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

Savings Account in Rwanda

 

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 

  1. Origin 
  2. Mortgage(last for 9 years) and withdraw after 4 years 
  3. 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

Savings Account in Rwanda

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

Savings Account in Rwanda

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 

  1. Easy smart saver 
  2. Monthly smart saver 
  3. 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

Savings Account in Rwanda

 

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 

  1. WOMEN SAVINGS:6% 
  2. INDIVIDUAL SAVINGS:4% 
  3. ACCESS ADVANTAGE:4%( use check book) 
  4. 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

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