Things You Didn’t Know: How Much Your Kanyan Bank Charges You Yearly To Keep Money With Them

It costs you upto Sh17,750 annually to keep your money in a bank in kenya, a two-year survey of the banking market by Financial Sector Deepening (FSD) Kenya has revealed. The cost of having an account is diverse across banks, averaging at Sh4,419 p.a.

Standard Chartered Bank’s “all in one account” is the most expensive to maintain charging Sh17,750,  a 31 pc spike from the previous charge.

Barclays “ultimate account” is the first runners up in the category charging Sh14,558 to maintain, followed by NIC Bank’s “move pay as you go” (Sh13,393) and Stanbic’s “smart” (Sh12,312) and “silver pay as you go” accounts (Sh11,676).

Diamond Trust Bank’s current account was the cheapest, becoming the only lender that will charge you less than Sh1,000 annually to bank with the at only Sh845 a year.

“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,” FSD annual report for 2018 stated.

The survey found that a bank customer who transacts digitally saves an average of Sh9,350 in annual transaction costs.