Compare savings & fixed deposit rates in Uganda
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Rate published
Stanbic Bank Uganda PureSave Account
★★★★☆
UGX 1,500 for a stand-alone account; none for a secondary account linked to an existing Stanbic account, per Stanbic's page
Monthly Fee
Commercial bank supervised by Bank of Uganda; deposits protected by the Deposit Protection Fund of Uganda to UGX 10 million
Licence
Emergency funds you may need at short notice but do not want sitting in a current account
Best For
bank
Type
Pros
- Stanbic publishes the rate band on the page: 1.5% to 3.5%, tiered on savings above UGX 100,000
- No minimum balance breach fee, so a low balance does not get penalised
- Available in UGX, USD, GBP and EUR, and you can hold more than one
Cons
- Even the top of the published band is likely to sit below Ugandan inflation and well below Treasury bill yields
- The card and ATM charges Stanbic publishes (bi-annual Visa fee, per-withdrawal fee) can outweigh interest on a small balance
- A stand-alone account carries a monthly fee; only the linked secondary version is free
Fees, eligibility & documents
Fees
Monthly management feeUGX 1,500 stand-alone; nil for a secondary account, per Stanbic's page
ATM withdrawal at a Stanbic ATMUGX 1,200, per Stanbic's page
Eligibility
- Individual aged 18 or over with Ugandan ID, or a passport for non-citizens
- Ability to fund the UGX 20,000 opening balance
Documents needed
- Ugandan National ID, or passport for non-citizens
- Two passport-size photographs
Centenary Bank Cente Fixed Deposit Account
★★★★☆
Centenary's page states there are no regular fees or charges on this account
Monthly Fee
Commercial bank supervised by Bank of Uganda; deposits protected by the Deposit Protection Fund of Uganda to UGX 10 million
Licence
Money you genuinely will not touch for six months or more
Best For
bank
Type
Pros
- Pays more than an ordinary savings account, on a tiered scale that favours larger deposits
- Entry point is low for a term deposit: Centenary publishes a UGX 300,000 minimum
- The deposit can be used as collateral, so locking it up does not fully close off borrowing
Cons
- The rate is not published, so you cannot compare it against a Treasury bill before you visit a branch
- Interest is forfeited on early withdrawal unless 80% of the contract period has run
- No ATM card and no regular statements, so it is deliberately hard to access
Fees, eligibility & documents
Fees
Minimum amount to fixUGX 300,000; maximum open, per Centenary's product page
Regular account chargesNone, per Centenary's product page
Eligibility
- Individual or entity able to place the minimum deposit
- New customers need a letter of introduction from an employer or local authority, or a referee who holds an account
Documents needed
- Passport-size photographs
- Valid National ID, passport or refugee ID
- Letter of introduction or referee details if you are a new customer
Centenary Bank Cente Ordinary Savings Account
★★★★☆
UGX 3,000 account management fee, per Centenary's product page
Monthly Fee
Commercial bank supervised by Bank of Uganda; deposits protected by the Deposit Protection Fund of Uganda to UGX 10 million
Licence
A first savings account you can still reach at an agent or ATM
Best For
bank
Type
Pros
- Opens on UGX 10,000 for individuals, which is genuinely accessible
- Interest is calculated on daily balances and paid twice a year rather than annually
- Comes with a CenteVISA debit card plus CenteMobile and internet banking
Cons
- The UGX 3,000 monthly fee will exceed the interest earned on a small balance; do the arithmetic before opening
- Centenary does not publish the interest rate on the product page
- Withdrawals must be made personally by the account holder; no third parties are permitted
Fees, eligibility & documents
Fees
Monthly account management feeUGX 3,000, per Centenary's product page
Opening / minimum balance (individuals)UGX 10,000 opening, UGX 5,000 minimum, per Centenary's product page
Eligibility
- Individual aged 18 or over resident in Uganda
- Ability to fund the opening deposit
Documents needed
- One passport-size photograph
- Valid National ID or passport carrying a National Identification Number
- Opening cash deposit
Formerly PostBank
Pearl Bank Uganda savings accounts
★★★★☆
Varies by account; Pearl Bank's accounts page states no monthly management fee on the Ordinary Savings, Diaspora and ZeroFlex accounts, and UGX 3,000 on the Smart Woman account
Monthly Fee
