According to the BoG, per their data, the cost of opening a savings account in Ghana is still high.
The data showed that 7 out of the 12the banks require that you make an initial deposit of GHC50 in a savings account.
According to the data customers of adb bank, Barclays, Sahel Sahara bank, Bank of Africa, Consolidated Bank, Energy Bank, and Fidelity Bank will need a minimum initial deposit of GHC50 to open a savings account.
Out of the 12 banks, only First Atlantic Bank no initial deposit to open an account.
Meanwhile, Access bank and CAL bank will require you to make an initial deposit of GHC10 for a savings account.
At FBN a customer is expected to make an initial deposit of GHC20.
Ecobank demands that the initial deposit for a customer opening a savings account is GHC30.
But how much does a customer need as a minimum operating balance for a savings account with these banks?.
At First Atlantic Bank the minimum operating balance is from zero to GHC100. This implies that your savings account at the bank will be operational with no funds.
An Access bank customer will need GHC5 as minimum operating balance.
Cal bank customers will need a minimum operating balance of GHC10. Meanwhile, ADB bank and Sahel Sahara bank will require GHC20 as minimum operating balance.
It is mandatory at Bank of Africa to hold a minimum operating balance of GHC30 in your savings account.
In a related development, Barclays, Consolidated Bank, Energy Bank, and Fidelity Bank will require that you hold GHC50 as your minimum operating balance in your savings account.
All the banks above except Fidelity bank do not charge you a maintenance fee for a savings account.
But Fidelity bank charges GHC10 per month after exceeding 2 free withdrawals per month if not then no charges.