Best bank in Kenya: The search for a place to put your money can be confusing, especially when every bank and credit union offers different banking features. The bank you choose should fit your life, whether you’re a student, a working professional with a family or a senior on the brink of retirement.
So how do you choose the best? Evaluating your financial needs and priorities will be essential to finding the best bank for you, whether this is your first search or you’re looking to change banks.
Before jumping into one, though, ask yourself some fundamental questions so that you get the best banking experience for your needs and goals.
Does it have the accounts I want?
This will depend on personal taste. Some people want to keep their money in one place, for convenience’s sake. If you are one of them, check how much you would be able to do: Checking? Savings? Credit cards? Mortgages? Retirement accounts? Small-business services? Financial planning? Other people want to spread out their money to get the most out of it. If that’s you, explore what each account has to offer and think about how you will keep your accounts organized. There’s no limit to how many accounts you can have at different banks or credit unions, so feel free to personalize your finances according to your needs. A bigger national bank is more apt to have a full suite of accounts available, but the ability to mix and match across institutions is greater than ever. For example, Co-operative Bank is one of the few banks that have both tailor made offers for customers and wholesome banking services.
CLICK HERE TO OPEN AN ACCOUNT WITH CO-OP BANK!
What are the fees and rates?
Think of these as the cost to store and use your money and the reward for the amount you deposit. Learn about all the fees the institution might charge for monthly maintenance, ATM use, overdrafts, transferring money between accounts, receiving paper statements — the list at some places can go on and on. Find out the interest rates you’d pay on credit cards and loans and those you’d earn on deposit accounts. Banks and credit unions publish their rates and fee schedules on their websites. If you can’t find them, ask. It is worth noting that Co-op Bank has also been singled out as the bank with the lowest mobile loan interest rates in the country. In the same vein, the bank was the first to lower interest following the enactment of the controversial rate cap in September 2015.
How Sh. 8 billion Two Rivers loan elevated Co-op Bank’s lending ability
Best bank in Kenya: Do I need a bank close to home?
Think about your lifestyle and how you prefer to conduct your financial business. Do you want to talk with a person face to face, or are you more comfortable on your computer or phone? Do you travel a lot and need to be able to withdraw cash wherever you are? Depending on your answers, look at the number and location of branches an institution maintains, its ATM network (whether all its own or as part of a shared nationwide network) and its online and mobile offerings.n.
Best bank in Kenya: Is my money safe?
You have insurance to protect your health, your car, your home — and you should for your cash, too. When looking at banks,make sure your deposits will be safe. The safest banks are usually the first tier banks like Co-op Bank, KCB, Equity, Standard Chartered and Barclays Bank.
Best bank in Kenya: Next steps
Choosing the right bank is personal. After you’ve decided what matters to you, examine your options. Check out the bank’s website, visit a branch and ask family or friends if they have any favorites. All of these will help you narrow your choices.
Once you have a winner, go ahead and pick the right account. If you already do business elsewhere, here’s how to switch banks.