The Standard Chartered Bank’s “all in one account” is the most expensive bank account to maintain in Kenya at Ksh17,750 per year, a new study by Financial Sector Deepening (FSD) has shown. The amount is a 31 percent increase from what customers paid last year.
Standard Chartered is followed by Barclays Bank of Kenya whose “ultimate account” costs Ksh14,558 to maintain, followed by NIC Bank with its “move pay as you go” that costs Ksh13,393.
Stanbic Bank has 2 of its accounts as the most expensive, the “smart” that takes Ksh12,312 to maintain per year and the “silver pay as you go” that gobbles Ksh11,676.
“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 its annual report for 2018.
Here is a list of 10 most expensive bank accounts in Kenya:
|Standard Chartered Bank||All in one||17,750|
|Barclays Bank of Kenya||Ultimate Account||14,558|
|NIC Bank||Pay as you go||13,393|
|Stanbic Bank||Silver pay as you go||11,676|
|Standard Chartered Bank||Hifadhi||10,504|
|CBA Bank||Pay as you go||8,076|
Diamond Trust Bank’s current account was the cheapest with a customer having to pay only 845 shillings per year to run and maintain it.For all the latest technology and business news from Kenya and the world, follow us on Twitter and like us on Facebook.