Best Savings Accounts in Botswana

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When you open and fund a savings account, the financial institution pays you interest on your savings since they use your money to give loans to other people. The interest you earn can be compounded daily or monthly. It is important to know the current interest rates offered in your bank of choice since the rates vary among financial institutions. We will take you through the best investment savings accounts in Botswana.

Opening a Savings Account in Botswana

Opening an investment savings account in Botswana is, without doubt, the best decision you can make since it is the first step to financial independence. Different financial institutions may have different application requirements at different levels. The following is the basic procedure for account opening.

Choose your Application Channel

Most financial institutions in Botswana have several application channels. You can apply online, in person at a financial institution, or through a post office. You will need to choose which channel works best for you.

Gather the Necessary Application Documents

Financial institutions in Botswana have set application requirements for the opening of savings accounts. The common documents required include national ID cards, birth certificates for minors and passports for foreigners.

Select the Type of Savings Account you Want and Fill in Necessary Forms

An account can be single or joint. In the case of a joint account, you will need to provide contact details for all account holders. You will then need to download, print, fill and sign the necessary application forms.

Accept the Terms and Conditions

It is important to read through the terms and conditions. You will be asked to confirm if you have read the disclosure documentation describing fees and liabilities.

Submit Your Application

Upon signing the application forms, submit them together with other account opening documents and wait for feedback. If the account is passbook-based, you will be contacted to collect the passbook once the account is opened. You will need to fill the deposit slip and submit it together with the minimum opening amount. Your account will then be active.

Best Savings Accounts in Botswana

The best savings accounts have no or low monthly service/ maintenance fees and earn a high-interest rate. Different financial institutions in Botswana offer different investment savings accounts.

Botswana Savings Bank (BSB)

Botswana Savings Bank is a financial institution owned by the government. It is mandated to mobilize people to save, and it also provides several financial services.  The bank offers several saving accounts.

Sesigo Savings Account

Sesigo is a passbook based savings account that offers high-interest rates of up to 2.75% annually. The interest earned is tax-free. Deposits and withdrawals can be made at the Botswana Savings Bank banking hall, Francistown branch, and Post Offices. Account-holders can make two withdrawals in a month, with a P11 charge on each extra withdrawal. The minimum opening balance for a Sesigo savings account is P200 with a monthly maintenance fee of P10. The withdrawal fee is P2.

Documents Required When Opening a Sesigo Savings Account

Applicants will be required to provide the following.

  • A birth certificate or passport for people below 18 years
  • Citizens will be required to provide Omang (national ID) and passport for foreigners

Ordinary Savings Account

The Ordinary Savings Account is a passbook based Visa card account that can be used in any visa ATM. It accommodates standing order facilities from employers and other sources of funding. Ordinary Savings Accounts earns an interest of 1.75% per year, which is tax-free. The minimum opening amount is P50 with a monthly account maintenance fee of P8.50. For withdrawals, there must be at least 7 clear days interval between 2 withdrawals and the withdrawal fee is P2. Additionally, an Ordinary Savings Account features accidental hospital cash back cover and an accidental death and disability cover. Account-holders also receive SMS notifications for all transactions.

Requirements When Opening an Ordinary Savings Account

You will need to provide the following

  • A valid proof of birth certificate or passport if you are below 18 years of age
  • Omang (national ID) for citizens and passport for foreigners
  • The minimum account opening balance of P50

Fixed Deposit Account

The Fixed Deposit Account is an investment savings account, offering attractive interest rates of up to 1.52%. Account-holders are allowed to place funds for a period not exceeding 2 years. The minimum opening balance for a fixed deposit account is P1000, and there is no tax on interest earned. Persons below 18 years will be required to provide a birth certificate or passport and a national ID and a passport for citizens and foreigners, respectively.

Letlole National Savings Certificate (NSC)

Letlole investment savings account is a paper-based account specifically for Botswana citizens. The account has a lifespan of 3 years, and it allows account-holders a 5% annual rate of return on investment. Account-holders can purchase a maximum of P100 000 and can also nominate a relative or friend as a beneficiary to a certificate. Letlole investment savings account features the following;

  • The minimum opening amount is P250
  • The interest earned is 3.25% per year, and it is tax-free
  • There are no charges for operating the account
  • It allows the transfer of certificates to citizens with a valid national ID
  • There are no charges for the renewal of lost certificates
  • Account-holders who want to redeem their certificates will need to terminate their existing contracts

Standard Chartered Bank Savings Accounts

Tema Savings Account

Tema Savings Account is a Standard Chartered Bank product that offers competitive interest rates with zero monthly maintenance fees for a minimum balance of P500. The account allows an initial deposit of P100. Account-holders can access the account through online and mobile banking 24/7. Additionally, bill payments via online and mobile banking are free. Account-holders enjoy a wide range of Visa card products that allow ATM, online, and Point of Sale transactions.

Standard Savings Account

A Standard Savings Account is one of the best Standard Chartered savings accounts in Botswana that gives account holders access to their accounts through online and mobile banking 24/7. It also offers free bill payments via mobile and online banking. Other account features include; access to a wide range of Visa card products, full access to your account, transfer funds, airtime purchases, and mobile money purchases. Account-holders also receive daily, weekly, or monthly eStatements.

Eligibility and Documents Required During Application of Tema and Standard Savings Account

If you are applying for either of the two accounts, you will need to meet the following requirements

  • You must be 18 years and above.
  • Present a valid national ID
  • You must provide a photo of your face or a selfie
  • Foreigners will need to provide proof of residence (latest Utility Bill, Employment letter, Police Affidavit, Current Lease Agreement, Letter from Travel Administration)
  • Proof of Income (Payslip, sponsorship letter, or confirmation letter of employment)

Absa Bank Savings Account

Instant Savings Account

Absa Bank offers instant Savings Accounts in Botswana. Account-holders can access their money anytime whenever they need it. The minimum opening and operating balance is P1, 200, and you can choose a credit or debit card (first debit cards are free) for withdrawals. There are no account maintenance fees for balances of P5, 000 and above. Interest is calculated monthly, and a tiered quarterly interest is paid on your deposits. However, you must have a minimum balance of P6, 000 to earn interest.

What to Bring When Opening an Instant Savings Account

You will need to bring the following when applying for an account

  • A national identification card or a valid passport for non-Botswana citizens
  • Utility documents such as water, phone, or electricity bills in your name
  • The minimum account opening and operating balance of P1, 200

Botswana Building Society Investment Savings Account

Tlamelo Savings Account

The Tlamelo Savings Account is also among the best investment savings accounts in Botswana. Account-holders can make fixed monthly deposits of a minimum amount of P250. Interest earned is 2.75% annually and is payable quarterly. This investment allows account holders to buy a residential property at a future date. With a Tlamelo investment savings account, account holders can get a short term loan payable within 60 months.

Special Savings Account

Any person over 16 years of age, companies, clubs, trust funds, partnerships, associations, etc., can operate a Special Investment Savings Account. The minimum balance allowed is P500, and the interest is calculated on a daily balance and payable on a quarter yearly basis. The interest earned is from 0.5% to 1.00%. Account-holders are allowed to make 2 withdrawals per month. The account monthly maintenance fee is P30 plus VAT.


It is easy to open and operate a bank account in Botswana. Additionally, your money will always be safe in a savings account. It is important to check and compare the interest rates provided by the financial institution before you decide to open an account.


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