Best Fixed Deposit Account Uganda with highest interest rate


Fixed Deposit account is one of the best ways to invest money in Uganda. The interest rates are high and the account will gradually train you develop financial discipline.

Below is a compiled list of banks with best fixed deposit accounts in Uganda and the interest rate they charge per year.

Standard Chartered Bank

The interest rate for Standard Chartered Bank ranges between 6% and 13% per year. Initial deposit amount required is UGX 10,000,000. Foreigners are required to deposit US$10,000 as the initial deposit.

To open a fixed deposit account, provide original or copy of the National ID or Passport. In addition, the company will require a selfie photo, which you can take by your smartphone.

Saving options are for 3 months,6 months, one year or even for a longer period.

Stanbic Bank

Stanbic Bank offers the highest Fixed Deposit interest rates in Uganda. Their interest rates range between 5% and 13% per year. The interests grow with your savings—the more money you save, the higher the fixed deposit interest rate. If you save UGX 1 million monthly, the money will yield interest of 7% to 13% annually. There are exceptional cases where interest crosses 18% per annum. This is witnessed when a client wants to save for more than 5 years without withdrawing the cash.

Stanbic Bank sometimes allows customers to negotiate on the interest especially if the amount of money you are saving is high.

Minimum deposit amount is UGX1,000,000 and savings can be done monthly,3 months,6 months,9 months or 12 months.

Savings are available in major world currencies like dollars Sterling pounds, Euro and of course the Ugandan currency.

Visit any of their branches and present your National ID. For foreigners, present Original and copy of your passport.


If you want to be sure that your money is safe, operate an account at an internationally recognized bank like ABSA.The Bank requires minimum operating balance of UGX 2,000,000 and initial account deposit of UGX 50,000. You will also be required to pay UGX 15,000 for breach fee.

Their interest is 4% which is tiered quarterly.

ABSA Bank offers the highest interest rate on Fixed Deposits in Uganda alongside Stanbic Bank. But its operating balance is so high, implying that the bank is targeting high net worth individuals.

Housing Finance Bank

Their interest rates are between 5% and 11% per year. I have interacted with a number of customers, they secretly reveal that if one deposits over UGX3 million monthly, the interest rate will be as high as 9% per year.

You are allowed to save monthly,3,6 or 12 months. It’s highly recommended to save for 12 months to earn decent interest rate.

Minimum Fixed Amount required is UGX 1,000,000

Housing Finance Bank is one of the most trusted banks in Uganda. When you save your money here, you are 100% sure it will be safe.

Your savings can help you take a mortgage or loan from the company (Housing Finance Bank has the best mortgages in Uganda). It will also help you start a business, buy your own car or build a house.

The income from the fixed deposit account will attract 15% tax. This means that if you earn UGX 1 million as interest, UGX150,000 will go into tax, meaning that you will remain with a profit of UGX 850,000.

Centenary Bank

Minimum fixed amount is UGX 300,000. You are required to provide original and copy of your ID and also your passport for you to open a Fixed Deposit account. Savings can be done for 1,3,6,9 or 12 months. Once the amount matures, you will reinvest it back.

The bank’s Fixed Deposit account targets Ugandans with small amount of money to save. The interest rate is between 3% and 6% per annum.

Among all other savings accounts, Fixed Deposit account has the highest interest rate.

Bank of Baroda

Bank of Baroda is ideal for people who don’t have millions to save. The minimum deposit is UGX 100,000 but there is no maximum amount. The annual interest rate is 2% to 8%.

If you are a small fish, open an account at Bank of Baroda and save your money there to earn interest annually.

Finance Trust Bank

Finance Trust Bank offers interest rate of 2% to 7% per year for Fixed Deposit Account. The Minimum Deposit amount is as low as UGX 100,000. Basic requirements include:2 passport size photo and National ID.


DFCU Bank is for both small and big fish. They require minimum deposit of UGX100,000. Interest rate per year is between 3% and 10%. To get this account, you are required to provide 2 passport size photos, National ID or Passport.

You can save in US dollars or Ugandan currency.

Diamond Trust Bank Uganda

The bank requires minimum deposit amount of UGX 5,000,000. I think it’s the highest minimum deposit in Uganda. Deposits are made quarterly, monthly and yearly. Interest rate range between 5% and 18% per year.

Exim Bank Uganda

Exim Bank has attractive interest on savings. Their fixed deposit account yield interest of 4% to 15% per year. Minimum Deposit amount required is UGX 1,000,000

Other investment options

Apart from fixed deposit account, you can also invest in Money Market Fund, Sacco Shares, Government Bonds or rental properties. Fixed Deposit Account and Money Market Fund are hustle free.


Please enter your comment!
Please enter your name here