Open a Savings Account in Rwanda

Maybe you are interested in making investments. Whatever your long-term financial goals are, you must have money to invest. Putting your extra money in a savings account is a great way to accumulate the money you need for bigger investment opportunities while still earning a small amount of interest on it while you wait for it to grow. We have put together all banks information about their Savings Account in Rwanda with good rates:

1.COGEBANK

A foreigner can open a savings account as long as they have a visa that will last. You also don’t have to be a bank’s member to have a savings account. Cogebank has three(3) different kind of savings account

Origin
Mortgage(last for 9 years) and withdraw after 4 years
umushinga(6years) and withdraw after 3 years

Interest rate of 30% annually
30%of what you have in
Obligated to open an current account to be able to withdraw

2.ECOBANK

A foreigner can open a savings account as long as they have a visa that will last. You also don’t have to be a bank’s member to have a savings account. ● 15k as initial deposit

5%per year as an interest rate(divided into three months) ● Withdraw once in 3 months
Eligible to withdraw 5million ( minimum)
An account has to be in Rwf

3.I&M BANK

A foreigner can open a savings account as long as they have a visa that will last. You also don’t have to be a bank’s member to have a savings account. I&M bank has three(3) different kind of savings account

Easy smart saver
Monthly smart saver
Flex term deposit

Easy smart saver

The initial deposit starts from 15k Rwf
Withdraw once a month
Interest rate

15k-500k gain an interest rate of 4%

500k-5m gain an interest rate of 5%

10m-above gain an interest rate of 6%

They provide an interest rate annually
If you withdraw before eligible time you get 2%of charges Monthly smart saver
50k as initial deposit
Eligible to withdraw once in six month
You have to be precise for how long you need your saving account to last. ● Interest rate

1 year you gain an interest rate of 7.75%

2 years you gain an interest rate of 8.25%

3years and more gain an interest rate of 8.75%

Flex term deposit

100k as initial deposit
Eligible to withdraw once a year
You have to be precise for how long you need your savings account to last. ● Provide an interest rate annually

100k-10m gain 8%as an interest rate (if you account last for 1 year) For 2 years the interest rate will be 8.25% per years

10m-50m and more gain an interest rate of 8.5% per year

8.75% per 2 years

9% per 3 years and above.

Account can be opened in either usd or rwf

4.ACCESS BANK

A foreigner can open a savings account as long as they have a visa that will last. You also don’t have to be a bank’s member to have a savings account. Access bank has four(4) different kind of savings account

WOMEN SAVINGS:6%
INDIVIDUAL SAVINGS:4%
ACCESS ADVANTAGE:4%( use check book)
YOUTH:4-6%

They provide an interest rate annually
Withdraw 4 times per month, if you exceed you get charged. ● You gain an interest based on how much you have

5.EQUITY BANK

SAVINGS ACCOUNT

A foreigner can open savings account as long as they have a visa that will last. Equity bank has two(2) different kind of savings account:

Saving
Broke

The first one which is called Saving has no interest rate at all however, the second one which is Broke has 4% interest rate per year.

Opening a broke account requires an initial deposit of at least 10k rwf and also needs to make a monthly deposit.
You are not allowed to withdraw until years you chose are finished. ● You gain an interest rate depending on how much you have in. ● You do not need to be a client to open a savings account.

6.BANK OF KIGALI

SAVINGS ACCOUNT

A foreigner can open a savings account as long as they have a visa that will last. You also don’t have to be a bank’s member to have a savings account.