Sovereign Bank has been named as the bank with the highest interest on customer deposit.
This is according the Annual Percentage Rates (APR) and Average Interest (AI) released by the Bank of Ghana.
The report indicated that Sovereign Bank offers a 19.5 percent interest rate on deposits. This is higher than the industry average of 11.9 percent as at the end of January 2017.
The second bank with the best rate is Capital Bank with 18.7 percent.
Stanbic Bank, OmniBank, Unibank, First National Bank followed as third, fourth and fifth with 16.8, 15.8 and 14.1 percent respectively.
GN Bank occupied the sixth position with 14.0 percent; followed by First Atlantic Bank with 13.7 percent.
The eighth, ninth and tenth positions were occupied by Access Bank, UT Bank and Fidelity bank with 13.6, 13.3 and 13 percent respectively.
UBA, Bank of Baroda and Barclays Bank placed 11th, 12th and 13th with interest rates of 12.9, 12.7 and 12.4 percent respectively.
play The governor of the Bank of Ghana (BoG) Dr Abdul Nashiru Issahaku
Meanwhile, at the 14th, 15th, 16th and 17th positions are the Royal Bank, NIB, Bank of Africa, Zenith Bank, Sahel-Sahara and Prudential Bank Limited with 12.3, 12,11.9 and 10.8 percent in that order.
From the bottom, Standard Chartered Bank has the lowest interest on customer deposits. The Bank gives 4.3 percent interest rate on deposits.
Energy Bank precedes them with a 5.7 percent rate, ADB and GT Bank placed 29th and 28th with 6.7 and 7.3 percent respectively.
Other banks offering lower than the industry average include; Societe General, HFC, FBN Bank and GCB Bank with 10.6, 10.2, 10 and 9.6 percent respectively.
The remaining are UMB and Ecobank with 9.5 and 8.4 percent respectively.
source:pulse.com.gh
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