If you want to save money in Uganda, you can either save in a fixed deposit account or money market but fixed deposit account emerges the best if you prefer to save with a bank. In Uganda, several banks offer fixed deposit savings option but only a few have attractive interest rates.
When it comes to choosing the right bank to save your money, stability of the bank is important, also consider a bank with attractive interest rates and one that invests your money in real estate and real assets.
Below we present a chart indicating the minimum deposits required by each bank, interest rates and withdrawal period
| BANK | MINIMUM DEPOSIT(USH) | WITHDRAWAL DURATION(MONTHS | BENEFITS/TERMS | INTEREST RATES |
| Centenary Bank | 300,000 | 3,6,12 | · Account earns interest at a rate higher than that applied on savings account .
· Account can be liquidated any time on notice. · Account can be pledged as collateral for loans. |
Negotiable |
| Standard Chartered Bank | 25,000,000 | 2,6,12 | · Investment can be pledged as security
· Access to personal loans and overdrafts equivalent to 80% of balance on Fixed Deposit |
Negotiable(Usually 8.5 %-14 %) |
| Post Bank Uganda | 1,000,000 | 3,6,12 | · No charges at all
· Can borrow up to 100% against the deposit · Attractive interest rates lower than prevailing bank rates |
Interest of up to 10%, for balances of up to OGX 100-499M, negotiable for balances above 500M |
| Equity Bank Uganda | 1,000,000 | 1,3,6,12 & 24 | · Flexible investment period
· Access to loans against the deposit · Automatic roll-over investment facility |
Negotiable |
| Housing Finance Uganda | 1,000,000 | 3,6,12 |
· Account earns interest depending on the amount and period · Account can be liquidated any time on notice · Account can be pledged as collateral for loans. |
Negotiable |
| GT Bank Uganda | 1,000,000 | 30, 60, 91, 182 and 365 days | · Available in all Major Currencies.
· Regional Currencies available on request. |
Negotiable |
| Barclays Bank Ugand | 2,000,000 | · Benefits
· The more you deposit, the more you earn · Tiered interest rates · Your money is safe and secure |
Negotiable (Usually from 6 % to 14 %) |
The banks listed above are the most stable in Uganda. You can approach any of the banks to save your money in fixed deposit account.