On average, every Kenyan has more than one bank account. However, most of us are not fully harnessing the full potential of our accounts, particularly the Fixed Deposit ones.
Financial experts say that individuals and businesses must learn to separate their money to be able to make smart investment decisions. This then drives the narrative that as a smart saver, you definitely need to have an account purposefully tailored to help you achieve your dreams and aspirations and one that is separate from your salary account or your daily transaction account.
We now pose a question to you, what do you look for when it comes to identifying a viable savings and investment solution? The answer is simple, you need a solution that is straightforward, convenient, high-yielding and secure.
Here are a few reasons why you need to open a Kingdom Bank fixed deposit account:
Guaranteed Returns
One of the things that makes a fixed deposit account to be a viable investment option is that it gives you an assured return. While other investments in the market remain vulnerable to market fluctuations, the money that you put in a Kingdom Bank fixed deposit account remains hedged earning you a steady interest rate.
The Bank has positioned itself as a one-stop shop for all your saving and investment needs. It has also made it very easy for you to open an account.
Competitive Interest Rates
At the end of the day, a fixed deposit account is an investment and as such it should give one a good return. At Kingdom Bank when you fix your savings you can earn up to 10% which is better than what is being offered by most of the competition. It means that your money will continue to grow at a rate which is higher than inflation. This ensures that you can maintain your purchasing power and wealth over time. However, your assigned interest rate is dependent on two key factors that is, how much you are saving and the term you would like to fix your savings.
Security of Funds
Once in a while, we come across stories of people who have been swindled off their hard-earned cash by unscrupulous individuals. The scammers often lie to these individuals that they can give them very high returns. However, it always ends up in tears when the so-called investment companies pull a disappearing act on their clients.
Kingdom Bank is a subsidiary of the Co-operative Bank of Kenya and is regulated by Central Bank of Kenya. With customer deposits being insured by the Kenya Deposit Insurance Corporation (KDIC), giving you peace of mind that your money is in a safe and secure place.
Low Investment Amounts
When we think of investments, what comes to mind is 6 figure amounts and above which is most times out of reach for many of us. However, did you know that with Kingdom Bank, you can open a fixed deposit account starting from Ksh 50,000? This is quite affordable for many Kenyans ensuring that you can start growing with whatever little that you have. With the option of increasing your investment amounts over time.
Capital Preservation
As an investor, it is important to ensure that your capital is always secure and can be able to generate wealth that can sustain you. Which is essentially having your money work for you. This basically means that you should always ensure that the original capital that you put in any venture is always intact while utilizing the income generated.
A fixed deposit account ensures that your principal amount remains intact while you enjoy the interest earned. Let’s help you do a simple math, say you have Ksh 100,000 and you are looking to start a business in January, 2024. If you save that money today with Kingdom Bank and fix it for a 4-months term, your banker may give you an attractive rate of 9% which means that at the end of the term your principal amount has earned you an additional 9,000 which is money you did not have. This 9,000 can go a long way in sorting out your urgent needs or can be re-invested back into the business.
Loan Security
Occasionally, we find ourselves in a liquidity crunch where you might want to make a significant purchase but have insufficient cash. At the same time, you are not willing to break your fixed savings because it means losing out on the full value of your interest. Kingdom Bank allows you to take out a loan with your fixed savings acting as security at very competitive rates giving you an opportunity to diversify your investments and to consolidate your wealth.
As we enter into the final phase of the year, we trust that you can now make informed financial decisions about your money and your investment options.
If you would like to learn more about Kingdom Bank and how you can earn up to 10% on your savings, please give them a call on 0709 881 300. You can also fill out your details here and someone will reach out to you to guide you on your next steps.