How To Open A Personal Savings Account With a Bank in Ghana


While many Sacco’s and other organisations also offer options for income saving, banks are the de-facto choice of many for numerous reasons. The significance of a bank account in the 21st century cannot be over-stressed. Whether you work for the central government or as an online freelancer, you will need a bank account. In other words almost every transaction involving money will require a bank account. It has even become most needful and useful in this present era of ATM machines which helps you to carry less cash about. You can trust the safety of the bank and only make withdrawals when you need to make use of the cash. It will also help you minimize impulse spending as you will always have the opportunity to think twice before spending, unlike when you have your cash with you.

The 5 main benefits of a bank account include:

1. Safety of your money

2. Accessibility

3. Ease of paying bills

4. Accumulated profits

5. Saving on transaction

Another benefit of saving with a bank is that it allows you to build a credit history which is a useful ingredient when applying for a loan.

In Ghana, there are several different banks which offer banking services in a bid to satisfy customer demands.

See Also: How To Open a Corporate Account in Ghana

How Can One Open a Personal Savings Account With a Ghanaian Bank

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Here’s How to open a personal savings account with a bank in Ghana

What is a Personal Savings Account?

Definition- a personal savings account is a type of bank account where a person or persons are allowed to deposit sums of money on a predetermined schedule and earn interest on such deposits. The bank usually gives regulations as to how the depositor can access the money. The bank may also give a minimum balance requirement but the accounts remain accessible at any time. In personal savings accounts, deposits and withdrawal as well as interests payable are recorded in a register or passbook. The bank then offers a monthly quarterly or yearly statement on all the transactions over that period of time.

See Also: How to Open a Bank Account with Ecobank Ghana

The process

The question then shifts to “how do I open a personal savings account?” Well, the process is rather similar for most banks though a few will include one or two extra processes for security reasons or customer satisfaction purposes. The 4 steps process is a follows;

1. Choose which bank you want to save with

This will depend on a number of factors including accessibility, reputation and services offered. Accessibility will demand for example that if you live in smaller towns or villages at the country side, your choices are arguably limited to banks with branches close to you. If you live in Accra though, this might never be a problem as the capital boasts a number of banks with branches all over.

You may also know a few things about a certain bank which puts its reputation in doubt or they could not be offering a number of services that you are looking for. This will easily lead to choosing one bank over the other.

2. Choose the type of bank account you are interested in

In this case we are interested in a personal savings account. There are many other accounts offered by different banks so you have to be keen when making a selection. One advantage of personal savings accounts is that they are open to everyone in the republic as long as you are 18 and above.

3. Visit the selected bank and complete the transaction

Next, you should visit the specific bank to open an account. Most banks allow people to open accounts from branches closest to them. At the bank, the best idea is to ask for guidance from the customer care. They will serve you with an application form which you have to complete and return to the teller.

During the application process, you will require identification documents like a government issued national ID, a valid passport or a driving license. You will also need a copy of your pay slip, a letter from your employer to confirm your employment or both. For self-employed individuals, you will require evidence of income to show that you are actually in a position to put money into the account.

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4. Wait for an approval

Once you are finished with the application, the next step is to allow the bank to process your application. The process involves verification of the information you submitted. In most cases, applications will go through smoothly and an account will be opened in your name. In some cases though, the bank might find reasons to deny your request in which case they will communicate on the next step. They could ask you to re-submit some information, make a fresh application.

The bottom line is that for any feedback the bank will always communicate.

When you finally have the account, make maximum use of it. Deposit money, make withdrawals, pay your bills and do all the rest. And when the time comes, why not use it to acquire a loan!