Thursday, July 25, 2024

The four Kenyan banks with the most expensive accounts

Most Expensive Banks in Kenya: The Standard Chartered Bank has the costliest bank account in Kenya. This has been revealed by a survey report on the local banking market. The survey report was conducted by Financial Sector Deepening (FSD) Kenya over a two year period.

The survey shows that the Standard Chartered Bank’s “all in one account” is the most expensive to maintain per year. The bank charges customers Sh. 17,750 per year for the account. This survey sampled the charges levied on a total of 22 different current and salary accounts in each bank.

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Barclays Bank’s “ultimate account” was found to be the second most expensive to maintain in the list of most expensive banks in Kenya. It charges customers Sh.14,558 per year. The third most expensive account was NIC Bank’s (Now NCBA) “move pay as you go account” at Sh.13,393. It was followed by Stanbic Bank’s “smart account” and the “silver pay as you go account” at Sh. 12,312 and Sh. 11,676 respectively.

“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 the report.

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