Types of Co-operative Bank of Kenya Accounts and the How To Open Them

The Co-operative Bank of Kenya is a commercial bank that serves the banking needs of persons, small businesses, and large-scale businesses or enterprises. It focuses on cooperative societies and also engages in corporate and retail banking. The bank has since grown to become one of the biggest commercial banks in the economy of entire East Africa.

Co-op, which Kenya’s Central Bank licenses, has grown tremendously by meeting the various banking needs of Kenyans with various types of accounts that cater to both individuals and businesses. Below are the different types of Co-operative Bank of Kenya accounts and the requirements for opening each.

Different Types of Bank Account Offered by Co-operative Bank of Kenya

The Co-operative Bank is all-encompassing and can cater to the need of different customers. That is why it has different types of accounts one can operate. Below is a list of the accounts 

1. Personal Account 

  • Jumbo Junior Account
  • Current Account
  • Goldfish Access Account
  • Hekima savings account 
  • Salary account 
  • YEA Access Account 

2. Business Account 

  • Bizwise current account 
  • Business current account 
  • Haba Na  Haba Access account 

Features and Requirements for Opening Different Types of Personal Accounts in Co-op

Below are detailed requirements for the opening of any type of personal bank account in the Co-operative Bank of Kenya. To recap, the account types here include – Jumbo Junior Account, Current Account, Goldfish Access Account, Hekima savings account, Salary account, and YEA Access Account.

Jumbo Junior Account

Under the personal account, there is the Jumbo Junior account. As the name suggests, the Jumbo Junior Account is an account meant for children and minors. It is designed for children and teenagers below the age of 18 to teach them the benefits of saving.

Features 

  1. Opening the account gives you an automatic membership card to belong to the Jumbo Junior club 
  2. You have a discount on bank cheques when you want to make payment for any fee. 
  3. It has no interest earnings.

Requirements for Opening the Jumbo Junior Account 

  1. Original and photocopy of parents or guardian’s ID card 
  2. Photocopy of birth certificate or baptismal card or notification of birth 
  3. You can only have a minimum operating balance of KES 500 
  4. Least opening balance of KSH 1,050 

Current Account

This is a flexible account; it allows you to withdraw and make deposits at any time. Hence, it is built to match your convenience. 

Features

  • You get a checkbook
  • You make a ledger fee of Ksh35 for each entry
  • Payment of monthly maintenance fee of Ksh300 
  • No opening balance 
  • You get a monthly bank account statement 

Requirements for Opening the Current Account

  • Original ID card or passport and its photocopy 
  • A referee
  • The minimum opening balance for an individual account is Ksh 5,000 while for a company and corporate society is Ksh 10,000.

Goldfish Account

This is an account designed for senior executives, business persons, and individuals with high net worth. 

Features

  • Least opening account of Ksh 50,000
  • It offers the highest operating balance 
  • Ksh 1.2 million for the personal accident is added to the account balance for free 
  • You don’t have to pay joining fees for a Co-op visa card
  • It has Ksh 50,000 as its least operating balance

Requirement for Opening the Goldfish Account

  • Original ID Card or passport alongside the photocopies
  • A referee 
  • Ksh 50,000 for the minimum opening balance 

Hekima Savings Account

It is a type of savings account that allows you to earn interest on your savings. 

Features 

  • No minimum opening balance 
  • No minimum operating balance
  • Your interest will be calculated daily on credit balance and will be paid quarterly 
  • You can only withdraw money one calendar quarter 
  • You’ll get a regular bank statement every six months
  • It doesn’t come with an ATM card or debit card.  

Requirements for Opening Hekima Savings Account

  • You only need an original ID card or passport with the photocopy. 

Salary Account

This is an account tailored for employees. It works like a transactional account and is designed to facilitate salary processing. 

Features 

  • No minimum opening balance 
  • No minimum operating balance 
  • It requires no monthly maintenance fee 
  • There is a salary process fee
  • It gives you easy access to loans (personal loans and cash allowances)
  • It comes with a debit card 
  • It also comes with a credit card

Requirements for Opening a Salary Account

  • Original ID card or passport with photocopy
  • Passport photography which will be taken at the branch
  • You need a letter of introduction from your employee or your employment letter
  • Payment of Ksh 550 for the debit card with an added Excise duty of 10%

YEA Access Account

It is an account designed for youths between the age of 18 and 30. 

Features

  • No minimum opening balance 
  • No minimum operating balance 
  • Payment of Ksh 550 for debit card 
  • It comes with discounted bank cheques for payment of fees for only account holders 

Requirement for Opening a YEA Access Account

  • Original ID card and photocopy 
  • A referee 

Co-operative Bank of Kenya Accounts
Co-operative Bank of Kenya building

Features and Requirements for Opening Different Types of Business Accounts in Co-op

Below are detailed requirements for the opening of any type of business bank account in the Co-operative Bank of Kenya. To recap, the account types here include Bizwise current account, Business current account, and Haba Na Haba Access account.

Bizwise Current Account 

A Bizwise Current Account holder has access to SME Bizwise loan where the borrower can borrow as much as 50 million shillings.

Features 

  • Ksh 2,000 minimum opening balance 
  • No minimum operating balance 
  • Zero maintenance fees 
  • Zero charges on cash deposit 
  • Zero charges on local deposits 
  • Ksh35 for withdrawal charges per transaction 
  • No charges for monthly standing order 
  • It comes with a checkbook 
  • It requires online banking services (Co-opNet) 
  • It comes with agency banking 
  • It also comes with mobile banking 

Requirements for Opening a Bizwise Current Account 

  • Original and copy of ID and referee for individuals
  • Original and copy of ID for each signatory for companies
  • Original and copy of KRA PIN certificate
  • Originals and copies of Memorandum and Articles of Association,
  • Registration Certificate
  • Directors’ Resolution to open an account with Co-operative Bank for companies

Business Current Account

This account solely works for business purposes. It is tailored to offer an easy way to handle transactions and payments for businesses.

Features 

  • Easy deposit and withdrawal 
  • It comes with a checkbook which makes transactions easy. 
  • Issuing of monthly statements to help track transactions 
  • Access to loan facilities 

Requirements for Opening a Bizwise Current Account 

  • Original and copy of ID and referee for individuals
  • Original and copy of ID for each signatory for companies
  • Original and copy of KRA PIN certificate
  • Originals and copies of Memorandum and Articles of Association,
  • Registration Certificate
  • Directors’ Resolution to open an account with Co-operative Bank for companies

Haba Na Haba Access Account

This is considered the best account for small businesses. 

Features 

  • Zero minimum operating balance 
  • Easy access to find as many times as required. 
  • Easy access to business loan 
  • It comes with a debit card to facilitate withdrawal and payment at any VISA point 
  • Low charges on the monthly ledger 
  • Transactional solutions are offers to account holders 
  • It comes with mobile banking 
  • It also comes with internet banking

Requirements for Opening a Haba Na Haba Access Account

For details about the requirement for opening any of the business accounts, you can stop at any of their branches. You can also contact their customer service through the official Co-op page for more information.

Frequently Asked Questions About Co-operative Bank of Kenya Accounts

1. How do I open a Co-op bank account?

You have to select the account that best suits you and know the requirements for it. After that, you’d proceed to any of their branches with the stipulated requirement  to open an account

2. How much deposit do I need to open a Co-op account?

The deposit amount varies in terms of the type of account. You can contact their customer service to make inquiries about the deposit amount for opening the type of account that suits you.

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