How much banks in Ghana charges for opening an account, 19 others charge maintenance fee, BoG survey reveals

This shows that 19 out of the 23 universal banks impose maintenance fees on current accounts per month.

This applies to retail, corporate and SME (small- and medium-scale enterprises) clients.

The survey also showed that Societe Generale’, Standard Chartered Bank and Zenith Bank require an initial deposit of GHS100 for opening a savings account.

First National Bank, GT Bank and Omni BSIC, however, did not require any initial deposit for opening a savings account.

However, consumers will need to keep a minimum operating balance of GHS100 at Standard Chartered Bank and GHS50 for Barclays, Fidelity, GCB Bank, Republic, Societe Generale and Stanbic Bank, respectively.

For Commission on Turnover (COT), Omni BSIC is the only bank that do not impose a charge. COT is a customer incurs for debit transactions (transaction involving withdrawals and/or operating cost to the bank) from his current account.

“Three different fees, including commitment fee (a fee charged by a lender to a borrower to compensate the lender for its commitment to lend); processing and arrangement fee (an administration charge made by lenders for arranging credit) and facility and insurance fee were imposed on loans/credit,” the survey noted.

That was between October and December 2019 period.

For overdraft, processing & guarantee commissions were the charges imposed on the processing of the facility.

Bank of Africa and NIB charged the highest of 1.50 per cent for commitment fee for both retail and corporate clients.

First Atlantic, Omni BSIC, ADB and Societe Generale did not charge any commitment fee.

How much banks in Ghana charge for opening an account according to BoG survey

JOIN OUR PULSE COMMUNITY!

Recommended articles

How to save a life by doing CPR during an emergency

How 1 woman became first lady of 2 different countries — she married 2 presidents

How parents, teachers can recognise when a child is being bullied

Ladies! Here are 5 things you shouldn't say to your man during sex

It's illegal to publicly celebrate your birthday in this country

The current 'dumsor' looks like someone doesn’t want Bawumia to be President – Carlos

I never slept with any ‘Sakawa boy or rich man’ for cash - Wendy Shay (Video)

Ghana considers stepping in to host 2026 Commonwealth Games

Funny Face granted GH120,000 bail after Kasoa accident