The Benefits of Having a Bank Account

Do I have to open a bank account? Truth is – the idea of opening a bank account is usually perceived by people both positively and negatively in equal measure.

On one hand, it is a safe and convenient way to work on a savings plan given the many savings accounts available to choose from. On the other, the process of visiting a banking premise every time you need to complete a transaction puts people, especially the youth, off.

Innovations in the banking industry have seen an upscale in the banking population in Kenya today. This has been attributed to the rise of internet banking, where most bank related operations can be done on a laptop or a smartphone. Through this, people appreciate the benefits that come with having a bank account more.

Why open a bank account?

Many people have a bank account for saving purposes. Some open accounts in order to access other banking services like bank assurance, acquiring bank loans or processing of cheques.

At Caritas Microfinance Bank, we offer several savings products. It is adamant that while opening a savings account you go for the one that best fits in your lifestyle and supports your financial goals.

For customers requiring easy access to their savings, our Nawiri Account caters for you. This current account ensures you can make deposits and withdrawals at your convenience.

People saving towards a specific financial obligation at a future date are best served by our Maono Contractual Savings account. Here, you can maintain a regular saving schedule with ease.

We also offer a Group Link Transactional Savings Account and a Solidarity Group Savings account for members in chamas.

Our Chanzo Junior Account enables parents to create a brighter future for their loved ones by saving for purposes like school fees.

How long do you intend to save?

Whether you have long term or short term financial goals, we always have the right package for you. With our call account, customers with short-term savings requirements for lump sum amounts are catered for. With a call account, you get to enjoy the benefits of having a savings account in line with those of a checking account. You can make withdrawals at your convenience and still get to earn interest on the balance.

Our Hazina Fixed Deposit account on the contrary only allows deposits and a specified maturity date for withdrawals. Choosing the right package for you ensures you get the most out of a banking experience and more interest too.

Making your bank account work for you

By synching your bank account with your phone through the mobile banking app, you can easily enjoy SMS banking or internet banking. Activities like checking your account balance, transferring money, reviewing payments both inwards and outwards become much simplified.

Agency banking has also contributed to streamlining the banking process since wherever you are; you can always find a bank agent nearby and avoid visiting the main banking premises.

Undoubtedly, several other factors go into managing your money effectively. Yet even then, we cannot dispute the benefits of having to open a bank account.


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