Banks, fixed deposits and SACCOs in Uganda

A fixed deposit locks your money at a bank for an agreed term at a rate set up front; a savings account pays less but lets you withdraw any time. Bank deposits in Uganda are protected by the Deposit Protection Fund up to a limit per person per bank, shown below, and SACCOs licensed by the Bank of Uganda are now covered too.

Banks are commonly used for money people want certainty about: an emergency fund in a savings account, or a known expense on a known date in a fixed deposit that matures just before it. Larger deposits can often negotiate a better rate than the published one.

Every bank reports its minimum and maximum fixed deposit and savings rates to the Bank of Uganda, which publishes them about every quarter. Many banks list their maximum as negotiable. Charges matter too: on small balances a monthly fee can cancel out the interest.

Below are today's published figures with their dates, the guides comparing bank savings with other options, and calculators to see what your money would earn.