How Much Does It Cost to Open a Savings Account in Ghana?
Opening a savings account in Ghana can cost anywhere from GH¢0 to GH¢1,000, depending on the bank and the type of account.
A review of the Bank of Ghana's Survey of Bank Charges as at end-September 2025 shows significant differences in the amount customers need to make an initial deposit when opening a savings account.
GH¢50 is the most common entry point
For most banks, customers do not need a large amount to get started. Fifteen of the 23 universal banks covered by the Bank of Ghana survey require an initial deposit of GH¢50. These include banks such as Absa, Access Bank, Agricultural Development Bank, CAL Bank, Consolidated Bank Ghana, Ecobank, Fidelity Bank, First Bank Ghana, National Investment Bank, OmniBSIC, Prudential Bank, Stanbic Bank, Universal Merchant Bank and Zenith Bank.
This concentration suggests that GH¢50 has become the most common entry point for conventional savings accounts in Ghana, although it is not a regulatory standard.
Some banks require considerably less
At the lower end of the market, Guaranty Trust Bank stands out with a GH¢0 initial deposit and GH¢0 minimum operating balance.
United Bank for Africa and First Atlantic Bank require GH¢20, while First National Bank requires GH¢40. These lower entry points can matter for customers who want to establish a formal banking relationship without committing a significant amount of money upfront.
Opening the account is only half the story
The initial deposit, however, should not be the only consideration when comparing savings accounts. The Bank of Ghana also reports the minimum operating balance, and this varies between banks.
Access Bank, for example, requires GH¢50 to open the account but reports a GH¢0 minimum operating balance. Agricultural Development Bank requires GH¢50 initially and GH¢20 as the minimum operating balance. Ecobank reports GH¢50 for both the initial deposit and minimum balance.
At the upper end, Republic Bank reports a range of GH¢50 to GH¢1,000 depending on the account type.
This distinction is particularly important for customers with irregular incomes. The amount needed to open an account may be affordable, but maintaining the required balance could present a different challenge.
Why this matters for financial inclusion
The comparison comes at a time when access to formal financial services in Ghana has expanded significantly. The Bank of Ghana's National Payment Systems Strategy notes that 81% of Ghanaian adults had an account with a financial institution or mobile money provider in 2024, compared with 41% in 2014. The strategy also emphasizes digital payments and broader access to financial services.
The World Bank similarly identifies lack of money as one of the important barriers to account ownership globally, particularly among underserved populations.
This makes low-cost account entry points potentially important. But the bigger question for consumers is not simply, "How much do I need to open the account?" It is also, "How much do I need to keep in it, and what other charges will I face?"
The bottom line
The Bank of Ghana's data shows that opening a savings account in Ghana does not necessarily require a large amount of money. GH¢50 is the most common initial deposit, while some banks require less and one reports a zero opening deposit.
For consumers comparing banks, however, the best option cannot be determined from the initial deposit alone. Minimum operating balances, account charges, digital banking fees and other costs should also be considered.
The cheapest account to open is not necessarily the cheapest account to maintain.
Source: Bank of Ghana, Survey of Bank Charges as at end-September 2025. Join our WhatsApp group to receive data viz insights on Ghana and Africa directly: https://chat.whatsapp.com/JCqBvBWfqjILTxiaCqFhCx?mode=wwt
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