Tier 1 commercial bank; Bank of Uganda granted Pearl Bank Uganda Limited its operating licence in November 2025 following the rebrand from PostBank Uganda
Licence
Low-balance savers and government-adjacent savers who want a state-owned bank
Best For
bank
Type
Pros
- Very low entry points: the Ordinary Savings account opens on UGX 8,000 per Pearl Bank's page
- The bank publishes indicative rate bands, including up to 6% on Early Start and Smart Woman balances above UGX 200,000
- Government-owned and long-established, with a rural footprint inherited from PostBank
Cons
- The rebrand from PostBank is recent, so branding, apps and card artwork are still in transition
- The Ordinary Savings rate is stated as up to 0.5% and only on balances above UGX 10 million, which is negligible
- The headline 6% bands sit on specific accounts (Early Start, Smart Woman), not the general savings account
Fees, eligibility & documents
Fees
Ordinary Savings opening / minimum balanceUGX 8,000, per Pearl Bank's accounts page
Smart Woman monthly feeUGX 3,000, per Pearl Bank's accounts page
Eligibility
- Individual resident in Uganda with valid identification
- Some accounts are restricted by segment (Early Start is for under-18s, Smart Woman for women, Diaspora for Ugandans abroad)
Documents needed
- National ID or passport
- Passport-size photograph
- Opening deposit for the chosen account
CMA-regulated fund
XENO Uganda Money Market Fund
★★★★☆
No monthly account fee is published; unit trusts carry an annual management fee set out in the fund documents
Monthly Fee
Licensed and regulated as a fund manager by the Capital Markets Authority of Uganda and by the Uganda Retirement Benefits Regulatory Authority, per XENO's own statement
Licence
Savers who want a market rate of return rather than a bank savings rate, and can accept that it is an investment
Best For
digital
Type
Pros
- Minimum investment of UGX 10,000, per XENO's site, so it is open to ordinary savers not just the wealthy
- Four regulated funds (Money Market, Bond, Domestic Equity, Regional Equity) let you match risk to a goal's time horizon
- Money market funds in Uganda track short-dated government paper, which typically pays materially more than a bank savings account
Cons
- This is an investment, not a deposit: the Deposit Protection Fund does not cover unit trusts, only Bank of Uganda licensed deposit takers
- Returns are not guaranteed and past fund performance says nothing about future yields
- XENO does not publish its management fee on the homepage; read the fund fact sheet before investing
Fees, eligibility & documents
Fees
Minimum investmentUGX 10,000, per XENO's site
Management feeNot published on the homepage; see the individual fund fact sheet
Eligibility
- Individual aged 18 or over with Ugandan identification
- Groups, SACCOs, clubs and institutions can also invest under XENO's group offering
Documents needed
- National ID or passport
- Proof of address or KYC details as requested during onboarding
- Bank or mobile money account for funding
MoKash (MTN MoMo and NCBA)
★★★★☆
No monthly fee published; MoKash publishes tiered savings interest and a separate loan facilitation fee
Monthly Fee
Offered by MTN MoMo with NCBA as the partner financial institution; MTN's page does not state deposit protection cover for MoKash balances
Licence
Building a savings habit in small amounts from a basic handset
Best For
mno
Type
Pros
- MTN publishes the tiered rates on its own page: 2% up to UGX 300,000, rising through 3% and 4% to 5% above UGX 1,600,000
- You can save from as little as UGX 50, per MTN's page, which no bank account matches
- No branch visit, no forms, and it sits in the wallet you already use
Cons
- Top-tier interest requires a balance above UGX 1,600,000, at which point a term deposit or money market fund is usually better
- MTN's page does not state that MoKash balances carry Deposit Protection Fund cover; do not assume they do
- The savings side is a gateway to the MoKash loan, which is expensive (see our lending entries) — save without borrowing
Fees, eligibility & documents
Fees
Savings interest (tiered)2% on UGX 1-300,000; 3% on 300,001-800,000; 4% on 800,001-1,600,000; 5% above 1,600,000, per MTN's page
Minimum to saveFrom UGX 50, per MTN's page
Eligibility
- Registered MTN Uganda Mobile Money customer
- Activation through the MoKash menu in the MoMo app or USSD
Documents needed
- Registered MTN SIM in your own name
- National ID used for SIM and MoMo registration
