your minimum operating balance for a savings account with these banks?.

For First Atlantic Bank your minimum operating balance could be from zero to 100 cedis. This means that your savings account at the bank will be operational with no funds. You will need five cedis as minimum operating balance with Access bank.

This is followed by CAL bank with a minimum operating balance of 10 cedis while ADB 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, Consolidated Bank, Energy Bank, and Fidelity Bank will require that you hold 50 cedis as your minimum operating balance in your savings account.

Interestingly, almost all the banks above do not charge you a maintenance fee for savings account except Fidelity bank which charges 10 cedis per month after exceeding 2 free withdrawals per month if not then no charges.

According to the Bank of Ghana, the data was released to promote transparency in the provision of banking services.

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