What banks don’t want you to know about savings accounts in Ghana

Many Ghanaians rely on savings accounts to keep their money safe and grow it over time. It’s a common belief that putting your money in the bank is one of the smartest financial moves you can make.

But the truth is, there are some important things banks don’t always tell you about savings accounts.

Things that could cost you money in the long run. Let’s break down the top three things banks won’t tell you.

1. Low interest rates

One of the biggest surprises for many people is how little their money actually grows in a savings account. Most banks in Ghana offer interest rates as low as 2% to 5% per year. At first glance, that might seem like something but when you consider the rate of inflation, the picture changes.

Inflation in Ghana often ranges between 15% and 22%. This means that the prices of goods and services are going up faster than your money is growing. So even though you’re earning a little interest, the real value of your money is going down.

For instance, you could be saving GH?1,000 today and earning GH?40 in interest by the end of the year, but if prices go up by 10%, that GH?1,040 won’t buy as much as your original GH?1,000 could a year ago.

Banks rarely talk about this. They advertise interest rates to attract customers but don’t explain how inflation affects your real earnings. If your money is not growing faster than inflation, then it’s not really “growing” at all.

READ ALSO: 5 Remote jobs Ghanaians are making good money from - And how you can find one

2. Hidden charges eat into your money

Another thing many people don’t realise is that banks often deduct fees from your savings account. These can include:

• Monthly maintenance fees

• SMS alert charges

• Withdrawal fees

• ATM card fees

• Transfer charges

These charges may look small, but over time they add up. Imagine earning ?50 in interest over the year but paying ?80 in fees. You’ve actually lost ?30 just by keeping your money in the bank.

Banks are supposed to be helping you save, but if you’re not careful, they end up taking more than they give. Always ask for a full list of fees before opening an account. And don’t assume “savings” means free of charge as many accounts still have hidden costs.

3. Banks use your money to make more money

This one might surprise you: while you’re earning 3% interest, the bank could be making 20% or more using your money. Here’s how it works:

When you deposit money into your savings account, the bank doesn’t just let it sit there. They lend it out to others, through loans, mortgages, or business financing at much higher interest rates. For example, they could lend your money to someone else at 25% interest while only giving you 4%.

So, the bank is making huge profits off your deposit, but you only get a small slice. This is standard practice in banking, but it’s something many Ghanaians don’t think about. The bank wins big, while your earnings remain small.

Savings accounts are good for keeping your money safe, but they won’t help you grow it in any big way. Now that you know the truth: low interest rates, hidden fees, and how banks profit from your money, you can make better choices.

MUST READ: Start Smart: 5 key tips before taking a bank loan for your business

If you want to grow your money, consider other options like fixed deposits, treasury bills, or even mobile money savings platforms that offer better rates with fewer charges. Don’t just save but save smart.

Read Full Story