How to open a basic savings bank account in Kenya

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Posted by on Saturday March 22, 2014 at 9:9:33:

If you are making money in Kenya, you also need to setup a place where you can safely your money and that's where the banks come in.

When it comes to saving money, everyone wants to keep it where it is safest. Banks offer a platform for you to save your money for the intended purpose.

For you to save with a bank, you must first have a savings account where you will be making the deposits.

Additionally, with a savings account, your money can earn interest. This is surely a rare kind of deal. There are many banks offering their services at different terms.

Therefore, there are a few factors to consider before choosing a bank to work with.

Some of the factors to consider are:
Terms and conditions. There are some banks that have very oppressive terms for their customers. Always choose a bank where you are comfortable with their terms and conditions.

Interest rates. It goes without saying that you want your money to earn the highest interest. Therefore, choose a bank that earns the highest interest rates.

Restrictions to withdrawal. At times you might need this cash for emergency purposes. A good bank should ensure you are able to access this cash in times of dire need.

Requirements for opening a savings bank account in Kenya
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For you to own a bank account, you must be approved by the bank you have chosen to work with. Additionally, there are documents that you will be required to produce.

These requirements include:
Passport size photographs

Valid passport, military identity card, alien identity card or the original/copy of national identity card. However, for junior savings accounts, the birth certificate will be required.

Minimum account opening balance. Different banks charge different opening balances

Proof of residence. You may be asked to produce your electricity or water bills. Additionally, the bank may visit your residential place.

Always bear in mind that different banks have different requirements. These are the basic mandatory requirements. If you were wondering where to save your cash for future use in a secure way, a savings account will be of much use to you. Make the right choice for a secure tomorrow.




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