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.
- 50k as an initial deposit
- 5%annually interest rate
- Gain an interest rate depending on how much you have in
- Eligible to withdraw once a month
