Tuesday, June 18, 2024

List Of Best Banks To Open A Savings Account In Uganda

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Nyongesa Sande
Nyongesa Sandehttps://bizmart.africa
Nyongesa Sande is a Kenyan blogger, Pan Africanist,c olumnist Political Activist , blogger, informer & businesman who has interest in politics, governance, corporate fraud, human rights and television personality.

This is a list of the best banks to open a savings account in Uganda. Saving is a path to financial freedom. It requires a lot of dedication to achieve your savings goals. With savings, you can enjoy the peace of mind of having an emergency fund for unforeseen circumstances or unexpected events.

Here is a list of the best banks to open a savings account in Uganda.

Save Plus Account – Equity Bank Uganda

Enjoy this easy and convenient way to manage your finances. You can regularly save small fixed amounts and build a lump sum towards your future goals.

5 great features of the Equity Save Plus Account

  1. Customer Commits to an agreed monthly contribution
  2. Minimum period is 12 months
  3. There’s no account maintenance fees
  4. Withdrawal with one month’s notice attract surcharge of 1% and withdrawal without notice a surcharge of 5%
  5. It has attractive interest rates on monthly balances.

5 reasons to open an Equity Save Plus Account

  1. There are no ledger fees
  2. You have access to loans of up to 90% of accumulated savings
  3. Manageable monthly contributions
  4. Get free balance inquiries
  5. You will earn attractive Interests

Safari Savings Account – Standard Chartered Uganda

This is an account designed for your savings needs through digital convenience. It is offered in both local and foreign currency. It is available to individuals in the Personal and Priority Banking Segments.

Apart from the normal account opening requirements of Proof of name, nationality and date of birth: By either a national Identification for Ugandan nationals or valid passport for non Ugandans, It is opened digitally and requires provision of one coloured passport photo (selfie) , Proof of residence: By either national ID or a recent telephone/water/electricity/DSTV bill, a letter of reference from one’s employer or tenancy agreement, and acknowledged Key Facts Document.

Documents Required

  • Original / copy of National ID
  • Selfie Photo
  • If US Person, upload W-8 BEN / W-9 BEN form
  • If US Green Card holder, upload W-9 BEN form

Savings Accounts – NCBA Uganda

Take control of your money with a good savings culture. The NCBA Saver account helps you on your journey towards pro-saving with free deposits and standing order arrangements directly into the account from your NCBA current account.




AVAILABLE INForeign Currency

Other features and benefits of this account include:

  • Opening balance for foreign accounts: USD 50, EUR 50, GBP 50 or KES 5,000.
  • Minimum Balance for foreign accounts: USD 10, EUR 10, GBP 5, or KES 1000.
  • Tiered interest for balances of UGX 50,000 and above.
  • Tiered interest payment of up to 3.5% for local currency and 1.5% for foreign currency accounts.
  • Zero monthly fees.
  • One free monthly over the counter withdrawal.
  • Access to account through Online and Mobile Banking.
  • Free monthly e-statements

Reward Savings Account – Bank of Africa – Uganda

FOREIGN CURRENCY Save in both local and foreign currencies

INTEREST PAID Enjoy attractive interest rates paid on your savings monthly

ZERO FEES Zero account management fees

STANDING ORDER Free standing orders from any of your other BOA accounts

ACCESS CHANNELS Multiple channels of access to funds on mobile banking, ATMs, online banking and agent banking

FREE DIGITAL BANKING Free mobile and internet banking subscription

Documents Required

  • 1 current passport photograph of yourself
  • Valid identification document – National ID or Passport for foreign nationals
  • Valid email address and phone number


  • Account opening/minimum balance – UGX 250,000
  • Monthly management fees – Free
  • Minimum account balance to earn interest – UGX 250,000
  • 1 free over-the-counter withdrawal per quarter
  • Counter cash withdrawal – UGX 6,000
  • Below minimum balance charge per month – UGX 17,000.

N.B: All other transactions not included in the above list will be charged at the pay-as-you-transact fee.

Download products and services pricing guide for more information.

Savings Local Account | DTB Uganda

They provide their customers with the option of choosing from a wide range of savings accounts with different features and benefits to meet the banking needs of diverse customers from all walks of life.

PureSave Account – Stanbic Bank

Build your savings culture so that you are able to invest in your dreams. You can have more than one pure save account, available in multiple currencies with competitive interest rates.

  • No Minimum balance breach fee
  • Attractive competitive interest rates on deposits from 1.5% to 3.5%-tiered interest on savings above UGX 100,000/=
  • No monthly management fees if Secondary account
  • Available in all major currencies (UGX, USD, GBP, EUR)
  • Can open more than one PureSave Account 

Dollar Savings Account in Uganda – I & M Bank Uganda

Known for its affordability and competitive interest rates making it the smart choice for the smart saver. Enjoy the most competitive interest rates when you save with the US Dollar Savings Account. The more you save, the more interest you earn.

  • Minimum Account Opening Balance$200
  • Account Minimum Balance$100
  • Below Account Minimum Balance Fee$5
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