Cente Ordinary Savings Account
Product Features
- Opening deposit of UShs. 10,000 for individuals UShs. 3,000,000 for corporate customers.
- Minimum balance of UShs. 5,000 for individuals & UShs. 1,000,000 for corporate customers.
- Monthly account management fee of UShs. 3,000.
- Cash withdrawals are personally made to the account by holders; no third parties are allowed to make cash withdrawals from the account.
- CenteVISA Debit Card issued to account holders.
- Daily balances and mini-statements available on request.
Benefits
- Account earns interest on outstanding credit balances.
- Unrestricted cash and cheque deposits.
- 24–Hour service available to CenteVISA Debit Card holders and on CenteMobile.
- Unrestricted cash withdrawals are subject to the minimum balance.
- Access to a variety of other bank products like CenteMobile, Online Banking and loans.
- Joint savings accounts are allowed.
- SMS alerts for transactions, to help the account holder monitor.
- Free enrollment on Retail Internet Banking.
Requirements
- One (1) passport-size photo.
- Valid National Identification Card / Passport with National ID Number.
- Opening cash deposit.
Which Account Should I Choose?
| Feature | Cente Ordinary Savings | Cente Volution | CenteXpress Account | Smart Life Account |
|---|---|---|---|---|
| Earns Interest | ✓ | ✓ | ✓ | ✓ |
| Monthly Management Fee | ✓ | ✗ | ✗ | ✗ |
| Includes an ATM/Debit Card | ✓ | ✓ | ✗ | ✓ |
| Access Via Mobile Banking | ✓ | ✓ | ✓ | ✓ |
| Allows Unrestricted Withdrawals | ✓ | ✓ | ✗ | ✓ |
| Online Opening | ✓ | ✗ | ✓ | ✗ |
| Designed for Students | ✗ | ✓ | ✗ | ✗ |
Commonly Asked Questions
1. What is the minimum balance required for a Cente Savings Account?
The minimum balance for a Cente Ordinary Savings Account is UShs.5,000 for individuals and UShs.1,000,000 for platinum customers.
2. What are the fees associated with the Cente Savings Account?
There is a monthly account management fee of UShs.3,000. The bank's tariff guide lists all other charges, such as over-the-counter withdrawal charges and ATM fees.
3. Does the Cente Savings Account earn interest?
Yes, this account earns interest on outstanding credit balances. Interest is calculated daily and paid semi-annually.
4. Can I get a VISA ATM card with this account?
Yes, a CenteVisa ATM Card is issued to the account holder, providing access to your funds 24/7 at all Centenary Bank and Visa-enabled ATMs.
5. How can I monitor my account activity?
You can easily monitor your account through SMS alerts for all transactions. Additionally, daily balances and mini-statements are available on request at any branch or ATM.
6. What are the requirements to open a Cente Savings Account?
To open an account, you will need two (2) recent passport-size photos, a valid identification document (National ID for Ugandans, Passport for foreigners, or Refugee ID for refugees), a referee, and an opening cash deposit of UShs10,000 for individuals.
7. Can I access my account through mobile or online banking?
Yes, you can access your account and perform transactions 24 hours a day through the CenteMobile app and our internet banking services.
8. Is the money in my savings account protected?
Yes, all savings and deposits at Centenary Bank are protected by the Deposit Protection Fund of Uganda (DPF), which insures your savings up to UGX 10M.
9. Can I open a joint savings account?
Yes, we allow you to open a joint savings account.
10. What should I do if my ATM card is lost or stolen?
If your CenteVisa card is lost or stolen, you must immediately report it to Centenary Bank by calling our customer service hotline or visiting the nearest branch to block the card and arrange a replacement.
11. How can I deposit money into my Cente Savings Account?
You can make deposits into your account via cash or cheque at any Centenary Bank branch. You can also receive transfers from other banks and mobile money accounts.
12. What are the benefits of a Cente Savings Account?
The key benefits include earning interest on your savings, 24-hour access to your funds via ATM and mobile banking, unrestricted cash withdrawals (subject to minimum balance), and access to other bank products like loans.
13. What is the difference between a fixed deposit and a savings account?
The primary difference is flexibility and access. A savings account offers unrestricted access to your funds. At the same time, a fixed deposit requires you to lock your money away for a specific period in exchange for a higher, guaranteed interest rate. If you need easy access to your money, a savings account is the better choice.