How To Open A Savings Account In Ghana
Are you thinking of saving money in a bank and going for it later when you need it? Or you want to know about the savings account, to ascertain whether it appeals to you or not. Then welcome to this article, as we take you through much vital information.
WHAT IS A SAVINGS ACCOUNT?
A savings account is a basic account type that lets you deposit money safely with a bank. It ensures safety and access to your money whenever you need it. You can withdraw your money, either digitally or in person, at any point in time.
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Having a savings account is a liquid investment, so you have the ease of using your funds at any time for transactions. A savings account also earns some amount of decent returns; IDFC FIRST Bank’s savings account, for instance, earns up to 6% interest per annum.
WHO CAN OPEN UP A SAVINGS ACCOUNT IN GHANA?
A savings account can be opened by any individual, entrepreneur, trader, business, society, club, or corporation.
WHAT IS THE DIFFERENCE BETWEEN A SAVINGS ACCOUNT AND A CURRENT ACCOUNT IN GHANA?
A current account is opened when there will be frequent transactions involved. Some differences between this and the savings account are:
- Current account is suitable for businesses whiles a savings account is suitable for individuals.
- Savings account earns interest on savings whiles the current account doesn’t earn anything on deposits.
- In a savings account, there is a cap of oseveratransactionions, meaning more transactions than the cap will incur high charges, but nothing is like that in a current account.
BENEFITS OF A SAVINGS ACCOUNT IN GHANA
According to GCB Ghana, a savings account has the following benefits. It:
Securely save for your future while maintaining easy access to your funds.
Earn more on your money with our attractive and competitive interest rates (visit our website or ask in-branch for the latest details).
Maintain easy and convenient access to your funds from any GCB branch.
A ready cash ATM card that can be used at all ATMs in Ghana.
Access to the internet and mobile banking.
WHICH BANKS CAN HELP YOU OPEN A SAVINGS ACCOUNT IN GHANA?
Standard Charted Bank, GCB, Zenith Bank, Stanbic Bank, Omni Bank, and ABSA Bank are some of the numerous banks you can open a savings account at in Ghana.
WHAT DO I NEED TO OPEN A SAVINGS ACCOUNT IN GHANA?
- Government-issued ID: A driver’s license or passport.
- Social Security Number: Some banks will accept an Individual Taxpayer Identification Number (ITIN) if you don’t have a Social Security number.
- Date of birth.
Address. - Contact information.
- Bank account information: Many banks will require an initial deposit, so have your account and routing number from your checking account.
HOW DO I OPEN A SAVINGS ACCOUNT IN GHANA?
Visit any of the Banks discussed above with all the necessary documents, as well as a 50GHS initial deposit, then;
- Request that you want to open a savings account, you will be given the necessary forms to fill out.
- After filling out the forms, wait until it’s your turn, then submit it to the customer care agent.
- The customer care agent will take you through the rest of the process
- You will be notified when it’s complete.
We feel good having you get this information from us, thanks so much for your time!
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