Saving is a term emphasized by every financial adviser in regards to finance management. It is considered as one of the major paths to financial freedom as it helps during emergencies, cushions against sudden job loss, limits debt, prepares one for retirement etc.
However, starting a savings pool or fund is easier said than done since it requires thorough personal discipline and sacrifice in-order to reap the end result benefits stated above.
While stuffing money under the mattress can be one’s idea of saving, it is widely recommended to make use of the various financial institutions like SACCOs or banks because they provide security as well as interest options for one’s funds upon maturity.
However, choosing the right savings account might deem cumbersome for newbies that is why we have made the below summary to aid you in your choice.
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|Bank||Account Name||Min. Account |
|Min. Operating |
|ABC Bank||Young Star||1000||1000|
|Bank Of Africa||Chama||5,000||5,000|
|123 Cool Kids||500||500|
|Bank Of Baroda||Savings|
|Consolidated Bank||Dream Saver||2,000||2,000|
|Credit Bank||My Saver||1,000||1,000|
|Diamond Trust Bank||Savings||1,000||1,000|
|First Community Bank||Busara||5,000||5,000|
|Guaranty Trust Bank||GT Save||2,000||2,000|
|Gulf African Bank||Sasa Children||1,000||1,000|
|HFC Kenya||Junior treasure|
|I&M Bank||Fixed deposit||50,000||50,000|
|Flexi deposit builder|
|Jamii Bora Bank||Bora enterprise savings||1,000||1,000|
|Middle East Bank Kenya||Savings||1,000||1,000|
|National Bank Of Kenya||Ahadi||1,000||1,000|
|Oriental Bank||Normal savings||500||500|
|Prime Bank||Prime Saver||10,000||10,000|
|Spire Bank||Spire Savings||2,000||2,000|
|Stanbic Bank||Pure Save|
|Standard Chartered Bank||Diva Chamma||2,000||2,000|
|Transnational Bank||Fixed Deposit||50,000||50,000|
|United Bank Of Africa||General Savings||1,000||1,000|