I was reading a very interesting and educative article written by Nana Otuo Acheampong, Head, OTCEER in today’s issue of the Business and Financial Times (B&FT) and would like to share some of his research findings. The article is titled “WHICH BANK IS BEST FOR ME”? In this article, he tackled the question I get from people on daily basis about what bank they should deposit their monies in and what bank is good for them. People contact me when they want to deposit monies at the banks to know of the various interests on the deposits.
Others call to know about what banks give the best interest on Agricultural loans, loans for mortgage, loans for construction and other forms of loans. The writer ranked the 25 banks in the country indicating their various average interests on deposits, and those paid on agricultural Loans etc. And using the Consensus Model of Base rate determination for the banking industry, he ranked the banks based on Base Rates, from Standard Chartered Bank (SCB) – 12.37% to First Atlantic Bank – 26.95%.
Below are the Top 5 and Bottom 5 banks for Average Interest paid on deposits.
TOP 5 Banks
|
Banks
|
Average Interest on Deposits
|
|
1. Bank of Africa
|
15.94%
|
|
2. Guaranty Trust Bank
|
15.01%
|
|
3. Bank of Baroda
|
13.89 %
|
|
4. First Atlantic Bank
|
12.94%
|
|
5. Fidelity Bank
|
12.18%
|
Bottom 5 banks
|
1. Barclays Bank
|
5.49%
|
|
2. HFC Bank
|
5.17%
|
|
3. Ghana Commercial bank
|
4.60%
|
|
4. Agric. Devt. Bank
|
4.19%
|
|
5. Standard Chartered bank
|
3.94%
|
I would advise you look for today’s B&FT if you can, and read the full article on page 9 and page 28.
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