A report on the banking sector has revealed that Co-operative Bank has the lowest account charges among Kenya’s big banks.
The report by Financial Sector Deepening (FSD) which was compiled after a two-year survey shows that Co-operative Bank levies customers Sh. 3,629 a year, or Sh. 302 per month for the ordinary current account, making it the cheapest on account charges.
Additionally, the report further revealed that Co-op Bank’s salary account has the lowest charges in the country.
The bank charges annual fees of less than Sh. 4,000.
This was in contrast to charges stamped by other banks that hit highs of up to Sh. 13,460.
“A customer who withdraws twice per month, transfers money once a month and pays for basic account maintenance (ledger fees, mini-statements, card replacements) can pay between Sh. 3,629 to Sh. 13,460,” said FSD in its annual report for 2016.
This is the latest feather in the cap of Co-op Bank, which was recently named the best bank in the region in Diaspora Banking. The bank has been implementing the Soaring Eagle strategy that saw it erode the effects of capped interest rates in the 2016 financial year to emerge with a full net profit of Sh. 12.6 billion for the 2016 financial period. This was the biggest profit jump among Kenya’s top lenders.
In 205, the bank had posted a full year net profit of Sh.11.7 billion
Some of the accounts you can open at Co-operative Bank include:
1). Co-op Business Account
2). Co-op Bank Current Account
3). Co-op Bank Yea Account
4). Co-op Bank Hekima Savings Account
5). Co-op Bank Goldfish Access Account.
6). LPO Financing Account.
A secondary report by financial services firm Moody’s Investors Service gave Co-op Bank the highest rating in deposits in Kenya.
This rating by Moody’s effectively gave the bank the green light to continue to mobilize for deposits from domestic and global institutional investors.
