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.
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:
|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||Silver pay as you go||11,676|
|Standard Chartered Bank||Hifadhi||10,504|
|CBA Bank||Pay as you go||8,076|
Diamond Trust Bank’s current account is the cheapest to maintain at Ksh845 per year.