Telecel hint subscribers of RedSave

Telecel RedSave is a savings account offered through the Telecel Cash service tired to First Bank Ghana. The Telecel Cash based savings account promises an interest of up to 8% per annum subject to change and market conditions.
A RedSave account entitles account holders to a quarterly interest payments dependent on account average balance guided by the table below.
Savings Bands & Conditions | Rates |
---|---|
GHS 1 – GHS 99.99 | 4% |
GHS 100 & Above | 8% |
GHS 100 & Above + below 3 withdrawals | 8% |
GHS 100 & Above + Above 3 withdrawals | forfeit interest |
The terms
Red Save – Terms and Conditions as at 23rd January, 2025.
1. THE AGREEMENT
1.1. This Agreement sets out the complete Terms and Conditions (hereinafter called “these Terms and Conditions”) which shall be applicable to any REDSAVE Account provided by FIRST BANK GHANA and transacted with your FIRST BANK GHANA WALLET and/or TELECEL CASH WALLET (as such terms are hereinafter defined). These Terms and Conditions are supplementary to the RedSave / account terms and conditions. In the event of conflict or inconsistency between these terms and conditions and the FIRST BANK GHANA wallet/ account terms and conditions, the contents of these Terms and Conditions shall prevail.
2. DEFINITIONS
2.1. In these Terms and Conditions, the following words and expressions (save where the context requires otherwise) shall bear the following meanings:
2.1.1. “FIRST BANK GHANA” means FIRST BANK GHANA LIMITED, or any person to whom it transfers any of its rights or obligations;
2.1.2. “RedSave” means any RedSave account opened by FIRST BANK GHANA on the TELECEL CASH platform following your Application;
2.1.3. “Interest Amount” means the total amount payable on your RedSave Account by FIRST BANK GHANA, exclusive of any statutory charges and any applicable account charges.
2.1.4. “Deposit Amount” means the total amount paid by you into your RedSave account on a regular basis that shall attract Interest Amount payable by FIRST BANK GHANA.
2.1.5. “We/Our/Us” means FIRST BANK GHANA LIMITED and TELECEL Ghana Mobile Financial Services Limited.
2.1.6 “You/your/ yours” means the customer or customers who has/have subscribed to this product
3. ACCEPTANCE OF THE TERMS AND CONDITIONS
3.1. Before applying for a RedSave Account you should carefully read and understand in addition to these Terms and Conditions, the FIRST BANK GHANA Terms and Conditions which together will constitute the Agreement between us and you for any RedSave products and services provided by us to you;
3.2. If you do not agree with these Terms and Conditions, please click “CANCEL” on the relevant TELECEL Cash USSD Menu option.
4. REDSAVE ACCOUNT
4.1 When you apply for a RedSave Account, your Application shall be appraised according to FIRST BANK GHANA’s account application requirements. At our sole discretion, FIRST BANK GHANA or TELECEL CASH reserves the right to approve or decline your application for a RedSave Account without the need to assign any reason.
4.1.1 You hereby consent for the use of your personal data registered on your TELECEL Cash wallet for the registration of your RedSave account. Any change to your personal information on TELECEL Cash wallet will apply to your RedSave account in so far as the change is acceptable by TELECEL and in compliance with the requirements of RedSave account.
4.2 Subject to your acceptance of the offer of a RedSave Account in accordance with the Terms and Conditions specified herein, you will be expected to make regular deposits into your RedSave Account from your TELECEL Cash wallet.
4.3 You will be required an initial deposit of GHS 5 when you first open your RedSave account.
4.3.1 The initial deposit of GHS 5.00 on the RedSave account is the minimum operating balance
4.4 You may credit your savings account by standing order or debit instruction.
4.5 You hereby authorize us to debit your TELECEL Cash Account/Wallet in accordance with the mandate given in clause 4.3 above and credit your RedSave Account.
5. INTEREST
You shall be entitled to a quarterly interest payment which is dependent on your RedSave Account average balance as set out in the table below;
Savings Bands & Conditions | Rates |
GHS 1 – GHS 99.99 | 4% |
GHS 100 & Above | 8% |
GHS 100 & Above + below 3 withdrawals | 8% |
GHS 100 & Above + Above 3 withdrawals | forfeit interest |
FIRST BANK GHANA reserves the right to make changes to the rates stated above at its sole discretion.
6. WITHDRAWALS
6.1 You may withdraw money from your RedSave account at any time provided you have sufficient funds. The amount withdrawn can only be credited to your default TELECEL Cash Account.
6.2 If you make more than 3 withdrawals in any calendar month you will forfeit interest earned for that calendar month as indicated by the schedule above.
6.3 If you are unsure about how the interest amount has been calculated please call 100, our designated Customer Care Centre for an explanation of the Interest Amount. You must however obtain independent financial advice on whether or not to apply for or accept any RedSave Account as FIRST BANK GHANA or TELECEL CASH shall not be responsible for any inaccurate explanation/statements made or given by any Customer Care representative.
6.4 All interest rates quotes in clause 5 above are annual rates and subject to change based on prevailing market conditions with prior notice to you.
7. CLOSING YOUR ACCOUNT
7.1 You may ask us to close your account at any time by giving us one (1) month notice in writing provided that your account is in credit or that you have no outstanding liabilities to us.
The closure will not be finalized until all outstanding instructions have been completed.
7.2 We may choose to end our banking relationship with you at any time, but we will give you reasonable notice unless there are specific circumstances that prevent us from doing so such as suspicion that you have committed or attempted a fraud, impersonation, forgery, etc.
We reserve the right to modify, suspend or discontinue temporarily or permanently, this service or any part of it, with or without notice, at any time.
8. AML/FATCA POLICY
The Bank’s Anti-Money Laundering (AML) and Foreign Account Tax Compliance Act (FATCA) Policy (the “FATCA Policy”) forms part of the terms and conditions governing your relationship with the Bank established under these Terms and Conditions. The FATCA Policy shall be binding on you and you agree to comply with and adhere to the FATCA Policy, which is available on request. These Terms and Conditions are subject to the FATCA Policy. Should there be any conflict or inconsistency between any of the contents of the FATCA Policy and these Terms and Conditions, the contents of the FATCA Policy shall prevail.
9. DISCLOSURE OF INFORMATION
9.1 You hereby expressly consent and authorize FIRST BANK GHANA and TELECEL CASH to share your personal information with FIRST BANK GHANA (and its technical partners) and FIRST BANK GHANA to disclose, receive, record or utilize your personal information or information or data relating to your RedSave Account and any details of your use of the Services to:
9.1.1 any local or international law enforcement or competent regulatory or governmental agencies so as to assist in the prevention, detection, investigation or prosecution of criminal activities or fraud;
9.1.2 FIRST BANK GHANA’s service providers, dealers, agents or any other company that may be or become FIRST BANK GHANA’s subsidiary or holding or related company for reasonable commercial purposes;
9.1.3 a Credit Reference Bureau;
9.1.4 FIRST BANK GHANA’s lawyers, auditors or other professional advisors or to any court or arbitration tribunal in connection with any legal or audit proceedings;
9.1.5 TELECEL CASH in connection with the TELECEL Cash Services;
9.1.6 For reasonable commercial purposes connected to your use of the TELECEL Cash Services, such as marketing and research related activities; and
9.1.7 In business practices including but not limited to quality control, training and ensuring effective systems operation.
10. DISCLAIMER
You hereby waive any rights or claims you may have against us relating to the provision of the aforesaid information by you in terms of this Agreement.