How to Choose a Bank Account in Kenya
- Walletally.com
- Oct 16, 2016
- 2 min read
Selecting a bank account is often synonymous with choosing to do business with a specific bank. In any case, both decisions could potentially have a significant impact on your finances. Whether you are merely looking for a vehicle to store some cash for the long or short term (or both), we will help you identify a few bank accounts that may be best for you.
Types of bank accounts
Be mindful of the fact that some banks offer different versions of the following accounts for teens, college students or salaried and non-salaried individuals.
Current Accounts
A Current account, checking account, or demand deposit account is a deposit account held at a bank or other financial institution. It is available to the account owner "on demand" and is available for frequent and immediate access by the account owner or to others as the account owner may direct.
A Current account is best for your day-to-day banking, including depositing your paycheck, withdrawing cash and paying bills. Checking accounts typically offer multiple ways of accessing your money — such as debit cards, ATMs and personal checks — and don’t limit your number of monthly transactions.
What to consider: Minimal fees. Consider accounts that charges low monthly maintenance fees, requires a low minimum balance, reimburses fees from ATM transactions outside the bank’s network and/or has a liberal overdraft policy.
Best Option:
Savings Accounts
A traditional savings account provides a secure place to store your funds, while allowing for quick access to your money — this is especially useful in emergency cases. However, you may be limited to a few transactions per month.
A relatively low interest rate is the trade-off for the convenient access to money with these accounts.
What to consider: The most important factor would the interest rate offered. Find the best interest rate for your money.
Best savings accounts
Marathon Saver Account
Register for the Standard Chartered Nairobi marathon 2016, open a Marathon Saver Account with as low as KES 5,000 or above from 24th June to 30 October 2016 ("Account opening period"), run and complete the Marathon, and enjoy preferential a savings interest rate of up to 9%.
Savings Account
This account helps you to save for the future and realise your dreams.
One free over-the-counter cash withdrawal a month
Debit cards for deposits only
Internet access to your savings accounts.
Free transfers from M-Pesa to your savings account.
Personal loan of up to 80% of your savings amount
Pre-approved advances of up to 80% of your savings balance
Access to our transactional accounts with a link to a PureSave account with free inter-account standing orders
No monthly fees
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