Cooperative Bank is among the best banks in Kenya. It offers you the opportunity to open an account, save money, take loans and mortgages. Below we provide the list of accounts for the bank, how to open each account and charges.
The basic requirements are: Original ID, Passport Photo, Copy of KRA Pin
Some accounts need opening balance which is Ksh 500 to Ksh 5,000. You are also required to pay Ksh 600 for the ATM card.
Salary Account
Features
- Minimum opening balance – Nil
- Minimum operating balance – Nil
- No Monthly Maintenance fee
- Salary processing fee applicable
- Access to Asset products such as Unsecured Personal Loan, Asset Finance, Mortgage and Cash Advance.
- Debit card
- Access to a credit card
Requirements
- Identity card/ Passport- original and copy
- Passport Photo (To be taken at the branch)
- Ksh. 600 for the Debit Card (inclusive of Excise Duty of 20%)
- Copy of KRA PIN
- A letter of introduction from the employer is not required
Salary account is important for anyone who is employed. But before you open this account, check there are monthly costs. The good thing is that Cooperative Bank has no minimum operating balance, they also don’t have minimum opening balance. I believe this is the best salary account in Kenya.
Current Account
Current account allows you to deposit and withdraw any amount of money at any given time. Monthly maintenance fee is Ksh 300 only. They also charge ledger fee of Ksh 35.
Features
- Cheque book
- Ledger fee of Ksh. 35 per entry
- Monthly maintenance fee of Ksh. 300
- Operating balance -Nil
- Statements issued monthly
Requirements
- Original ID Card or Passport as well as a copy
- 1 referee
- Minimum opening balances
- Ksh 5,000 for individual account
- Ksh 10,000 for companies or co-operative societies
- (However, the above opening amounts are subject to change from time to time)
- For companies, Memorandum and Articles of Association, Registration Certificate and Directors’ Resolutions are required.
- Copy of KRA PIN
Children’s Account (Jumbo Junior)
Children Account is important. In case you die and leave your children young, the money will help them finance their education and operations.
The account will also be important when they eventually become adults. They will use the money to start business or buy assets.
Features
- Automatic membership to the Jumbo Junior Club, which entitles one to:
- Free ele-bank on opening a new account
- Discounted bank cheques for fees payment
- Interest payable at 3%
Requirements
- Parent’s or guardian’s original ID Card as well as a copy
- Copy of birth certificate of the child
- Minimum opening / operating balance of KES 500
- Debit card (optional) @ KES 600
- Copy of KRA PIN
Youth Account (Young Ennovators Account)
Instead of opening a current account which is expensive to operate, open Youth Account. This account is ideal for people aged between 18 years and 35 years. The operating balance is nil and opening balance nil as well. You will be required to pay Ksh 600 only for the credit card.
Requirements include Original ID Card as well as a copy and a copy of KRA Pin
Goldfish Access Account
Goldfish Access Account is for the high net worth individuals. If you make over Ksh 200,000 per month, this is the ideal account for you. The account will help you get a loan of millions.
Features
- Minimum opening and operating balance of Ksh 50,000
- Monthly maintenance fee of Ksh 400 for balances below minimum
Requirements
- Original ID Card or Passport as well as a copy
- One referee
- Minimum opening balance of Ksh 50,000
- Copy of KRA PIN
Hekima Savings
It’s a savings account which attracts high interest. You will earn 2% to 8% interest per year. If you save Ksh 1 million, you will make over Ksh 50,000 interest per year.
Features
- Minimum opening balance – Nil
- Minimum operating balance – Nil
- Monthly maintenance fee – Free
- Interest calculated daily on credit balances and paid quarterly
- Permits only one withdrawal per calendar quarter
- Regular statements every 6 months
- No ATM or debit card
Requirements
- Original ID Card or Passport as well as a copy
- Copy of KRA PIN
Haba na Haba Account
If you own a business,Haba na Haba is the best account to open at Cooperative Bank.You will get access to your money any time.The bank also allows you to take loans.
