Bank savings accounts are a critical part of everybody’s financial life line. All who have ever needed a safe place to keep their money, a bank savings account then is usually a good choice.
Bank Savings Account
A bank savings account is a type of account made specifically to hold money that you do not need immediate access to. Savings accounts offer easy access to your cash. In other words, your money is liquid, meaning you can make a withdrawal easily and quickly in a bank savings account. It is however worth noting that savings accounts are not as liquid as other types of account like current accounts, because you can get money from a current account by simply writing a check, whereas saving accounts usually have a maximum withdrawal limit.
Most bank savings account pay a rate of return on the money clients have in their accounts. That means that you get “rewarded” for keeping your money in the account and your money earns interest. This is a nice incentive you get when your bank, as your account will grow even when you are doing nothing. The rates however vary from one bank to the other.
In line with giving customers more benefits and incentive to saving, CFC Stanbic bank has come up with a savings product that has the highest interest rate in the country as yet.
The CfC Stanbic Bank PureSave account helps you to accumulate your extra income and build up your cash reserves, attracting higher interest rates than transactional accounts to help your savings grow faster.
Features and benefits of the CfC Stanbic Bank Pure Save account:
- A minimum account opening balance of KES 5,000 is required.
- No monthly management fees are charged on your account.
- A free Debit Plus card is issued when you open your account. This card allows you to check balances and make deposits at ATMs or over the counter.
- Two free over-the-counter withdrawals may be made per month.
- Cash deposits may be made at any CfC Stanbic Bank branch or ATM at no charge.
- Your balance may be checked for free via any CfC Stanbic Bank ATM.
- Interest is calculated daily and paid into your account on a monthly basis.
- Accounts in the names of minors may be opened by parents or guardians.
This product comes at a time when most banks are charging very high loan interest rates upwards of 24 percent, which has made many people and businesses have a very hard time coping with these harsh financial times. The PureSave account has a standard rate of return of 9 percent for those with amounts of the Sh.5000 – Sh.499, 000. It is even more impressive how they have a 11 percent return for those who keep amount of Sh.500,000 and above.
It is a product that is surely going to shake the banking industry because no other baking institution in the market is even close to offering such attractive rates.