Top 6 Best Savings Accounts in Ghana (2020)
Ghana has many good trustworthy banks, and a generally fantastic interest rate — although not all banks in Ghana offer great interest rates for their savings accounts. Saving in Ghana is a fantastic option as a result, as while inflation is high the savings deposit rate you can get at many of the banks we mention below is significantly higher than the general inflation rate in Ghana.
We’d say if you live in Ghana you should aim to save around 12,000 -> 40,000 Cedi at least before starting your own business or investing in real estate or equities (stocks), as having 12,000 -> 40,000 Cedi should cover a few month’s of your expenses if your business struggles or you lose your job and need money in the meantime before you can get a new job. 12,000 if you live modestly, 40,000 if you are wealthier.
Our Favorite Account Overall: ABSA's Savings Account
This is the account we’d say is best for most people — as it has a great interest rate (2nd highest in all of Ghana currently) at 11% or so per year, has fantastic mobile/digital banking features, allows you to sign up for the account online, and has very good secure financial conditions. They also offer relatively decent credit cards and loans that are made easier to get if you have a savings account with them.
The only downside to this account is the company is owned by Barclays South Africa, and South Africa generally isn’t doing the best currently, which makes the parent company a little less reliable and knowledgeable about the banking sector in Ghana. Due to the parent company having their regional divisions separate we don’t believe this makes ABSA’s accounts any riskier than other banks though.
Overall this is our personal choice for a savings account in Ghana, with our second favorite being Zenith Bank. We prefer ABSA simply because it has better digital services and a slightly higher interest rate, as well as in our experience better trained employees/bankers in physical locations. You can apply online for this account by ABSA (Formerly Baraclays Africa) by clicking here.
Best for the Highest Interest Rate: OmniBank's Savings Account
If you’re going for the absolutely highest interest rate OmniBank offers it — historically they seem to always have the highest interest rate of any bank in Ghana, currently around 12% -> 13%, however personally we do not have experience with this bank unlike the other banks on this list. Because of this we’d recommend before opening an account with them asking around and seeing if people have had good experiences with this bank in your area.
From people we know, they say this bank is good and trustworthy, however it’s less sophisticated in terms of technology (online platforms are a little outdated/sloppy-looking), and their physical branches/locations aren’t spread throughout all of Ghana, or even all of Accra — making it quite difficult to frequently go deposit money in the account if you do not have a reliable vehicle that can travel many km to one of their locations.
Overall we’d say do a little due diligence (research) before opening this account if you want the highest interest rate available, as we can’t confidently recommend the bank as we don’t have personal experience or inside knowledge of this bank’s operations. It is owned and operated exclusively in Ghana, however isn’t as large or transparent as other banks in Ghana, which is why we can’t personally vouch for the bank’s sustainability and safety.
Personally, we’d opt for Zenith Bank or ABSA (Barclays Africa) instead of this account, as the interest rate they offer is only slightly below Omnibank’s.
Best Savings Accounts for Foreign Currencies: SC's Saving Account
If you want to save in currencies other than Cedi then this is probably going to be the best account for you — it’d certainly be our choice.
We’d say Standard Charter’s Savings Account is the best for foreign currencies as this is essentially their specialty as a multi-national bank. Interest rates are around 1% to 3.5% for most foreign currencies, however some are slightly lower — but rememeber these rates are lower than other banks mentioned here as they’re in different currencies. Cedi deposits offer higher interest rates as the inflation rates are higher.
Overall we would say most people in Ghana shouldn’t save in a foreign currency, as saving in a currency that your expenses aren’t in is quite risky if you end up needing the savings because your business revenue declines or you lost your job. You can apply online for this account on their website, although unless you really have a reason to save in foreign currencies we’d say saving in Cedi is probably a better choice for you.
An Overall Good Account: Zenith Bank's Savings Account
Zenith bank is one of the top banks in Ghana, and almost entirely does business in Ghana — which makes this one of the safest banks to keep your money in.
There’s no real downsides to Zenith Bank, they have one of the highest interest rates in all of Ghana (around 10% per year), has tons of locations through Ghana, doesn’t have any ridiculous hidden fees or high account minimums, or really anything wrong. We’d say if you do use their savings account only save in Cedi, as their foreign currency account just isn’t very competitive compared to Standard Charter’s foreign currency saving account.
Overall Zenith has a pretty decent mobile app, a fantastic interest rate, and generally provide a safe place for your money, it’s one of our favorite accounts to be quite honest. Unfortunately if you want to open the account you must do so in a physical branch (location), which are generally only in medium-large size cities in Ghana.
Best for Rural Areas: GCB Bank's Savings Account
We aren’t a big fan of GCB, however most other bank’s mentioned in this article are only available in larger cities, so if you cannot travel to them this is the best bank in our opinion that is available in most smaller cities. We’d avoid small community banks as there’s still quite a bit of corruption and questionable lending practices in most of them. It’s simply safer to stay with a larger bank, such as GCB.
On to the account — GCB’s savings account offers an interest rate around 6% right now, which is one of the lowest of any of the banks we mentioned here, however it’s still better than nothing and better than many small banks in Ghana. Other than the interest rate there’s no major downsides to this account, you can open it with a modest amount of money and there’s locations throughout Ghana.
Overall we’d avoid banking with GCB because the interest rate they offer isn’t as good as other banks, and personally we just haven’t had very good experiences with them as a bank. However if one of the other banks mentioned in this article aren’t available in your area/town, then we would say you’re still best off with GCB in most cases.
Make sure you check their website for their branch locations, as google maps often lists locations that do not exist.
An Overall Decent Account: Stanbic Bank's PureSave Account
We decided to include this account as while the interest rate is relatively low at only 7% a year (about average for banks in Ghana) they do have very good credit cards and loan options compared to other banks in Ghana. They’re quite hard to get however, so if you may be interested in one of those products/services then it may be worth opening your savings account with Stanbic as they’ll be much more likely to approve your applications for a loan or credit card with them.
If you aren’t interested in a credit card with them or loan of some sort, and aren’t already banking with Stanbic, we’d say it’d be better to bank with one of the other banks we covered in this article, as Stanbic doesn’t really offer any advantages compared to them other than easier access to their loans/credit-cards.