Features
- No minimum operating balance
- Access to funds as many times as required
- Account holder can access business loans
- Debit card available for withdrawals as well as for payments purposes at all VISA branded points
- Low monthly ledger fee
- Offers transactional solutions to account holders
- Convenient mobile banking and internet banking available
Requirements
- Copy of National ID Card
- Minimum opening balance of Ksh 550
- Copy of KRA PIN
MSME Current Account
FEATURES | BRONZE | SILVER | GOLD |
Current Account | √ | √ | √ |
Debit Card | √ | √ | √ |
Mobile Banking | √ | √ | √ |
Internet Banking – Free monthly access | Optional | √ | √ |
Ledger Fees – Over the counter withdrawals,debit transactions | Ksh 50 per transaction | Ksh 35 per transaction | Ksh 25 per transaction |
Minimum Opening Balance | Ksh 1,000 | Ksh 2,000 | Ksh 10,000 |
Monthly Maintenance Fees | Ksh 100 per month | Ksh 1,000 per month | Ksh 2,000 per month |
Minimum Operating Balance | Ksh 300 | _ | _ |
Cheque Book | Optional | 1st cheque book free (100 leaves) | All cheque books are free |
Insurance – (Under Group Cover) | Free Permanent and Total Disability Cover – Ksh 100,000 | Free Permanent and Total Disability Cover – Ksh 500,000 | Free Permanent and Total Disability Cover – Ksh 1,000,000 |
Credit Card | Available on request | Eligible – up to Ksh 100,000 | Eligible – up to Ksh 500,000 |
Cash Handling Fees | As per current tariff | As per current tariff | Free |
Free PDQ Machine for Merchants | Optional | √ | √ |
*LNM / M-Collections | Optional | √ | √ |
Membership to Business Club – Ts&Cs Apply | √ | √ | √ |
Access to Executive Lobby | Available on request | Available on request | Free Access to Executive Lobby |
Dedicated RM | √ | √ | √ |
Waive monthly A/C maintenance fees if minimum A/C balance across the month is: | Ksh 50,000 | Ksh 200,000 | Ksh 500,000 |
Mshiriki Current Account
Mshiriki Current Account is for chamas and groups. The best thing with this account is that you can take a loan as a group.
Features
- No minimum operating balance
- Access to funds as many times as required
- Cheque withdrawals making reconciliation easier
- No monthly ledger fee
- Free withdrawals
- Free deposits
- Groups can access group loans
- Convenient mobile banking and internet banking available
- Cheque book costs Ksh 10 per cheque leaf on requisition
Requirements
- Originals and copies of National Identity Cards of the official signatories
- Minimum opening balance of Ksh 2,000
- For registered groups, the following are necessary:
- Group Registration Certificate
- Group Constitution
- Letter of introduction from the registering authority
- Group minutes resolving to open the account
- List of members with ID Numbers and signatures
- Copy of KRA PIN
For informal groups, the following are necessary:
- Signatories to open a joint account
- Copy of KRA PIN
(NB: Group Registration Certificate and Introduction Letter are not required)
Cooperative Bank Mpesa Paybill Number is 400200
How to transfer money from your Mpesa to Cooperative Bank account
- Go to Lipa Na M-pesa, paybill option
- Enter Business Number 400200
- Enter Account number: the Co-opBank account you wish to deposit to.
- Enter the amount you want to deposit
- Enter the M-Pesa PIN and confirm the transaction
- You will receive a confirmation SMS from Mpesa immediately
- You will then receive a confirmation SMS with the details of the deposit from Co-operative Bank
Call Center Numbers: 020-2776000, 0703027000
Email: customerservice@co-opbank.co.ke
WhatsApp: +254736690101
Cooperative Bank ATM Withdrawal limit has been increased from Ksh 40,000 to Ksh 60,000. You can withdraw as many times as possible until the maximum limit is achieved.
In case you want to withdraw more than Ksh 60,000, you can go over the counter. You can also withdraw through your ATM card in another bank ATM.
Service | Amount (Kshs) | Charge (Kshs) | |||||||||||
Cash Withdrawals | 100-5,000 | 50 | |||||||||||
From Co-op Account/ SACCO Account/ Fethalink | |||||||||||||
5001-10,000 | 70 | ||||||||||||
10,001-20,000 | 80 | ||||||||||||
20,001-30,000 | 100 | ||||||||||||
30,001-40,000 | 120 | ||||||||||||
40,001-50,000 | 140 | ||||||||||||
50,001-100,000 | 250 | ||||||||||||
Cash Withdrawals | |||||||||||||
With Kenswitch Card | |||||||||||||
Any amount | 125 | ||||||||||||
Cash Deposits | |||||||||||||
To Co-op Account/ SACCO Account/ Fethalink | Any amount | Free | |||||||||||
Funds Transfer | |||||||||||||
To Co-op Account/ SACCO Account/Fethalink | |||||||||||||
Any amount | 50 | ||||||||||||
To another local bank account( via PESALINK) | 0-500 | 0 | |||||||||||
501-10,000 | 42 | ||||||||||||
10,001-50,000 | 62 | ||||||||||||
50,001-100,000 | 82 | ||||||||||||
100,001-200,000 | 112 | ||||||||||||
200,001-999,999 | 152 | ||||||||||||
School/ College/ University Fees Payment | |||||||||||||
With Card | Any amount | 50 | |||||||||||
With Cash | Any amount | Free | |||||||||||
Utility Bills Payment | |||||||||||||
KPLC Prepaid | Any amount | 50 | |||||||||||
Water Companies | |||||||||||||
Balance Inquiry | N/A | 10 | |||||||||||
Mini Statement | N/A | 20 | |||||||||||
Other services | |||||||||||||
NHIF Payments | Any amount | Free | |||||||||||
County Payments | Any amount | Free | |||||||||||
Other Government Payments e.g KRA | Any amount | Free |