Kenyatta Avenue is the Wall Street equivalent.
It may not be as busy or as crowded or with as many suits walking on it, but in this county, it is the busiest street we have.
A walk on this street reveals one thing; Vegans bank their cash! There are at least 10 banks, Equity, KCB, Stanbic, Stanchat, Rafiki, Family among others.
With these, many banks close to each wanting to be your personal banker, how do you decide choose?
Deciding this is not as easy as “ini miny moh” as there are several factors one has to consider.
Ease to open an account
Nowadays, opening an account is not a rigorous activity as it once was. Unlike before where you had to wait for days to get you ATM card, today, most banks will have it to you within hours if not minutes. Some banks have taken it a bit further by enabling you to create an e-bank account from your smart phones, tablets and PCs. Account opening fees also differ depending on the bank.
Interest rates and credit facilities
One of the reasons why we choose to keep our money in the bank is because of the interest it accrues. Another reason is the credit facilities i.e loans. When deciding on your banker, a good choice would be one with high interest rates on savings and low/lenient interest on loans. Moreover, the ease with which the bank allocates loans is also a factor. For instance, some loans will require security and guarantors while others may not.
Ease to withdraw money
A good bank is one that facilitates easy withdrawal of funds. This would be one that has numerous ATMs scattered all over town or one that has ‘mtaani agents.’ The latter allows one to withdraw and deposit funds without having to go to the main branch. In addition, withdrawal rates are a factor to consider.
Technology
These days we all want everything to be on our fingertips. For this reason many banks have mobile apps that allow their clients to monitor their money any time of day or night. What’s more some banks have gone into partnership with mobile banking hence making it possible to deposit or withdraw money between the account and the mobile one.
Customer service
It is always good to have a banker that is easily accessible anytime in the event you want to contact them. As such, a banker with a functional help desk is one to consider.
Now that you know some of the things to look for in a banker, who will be yours?