The main reason why people opt to open a savings account is because of the additional amount they can accumulate on the money at the end of a period. In this guide, I will outline the various interest rates on a GCB savings account.
Ghana Commercial Bank has three distinctive savings account with different but closer interest rate. These accounts have similar modes of operations.
Once you register a savings account with Ghana Commercial Bank, you start to earn interest on your money when you meet the minimum amount required to start earning interest.
For this guide, we will tackle all the three (3) frequently used savings account at GCB and their interest rate.
Will I Get Interested On My GCB Savings Account
Ghana Commercial Bank has various savings account, but in this guide, we will tackle the three most patronized ones, these are; the Flexsave account, KidiStar account, and Trust account.
With any of these accounts you choose to open, there is an interest rate package allocated for you. This interest is calculated per year depending on your deposit structure.
Without any doubt, one is set to enjoy interest on his/her money when he/she creates a savings account with Ghana Commercial Bank. However, certain baseline rules must be noted.
These baseline rules will be highlighted in the paragraphs below.
How Much Interest Rate Will I Get On My GCB Savings Account
The interest rates for a GCB savings account are as follow:
1. The Flexsave account attracts an interest rate of 4% per annum. The interest rate does not change, but you can change your depositional amount to earn more at the end of the year.
2. The KidiStar account has attached interest of 5% per annum. This makes it good to start saving for your kid as early as possible.
Even with a constant deposit every month, you can accumulate a huge amount of money for your child’s future.
3. The Trust account also attracts an interest rate of 5% per annum.
You should note that you can only earn interest on your savings account when you meet the minimum balance for interest earning.
What Is The Minimum Balance To Earn Interest On Your GCB Savings Account
As already stated, you require a minimum balance in your savings account to start earning interest.
This minimum balance is Gh¢ 50.00. This means if you open a savings account with GCB and you do not have a minimum balance of Gh¢ 50.00 in the account, you cannot earn interest.