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10 Factors To Consider When Choosing The Right Bank For You

by JO

Most times many Kenyans plan on saving and moving forward in regard to money discipline. Sometimes this poses as a challenge as many do not know how to pinpoint the right bank to partake membership. Here are 10 factors to consider when identifying the right bank for you.

1.Account Opening Fee
This to some may not seem like a pointer however it is vital to counter check account opening fees for different bank accounts. This helps in understanding whether you have the capacity of being part of the bank or if you should get alternatives. I will have you know that; there are some banks that actually have no fee and therefore, it is vital to do background research on account opening fee. This helps to choose wisely what works for you.

2.Availability
The availability in a bank can cut across proximity from mobile banking to setups ups within different areas. If you are new to the accounting and saving systems, it is vital to choose a bank that you can either enjoy the ability to deposit or save money within the comforts of your home i.e mobile-banking or a bank that you can easily access. It is advisable to do your research on distance and accessibility before opening an account.

3.Bank Incentives
A client will always require motivation. It is vital to check if the bank you hope to save in has such incentives ; from bank offers, specific kind of treatments e.g holiday treatment, favorable pricing with partners e.g credit points and the likes. This acts as a motivation and will enable you to measure how well the bank treats its clients and if you really want to be part of a particular bank.

4. Interest Rates
A vital factor in saving. You will need to understand at what percentage rates do the interests go. This in a way helps discipline your saving habits especially if the interest rates are favorable to you as the client.

5.Bank favors
Especially to students, you need to keep watch if the particular bank you would like to join offers bursaries, grants or any kind of student loans. If yes you equally need to keep tabs on the different rates and from that choose especially what works for you. This has been ignored by students however it is really vital to indulge in an account that favors you as a student.

6. Customer Service
If they treat you well keep them, if not ditch them! Customer service is the epitome of what a bank is made of. Are they accessible when you have an emergency problem i.e Can you reach them in case there is suspicious activity in your account? Do they involve you in generic communication about money or saving through either receiving mail or brochures. A factor to consider.

7. Convenience
This cuts across the needs of you the client.E.g when you need an emergency funding is the bank at arm length? These are factors to consider as a convenient bank helps in growing a saving culture which in turn grows our Kenyan economy.

8. Monthly Maintenance Fee

It is vital to equally research on the different monthly rate fee and compare to other banks. This helps in picking an account that favors the kind of amount you choose to deposit. You may want to consider a bank that has low rates on this.

9. Bank Safety

This cuts across physical security and your account security. Recently, there have been cases of hackers stealing money from different banks, you need to do your research or inquire on security guarantee of the banks. Most banks may seem eligible but it is advisable to make an observation by going through bank histories and records in order to choose a much safer bank.

10. Various ChargesĀ 

This includes charges imposed on your account when doing a withdraw, transfer or even checking your balance. Some banks tend to expensive, so it is upon you to consider choosing the cheaper bank.

These are but a few factors to consider as you try to be a new member of that new bank.

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