The accumulation of additional funds at the end of a period is the primary motivation for people to open a savings account. In this guide, I will explain the various GCB savings account interest rates.
Ghana Commercial Bank offers three unique savings accounts with varying but comparable interest rates. These accounts operate in a similar manner.
After opening a savings account with Ghana Commercial Bank and depositing the minimum required amount, you will begin to earn interest on your funds.
This guide will cover the three (3) most popular savings accounts at GCB and their respective interest rates.
WILL I GET INTERESTED ON MY GCB SAVINGS ACCOUNT
This guide will cover the three most popular savings accounts offered by Ghana Commercial Bank, namely the Flexsave account, KidiStar account, and Trust account.
With any of these accounts that you choose to open, you are assigned an interest rate package. This interest is calculated annually based on the structure of your deposit.
When an individual opens a savings account with Ghana Commercial Bank, he or she will assuredly receive interest on the funds. Nonetheless, certain fundamental rules must be noted.
These basic rules will be highlighted in the following paragraphs.
HOW MUCH INTEREST RATE WILL I GET ON MY GCB SAVINGS ACCOUNT
The following are the interest rates for a GCB savings account:
The Flexsave account accrues an annual interest rate of 4 percent. You can alter your deposit amount to earn more at the end of the year, but the interest rate remains unchanged.
The KidiStar account includes an annual interest rate of 5%. Therefore, it is prudent to begin saving for your child as soon as possible.
Even with a consistent monthly deposit, you can save a substantial amount of money for your child’s future.
In addition, the Trust account earns an annual interest rate of 5%.
You can only earn interest on your savings account if you maintain the minimum balance required to earn interest.
WHAT IS THE MINIMUM BALANCE REQUIRED FOR YOUR GCB SAVINGS ACCOUNT TO EARN INTEREST?
As previously stated, you must maintain a minimum balance in your savings account for interest to accrue.
The required minimum balance is Gh 50. This means that if you open a savings account with GCB with less than Gh 50.00 in the account, you will not earn interest.