Mixing business and personal finances is one of the most common mistakes that entrepreneurs make.
“One of the biggest mistakes I made when my business started performing well was to use the business money for my personal needs. This literally made me go back and search for capital multiple times,” says Lyte Chepkemboi, the founder and managing director of Lyte The Brand, an online shop which deals with quality affordable ex-UK loungewear, pyjamas, house shoes and fleece blankets.
This can be avoided by choosing to use a business account that is dedicated to meeting the needs of a small enterprise.
Here are two business accounts you can open at the Co-operative Bank that will help you manage your business finances better to accelerate your business growth.
1). MSME Current Account
MSME Current Account comes with packages that suit your business needs. We have solutions for all business needs in their growth life-cycle.
| FEATURES | BRONZE | SILVER | GOLD |
|---|---|---|---|
| Current Account | √ | √ | √ |
| Debit Card | √ | √ | √ |
| Mobile Banking | √ | √ | √ |
| Internet Banking – Free monthly access | Optional | √ | √ |
| Ledger Fees – Over the counter withdrawals,debit transactions | Sh. 50 per transaction | Sh. 35 per transaction | Sh. 25 per transaction |
| Minimum Opening Balance | Sh. 1,000 | Sh. 2,000 | Sh. 10,000 |
| Monthly Maintenance Fees | Sh. 100 per month | Sh. 1,000 per month | Sh. 2,000 per month |
| Minimum Operating Balance | Sh. 300 | _ | _ |
| Cheque Book | Optional | 1st cheque book free (100 leaves) | All cheque books are free |
| Insurance – (Under Group Cover) | Free Permanent and Total Disability Cover – Sh. 100,000 | Free Permanent and Total Disability Cover – Sh. 500,000 | Free Permanent and Total Disability Cover – Sh. 1,000,000 |
| Credit Card | Available on request | Eligible – up to Sh. 100,000 | Eligible – up to Sh. 500,000 |
| Cash Handling Fees | As per current tariff | As per current tariff | Free |
| Free PDQ Machine for Merchants | Optional | √ | √ |
| *LNM / M-Collections | Optional | √ | √ |
| Membership to Business Club – Ts&Cs Apply | √ | √ | √ |
| Access to Executive Lobby | Available on request | Available on request | Free Access to Executive Lobby |
| Dedicated RM | √ | √ | √ |
| Waive monthly A/C maintenance fees if minimum A/C balance across the month is: | Sh. 50,000 | Sh. 200,000 | Sh. 500,000 |
Other features of this account include:
- Free monthly e-statements
- Alerts – SMS/Email
- Free in-housing standing order
- Access to trade finance services
- Access to non-financial service solutions
- Access to daylight overdrafts and MSME asset solutions
- Negotiated FX conversion rates
Additional Features:
- Free monthly e-statements
- Alerts – SMS/Email
- Free in-housing standing order
- Access to trade finance services
- Access to non-financial service solutions
- Access to daylight overdrafts and MSME asset solutions
- Negotiated FX conversion rates
Co-op Bank cuts interest rates for personal loans, asset financing
To open this business account you will need:
- Copy of National ID Card
- Minimum opening balance of Sh. 550
- Copy of KRA PIN
2). Haba na Haba Access Account
The features of this account include:
- No minimum operating balance
- Access to funds as many times as required
- Account holder can access business loans
- Debit card available for withdrawals as well as for payments purposes at all VISA branded points
- Low monthly ledger fee
- Offers transactional solutions to account holders
- Convenient mobile banking and internet banking available
To open this account you need:
- Copy of National ID Card
- Minimum opening balance of Ksh 550
- Copy of KRA PIN
