The financial term interest rate can have two connotations to it, either you are losing none or gaining none. Many times when people hear interest rate, the only angle at which they look at is the losing end.
However, the interest rate applies to both loans and savings or investments schemes in the bank.
The Ghana Commercial bank has the purpose of providing financial support to the people of Ghana, whether through loans or investment policies.
Any of these financial support packages attracts interest, so in this guide, I will let you know what the interest is at GCB.
To start with this journey, let me define some of the terms in the guide.
What Is Bank Interest Rate
According to the financial dictionary, a bank interest rate is the amount of money that a principal amount can yield to itself over a space of time.
This interest may sometimes not be a fixed value but maybe in a range of values. This means interest rates are not always constant but can change depending on the economic indicators assessing it.
What Is The Interest Rate At GCB
As already stated, the purpose of this banking guide is to tackle all interest rates on Ghana Commercial Bank’s financial services and non-financial services.
To start with, let’s before with the interest rate for savings accounts at GCB.
GCB has categorized its saving account into three, these are:
1. Flexsave Account: With this account, you save for yourself
2. Trust Account: With this account, you save for yourself
3.KidiStar Account: With this account, you save for your child’s future
All of these three saving accounts provide you with maximum flexibility and instant access to your money.
Below is the interest rate for these savings account:
1. An interest rate is 4% per annum is applied to the flex save account. This means your principal amount attracts a 4% increment at the end of a financial year.
2. Trust Account has an interest rate of 5% per annum. This gives you additional money, which is 5% of your principal.
3. The KidiStar account also attracts a 5% interest rate per annum.
Now that we know what the interest rate on the savings account at GCB is, let’s move to what the interest rate for loans is at GCB.
What Is The Interest Rate For Loans At GCB
As at the time of writing this GCB guide, the Ghana Commercial Bank was the only bank in Ghana with the lowest base rate in the country.
The base rate serves as a threshold for all interest rates. This means their interest cannot exceed that limit.
GCB has a base rate of 22.75% per annum for loans.
This means companies and individuals can apply for loans and use them for their needs easily and with less interest cost.