Top 4 Savings Accounts in Sri Lanka (2020)
While there’s tons of banks in Sri Lanka that offer savings accounts only a handful of them have good interest rates that beat inflation and are transparent about their rates, fees, and other important features of the accounts.
We’ll only be covering accounts I would personally consider using — and I believe to be relatively trustworthy and safe to use. I say this as personally I do not trust all banks and their solvency, and I wouldn’t want anyone to lose their savings because of the incompetence of a badly ran bank even if it means a slightly higher interest rate or more convenient locations throughout Sri Lanka.
My Overall Favorite and Recommendation: NDB Bank's Real Saver's Account
This is the account I’d say would be best for most people who are looking to build a good savings — it offers the best interest rate in Sri Lanka on one condition — You must deposit 1000 Rupees per month to get that interest rate. If you can manage to do this you’ll get a staggering interest rate (6%) that’s quite comfortably above Sri Lanka’s average Inflation rate.
If you can’t reliably make that deposit it’s probably best to opt for one of the below accounts though, as without that monthly 1000 Rs. deposit you’ll only get 3%, which is a little lower than the other accounts we’ll be covering here in this article. Make sure if you open an account with them that it’s the Real Saver’s Account, as they have other savings accounts that aren’t nearly as good.
Best for High-Networth Individuals: Cargrills High Return Saver Account
If you have a very large amount of capital you may want to go with this account, as it offers an even higher interest rate at the higher deposit ranges this account has, going all the way above 8% yield per yield, which is significantly above the inflation rate in Sri Lanka currently for most product categories.
The only real downside to this account is there’s less locations throughout Sri Lanka than some of the other banks mentioned here, but there’s still enough locations that I believe most folks would be able to get an account with them relatively easily. If you don’t have 150,000+ Rs. I wouldn’t go with this account, but if you do it’s definitely the best account in my opinion. You can get further details on this account on their webpage by clicking here.
A Good Simple Account: Central Finance's Regular Savings Account
This account doesn’t really outshine the others in this list, however I thought I’d include it as it’s relatively competitive compared to other banks and has locations pretty much everywhere in Sri Lanka. Really only get this account if you have had a bad experience with your local branch/location of one of these other banks and just want to bank with someone else.
The account comes with a fair 5% to 6.5% yield depending on how much money you keep in your account with them, which is certainly competitive compared to most banks in Sri Lanka, it’s just not quite as good as the above two accounts for most people in my opinion. You can print out an application online on their website to pre-fill out before going into a location or go in without one although it’ll take longer if you do so without filling out the application before going.
Best Savings Account for Your Child: Hatton's Singithi Kirikatiyo Account
This account is specifically for newborn children and only able to be opened for them between the ages of 0 and 5 years old, however it offers a great 7% interest rate on just 1000 Rs. in deposits until they turn 5 years old, then around 5% until they become adults unless you withdraw earlier (no penalty).
In my opinion you might as well just save more and try to upgrade yourself into a higher yielding account and just have the funds you set aside for your child allocated for them in your mind, but I know some people want their child to have their own account, particularly for them as they age to teach them the importance of savings over the long-term.
Regardless, this is the best account for children in my opinion — and best of all there’s tons of branches/locations throughout the country and they have excellent customer service compared to most banks in Sri Lanka. Make sure to check this webpage on their website to make sure the interest rates are still good before you open the account.