Cooperative Bank Kenya Account Opening Requirements, Types of accounts and charges

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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.

Requirements to open an account at Cooperative Bank

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.

Cooperative Bank list of accounts

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

FEATURESBRONZESILVERGOLD
Current Account
Debit Card
Mobile Banking
Internet Banking – Free monthly accessOptional
Ledger Fees – Over the counter withdrawals,debit transactionsKsh 50 per transactionKsh 35 per transactionKsh 25 per transaction
Minimum Opening BalanceKsh 1,000Ksh 2,000Ksh 10,000
Monthly Maintenance FeesKsh 100 per monthKsh 1,000 per monthKsh 2,000 per month
Minimum Operating BalanceKsh 300__
Cheque BookOptional1st cheque book free (100 leaves)All cheque books are free
Insurance – (Under Group Cover)Free Permanent and Total Disability Cover – Ksh 100,000Free Permanent and Total Disability Cover – Ksh 500,000Free Permanent and Total Disability Cover – Ksh 1,000,000
Credit CardAvailable on requestEligible – up to Ksh 100,000Eligible – up to Ksh 500,000
Cash Handling FeesAs per current tariffAs per current tariffFree
Free PDQ Machine for MerchantsOptional
*LNM / M-CollectionsOptional
Membership to Business Club – Ts&Cs Apply
Access to Executive LobbyAvailable on requestAvailable on requestFree Access to Executive Lobby
Dedicated RM
Waive monthly A/C maintenance fees if minimum A/C balance across the month is:Ksh 50,000Ksh 200,000Ksh 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 Diaspora Banking

Transactional Account

This one enables you to do transactions to Kenya while you live in abroad.

Features

  • No ledger fees
  • No minimum operating balance
  • Free internal standing orders
  • KES 30 transactional fees
  • Mailing charges
  • Free internet banking
  • Minimum balance
    • KES 5,000
    • USD $100
    • GBP £100
    • Euro €100

Requirements

  • Duly filled Jamhuri Diaspora Account Application form
  • Duly filled in W9 form(If you reside in the US)
  • Certified Kenyan ID/Passport
  • Certified KRA pin Certificate
  • Certified Proof of Residential address – Utility Bill – Water, Electricity, Cable TV or Bank Statement
  • Coloured Passport Size Photo(Notarized or Certified)
  • Copy of Kenyan Passport or ID
  • Copy of Utility
  • Note: Please ensure the names in all your documents are the same
  • All documents must be CERTIFIED – Signed and Stamped by either:-
    • Notary Public
    • Kenyan Embassy or High commission
    • Current Banker/Employer
    • Co-op Bank Agent

Business Current Account

This is for those owning businesses. You might be owning a business in Kenya but living in abroad. The account will help you deposit money and also take loans.

Features

  • Minimum opening & cash balance:
    • KES 10,000
    • USD $200
    • GBP £200
    • EUR €200
  • Ledger fee of Kes 35 per transaction (or equivalent in other currencies)
  • Account maintenance fee – Kes 300 per month (Or equivalent in other currencies)
  • Internet access fees – Kes 100
  • Free monthly e-statements

Requirements

  • COMPANY
  • Duly filled Jamhuri Diaspora Account Application form
  • Certified Resolution to Open and account Signed by all directors indicating the signing mandate/instructions.
  • Certificate of Incorporation (Certified)
  • KRA Pin Certificate
  • CR1, CR2, CR8 and CR12(Certified)
  • SIGNATORIES/DIRECTORS
  • Certified copy of Kenyan ID or Passport
  • Certified KRA Pin Certificate
  • Certified Proof of Residential address – Utility Bill – Water, Electricity, Cable TV or Bank Statement
  • Coloured Passport Size Photo
  • Duly filled in W9 form(If you reside in the US)
  • Note: Please ensure the names in all your documents are the same
  • All documents must be CERTIFIED – Signed and Stamped by either:-
    • Notary Public
    • Kenyan Embassy or High commission
    • Current Banker/Employer
    • Co-op Bank Agent

Children’s Account (Jumbo Junior)

Features

Opening balance:

  • KES 5,000
  • USD $100
  • GBP £200
  • EUR €200

Interest from:

  • KES 40,000
  • USD $500
  • GBP £500
  • EUR €500

Requirements

  • Duly filled Jamhuri Diaspora Account Application form
  • Duly filled in W9 form(If you reside in the US)
  • Certified Birth Certificate of the Child
  • Certified Kenyan ID/Passport of the Parent/Guardian
  • Certified KRA pin Certificate of the Parent/Guardian
  • Certified Proof of Residential address – Utility Bill – Water, Electricity, Cable TV or Bank Statement
  • Coloured Passport Size Photo
  • Note: Please ensure the names in all your documents are the same
  • All documents must be CERTIFIED – Signed and Stamped by either:-
    • Notary Public
    • Kenyan Embassy or High commission
    • Current Banker/Employer
    • Co-op Bank Agent

Fixed & Call Deposits

Features

  • 1, 2, 3, 6 & 12 months with competitive interest rates

Opening balance:

  • KES 50,000 (This is subject to review from time to time)
  • 1,000 units in Foreign Currency

Requirements

  • 1 passport size photograph (optional)
  • Identity card – original and copy
  • PIN certificate
  • Other features as per the contract certificate

You will earn interest of 4% to 9% per year.

Cooperative Bank Mpesa Paybill Number

Cooperative Bank Mpesa Paybill Number is 400200

How to transfer money from your Mpesa to Cooperative Bank account

  1. Go to Lipa Na M-pesa, paybill option
  2. Enter Business Number 400200
  3. Enter Account number: the Co-opBank account you wish to deposit to.
  4. Enter the amount you want to deposit
  5. Enter the M-Pesa PIN and confirm the transaction
  6. You will receive a confirmation SMS from Mpesa immediately
  7. You will then receive a confirmation SMS with the details of the deposit from Co-operative Bank

Cooperative Bank Customer Care Contacts

Call Center Numbers: 020-2776000, 0703027000
Email: customerservice@co-opbank.co.ke
WhatsApp: +254736690101

Cooperative Bank ATM Withdrawal Limits

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.

Cooperative Bank charges

Service  Amount (Kshs)  Charge (Kshs)  
Cash Withdrawals100-5,000 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 amount50 
With Cash Any amount Free
Utility Bills Payment        
KPLC Prepaid  Any amount  50  
      
Water Companies        
Balance Inquiry N/A10 
Mini Statement N/A20 
Other services      
NHIF Payments Any amount Free
County Payments Any amount Free
Other Government Payments e.g KRA Any amount Free

How to send money from abroad to Cooperative Bank

 How to send funds direct to your Co-op account from abroad

You can wire the funds to your account through Cooperative Bank correspondent banks.

Bank name: The Co-operative Bank of Kenya Limited.
Branch name: Diaspora Branch.
Branch code: 11254.
P. O. Box 48231 – 00100 Nairobi, Kenya.
Swift code: KCOOKENA.

How to contact the diaspora banking department in Nairobi

Diaspora Banking Unit,
Co-operative Bank of Kenya,
Haile Selassie Avenue,
P.O. Box 48231 – 00100,
Nairobi.

Email: diasporabanking@diaspora.co-opbank.co.ke
Tel: +254711049086

Or
Contact our 24/7 call centre on:
Email: customerservice@diaspora.co-opbank.co.ke
Tel: +254 20 277 6000 /+254 703 027 000
WhatsApp: +254 736 690 101

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