Cooperative Bank Accounts, Requirements

Cooperative Bank Kenya offers several bank accounts targeting different customers and their needs. Each Co-op bank account has its features and requirements needed to open.

Depending on the account, you might be charged a monthly operating balance or not.

For instance, the Current account has a monthly maintenance fee of KSh. 300. On the other hand, the Salary account has no maintenance fee but attracts a processing fee before the salary is remitted into the account.

You can open an account at any Co-op Bank branch near you.

Here are the Co-op Bank accounts, features, and what is required to open them:

Current Account

This account is flexible and allows you to deposit and withdraw any amount at your convenience.

Features

• Monthly maintenance fee of Ksh. 300
• Access to Cheque book
• Ledger fee of Ksh. 35 per entry
• Zero operating balance
• Statements issued monthly

Opening Requirements

• Original and copy of ID Card or Passport
• Copy of KRA PIN
• 1 referee
• For companies, Memorandum and Articles of Association, Registration Certificate and Directors’ Resolutions
• Minimum opening balances of Ksh 5,000 for individual account and Ksh 10,000 for companies or co-operative societies

Read: Cooperative Bank Internet Banking: How to Register

Salary Account

This is a transactional account that targets employees and facilitates the processing of their salaries.

Features

• No minimum opening balance
• No minimum operating balance
• No monthly maintenance fee
• Salary processing fee applicable
• Access to Asset products such as Unsecured Personal Loan, Asset Finance, Mortgage and Cash Advance.
• Access to Debit and Credit cards

Opening Requirements

• Original and copy of Identity card or Passport
• Copy of KRA PIN
• Passport Photo (to be taken at the branch)
• Ksh. 600 for the Debit Card (inclusive of Excise Duty of 20%)

Hekima Savings Account

Allows you to set aside funds and earn interest on your savings.

Features

• No minimum opening balance
• No minimum operating balance
• Zero monthly maintenance fee
• Interest is calculated daily on credit balances and paid quarterly
• Permits only one withdrawal per calendar quarter (3 months)
• Regular statements every 6 months
• No ATM or debit card issued

Requirements

• Original ID Card or Passport as well as a copy
• Copy of KRA PIN certificate

Jumbo Junior

This is a children’s savings account that helps cultivate a saving culture in your child and financial security.

Features

• Automatic membership to the Jumbo Junior Club, which entitles your child to a free ele-bank on opening a new account
• Discounted bank cheques for fee payment
• Interest payable at 3%

Requirements

• Original and copy of parent’s or guardian’s ID Card
• Copy of KRA PIN of parent or guardian
• Copy of the birth certificate of the child
• Minimum opening / operating balance of Ksh. 500
• Debit card (optional) at Ksh. 600

Youth Account (Young Ennovators)

The Young Ennovators Account (YEA) targets youth aged between 18 and 35 years to help them manage their money wisely and prepare for a financially secure future.