There are specific banks in Kenya where you can operate a bank account without incurring monthly charges while others deduct some money from your bank account every month.
It’s irritating to see a bank deducting your money every month when others save your cash for free. What is understandable is that deducting the Ksh 30 from ATM withdrawals is okay but not from my savings.
If you want to save money and incur no monthly charges, here are the banks to save your money
Equity Bank
Equity Bank is so far the best bank to open a bank account. Any account you operate at Equity attracts no monthly charges.
To open any account at Equity Bank, you need a photocopy of your ID and two passport size photos. Account opening takes a maximum of 20 minutes, this incudes getting your bank account and ATM card.You however need to deposit at least Ksh 500 for you to get an ATM card when you are opening the account.
Stanbic Bank
The other bank we can recommend is Stanbic Bank. This particular bank has no monthly charges and offers bank account holders attractive interest rates.
If you want to open a savings account at Stanbic bank, here are basic requirements:
- Attractive interest rates paid on balances above KSh5,000
- 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
You can open other accounts especially in Cooperative bank, KCB Bank and Barclays Bank but you will incur monthly charges. The worst is KCB which has put a minimum amount your account must have, meaning you can’t withdraw to zero shillings.
