in ,

Here’s The List Of Top Ten Most Expensive Bank Accounts In Kenya

Inside a banking hall. [PHOTO/ COURTESY]

It will cost you at least Ksh17,750 per year to maintain the most expensive bank account in Kenya, a new study by Financial Sector Deepening (FSD) has found.

The study found that Standard Chartered Bank’s “all in one account” is the most expensive bank account to maintain in Kenya at Ksh17,750 per year, a 31 percent increase from 2017.

Stanchart’s account is followed by Barclays Bank of Kenya’s “ultimate account” that costs Ksh14,558 annually to maintain, followed by NIC Bank’s (now NCBA) “move pay as you go” account that costs Ksh13,393.

Read: Standard Chartered Bank Ordered To Produce Statements In Ksh827 Million KPC Scandal

NIC is closely followed by Stanbic Bank’s two accounts, the “smart” that costs Ksh12,312 and the “silver pay as you go” that needs Ksh11,676 to maintain.

“Accounts that charge a monthly ledger fee have higher annual costs. However, the line between pay-as-you-go accounts and flat-fee accounts is blurred as some pay-as-you-go accounts charge a monthly ledger fee. Likewise, some flat fee accounts also charge per-transaction fees such as withdrawal and transfer fees,” says FSD in its annual report for 2018.

Here is a list of 10 most expensive bank accounts in Kenya:

BANKACCOUNTAMOUNT
Standard Chartered BankAll in one17,750
Barclays Bank of KenyaUltimate Account14,558
NIC BankPay as you go13,393
Stanbic BankSmart12,312
Stanbic BankSilver pay as you go11,676
Standard Chartered BankHifadhi10,504
NIC BankSalary8,493
CBA BankPay as you go8,076
CBA BankFreedom7,289

Diamond Trust Bank’s current account is the cheapest to maintain at Ksh845 per year.

Email your news TIPS to news@kahawatungu.com or WhatsApp +254708677607. You can also find us on Telegram through www.t.me/kahawatungu

Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

mark makwatta

Leopards Marksman John Makwatta Set To Seal Move To Zambia’s Zesco United

huduma namba

Court Gives Go-Ahead On Huduma Namba, Bars Collection Of GPS, DNA Data