In this guide, you will get full details about the CBG YOLO account.
With the nation Ghana being ranked as one of the countries in West Africa with a rising youth index, it is important that there are tools to help these young people grow financially independent.
This is why Consolidated Bank has instituted the YOLO account to address the financial needs of people at the various tertiary institutions in Ghana.
The YOLO account is a savings account that is geared towards accumulating some amount for the students to start living with once he/she is done with tertiary education.
This is an important account for everyone enrolled in any tertiary institution in Ghana.
It has a uniquely designed financial scheme to cushion young people towards some level of financial freedom.
As already stated, the YOLO account at Consolidated Bank Ghana is a strength for tertiary-level students.
It offers a competitive interest rate, and it does not cost much to open one. Its initial minimum balance is GHS20.00.
In addition to what has been said so far, the CBG YOLO account attracts no monthly maintenance fee, access to ATM debit cards, and Experience bundles.
Table of Contents
What Is a CBG YOLO Account
CBG YOLO account is a savings account purposely designed for students at tertiary levels to help them attain some level of self-reliance financially.
With the CBG “You Only Live Once” account, you can start building your future now.
Who Can Open a CBG YOLO Account
The YOLO account at Consolidated Bank Ghana is available to only tertiary cycle students.
This means if you are not in any tertiary institution in Ghana, you do not qualify to register for an account.
Requirements To Open Consolidated Bank YOLO Account
The following are all that you will need to open a YOLO account at Consolidated Bank Ghana:
- A student ID
- An introduction letter from the Head of the Institution/ admission letter not more than 1 year of issue.
- Passport (For Ghanaian studying abroad and foreign students)
- A requisite permit is needed for foreign nationals.
- Fully completed accounts opening form.
How Much Do I Need Open A YOLO Account?
You need GHS 20.00 to open a student account at Consolidated Bank Ghana.
This low initial opening balance creates a vast platform for many to start saving with CBG in Ghana.
This does not prevent you from depositing more than that if your financial strength is above the set limit.
Is There a Withdrawal Limit For A YOLO Account
Yes, the CBG YOLO account is a savings account, and as such, it has a set limit for withdrawal transactions.
Account-holders are not allowed some number of withdrawals per day or month.
What Is the Minimum Operating Balance for Consolidated BankYOLO Account
The minimum operating balance is GHS 10.00. This means to make the account operational, you need to leave a deposit of at least GHS 10.00.
Once you withdraw all your amount in the YOLO account and there is no deposit for some time, the account is declared inactive.
What Is the Interest Rate for a CBG YOLO Account
The interest for the YOLO account is tiered, this means it is a factor of your amount and time. The variable interest rates are listed as follows:
Amount (GHS) Interest Rate
100 – 1,000 0.50%
>1,000 – 3,000 1.00%
>3,000 – 10,000 1.50%
What Is the Monthly Maintenance Fee For YOLO Account
There is no monthly maintenance fee for the Consolidated Bank YOLO account. This means you enjoy a huge benefit on your funds.
CBG has the well-being of students at hand, and that is why they maintain the student account for free.
What Happens to My CBG YOLO Account After Tertiary
You can discard your YOLO account after tertiary, but if you would want to continue using it, you will need to inform the appropriate authorities at your CBG bank branch to know the required steps.
It is to give future leaders an independent and responsible life; this is why the Consolidated Bank YOLO account exists.
We will end here for now.
You can also contact the CBG customer care unit on 0302216000 for more information on the CBG YOLO account.
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