Average deposit rate drops; Stanchart still offers lowest rates

The average interest offered by banks on customer deposits has dropped by about 2.5 percent between January and February this year.

[contextly_sidebar id=”nrrV70v5F8jbeYniVYzccGHgQT57oyDt”]The figure declined from 11.9 percent as at end of January 2017 to 11.6 percent as at end of February; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG has shown.

According to the report, the Royal Bank offers the highest interest rates on customer deposits as at end of February this year.

Customers’ deposits at the bank attracted interest rate of 17 percent.

Standard Chartered Bank however remained as the bank with the lowest interest on customer deposits for the same period.

Its rate on customer deposits is at 6.04 percent.

Thirty-one banks were surveyed in the report the publication of which the central bank is to promote transparency in the pricing and provision of banking services.

According to the report, the Royal Bank is immediately followed by Sovereign Bank with 16.7 percent; down from the 19.5 percent it offered in January.

Stanbic Bank and OmniBank come in with the third highest rate on customer deposits at 15.2 percent each.

This is followed closely by Bank of Baroda, First Atlantic Bank and GN Bank at 4^th, 5^th and 6^th positions with interest rates at 14.4, 14.2 and 14.0 percent respectively.

At the 7^th, 8^th and 9^th positions are Access Bank, Barclays Bank, Bank of Africa and Unibank with interests on deposits at 13.8, 12.4 and 12.3 percent in that order.

Also, with 12.1, 12 and 11.9 percent, First National Bank, Zenith Bank, UT Bank, UBA and HFC Bank place 10^th, 11^th and 12^th positions respectively.

Also, NIB, Sahel Sahara Bank, Fidelity Bank and Ecobank Ghana occupied the 13^th, 14^th, 15^th and 16^th slots with customer deposits interest at 11.4, 10.9, 10.6 and 10.4 percent respectively.

From the bottom however, Standard Chartered Bank offers the lowest rates on your deposits.

It places 25^th with 6.04 percent.

It is immediately preceded by Energy Bank and ADB at 24^th and 23rd positions with 6.4 and 6.5 percent respectively.

Meanwhile, GT Bank, Prudential Bank Limited and GCB Bank come in at 22^nd, 21^st and 20^th positions with interest rates on customer deposits at 7.3, 9.4 and 9.6 percent respectively.

The 19^th, 18^th and 17^th positions are occupied by CAL Bank, Societe General and FBN Ghana with 9.8 percent, 10.1 and 10.3 percent in that order.

Two banks; Universal Merchant Bank and Capital Bank could however not confirm their interest rates on customer deposits with the Bank of Ghana.

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By: Pius Amihere Eduku/citibusinessnews.com/Ghana