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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:

BANK ACCOUNT AMOUNT
Standard Chartered Bank All in one 17,750
Barclays Bank of Kenya Ultimate Account 14,558
NIC Bank Pay as you go 13,393
Stanbic Bank Smart 12,312
Stanbic Bank Silver pay as you go 11,676
Standard Chartered Bank Hifadhi 10,504
NIC Bank Salary 8,493
CBA Bank Pay as you go 8,076
CBA Bank Freedom 7,289

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

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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