The Best Students Account In Uganda
The first time I opened a personal bank account was
in my senior three (2009). It was a Stanbic account, on opening, I was told it
was the best student account I could ever imagine. I was convinced and was confident
I had earned the "bragging rights". Because seriously, which senior
three chap owned a Stanbic account in 2009? Six months later my account was in
negatives, in fact, I owed the bank more money than I had deposited on opening.
That experience marked my "divorce" with Stanbic bank until recent
when it launched its student's saving account.
Now I have to point out that Barclays bank has of
recent had the best students account in Uganda and I mean the very best. On
opening it in 2010, I was charged only 10,000Ush, given an instant free visa
debit card, with no monthly, annual, ATM withdraw and deposit charges. It has
of recent introduced a 10,000 Ush fee charged annually and free internet
banking which gives you access to your bank statement, account balance and
money transfer to Barclays accounts. Given that Barclays bank is global and
very reputable, I would still think it offers the best student's account but
the coming of this Stanbic student's savings account has twisted the wheels of
choice.
So what took me back to the same road that
disappointed me five years ago?
This account has amazing offers which include a low
start up minimum deposit charge of 5,000 Ush, a free ATM debit visa card, free
internet banking, no monthly, deposit, and ATM withdraw charges. It charges 5,000Ush bi-annual visa fee. It also offers interest on money saved, 4-7%
per year.
You only need two passport photos, a photo copy of
your ID and admission letter. Its that simple! You think this is too good? Well this is what other
“good” banks like Barclays have been offering for years now.
So, on hearing this I quickly made my inquiries and
analysis which I would love to share with you, things the Stanbic marketing
team will not tell you.
The answer is by demanding for a non visa debit ATM card. You see, the annual charge is branded a “visa fee”. We both know what a visa service is; It’s a service that enables you use your ATM card to withdraw money from other ATMs that are not of your card’s bank. For example you can use your Stanbic visa debit card to withdraw money from a Barclays ATM, but seriously how many people do this? Personally I don’t remember the last time I made such a transaction. Stanbic bank has over 176 ATMs across the country so surely you will hardly find it hard to get a Stanbic ATM unless of course if you live and study in Budduda. (no offense/ update me if Stanbic has opened a branch there of late).
My last word: If you request for a non visa card it means you can enjoy you interest without any deductions and will be sure never to go in deficits like I did 5 years ago.
2. 2. Other
banks that offer student’s accounts cease to operate when you cease to be a
student which is logical. But this Stanbic account runs for 30 years. WTF? Yes!
I had the customer care advisor repeat it twice so I could be sure I was
hearing well. It turned out I was. So when you implore the principle of
compound interest (you can do the maths depending on which figures you want to
save ) if you save for ten years or better yet 20-30 years you will be having
saving way more than the principle. You will also have unlimited withdrawals both in amount and
frequency.
My
last word: For a savings account that is entirely “free” for
30 years, to me is a home run. It’s an undisputed opportunity.
3. 3. The
account demands no obligations. I know of banks that demand you to make a
transaction at least once in every six months, others have a minimum balance of 50,000 Ush and many
other obligations. This Account only requires you to have a minimum balance of
5,000 Ush which should not be a problem since it’s the opening fee.
My
last word. Thumbs up. We are now good to go. Plus you are
given a free first cheque book! How cool is that!
The
very last word: This is a savings account not an
investment account. So you don’t have to deposit all your upkeep so you can
have an interest to it. It’s an account you can use to put those extra bucks
you don’t use or would love to put away for buying or doing something you love
and like taking a safari, financing your graduation party, starting your first
business after school or paying for your driving lessons in your senior six
vacation if you are still in high school.
I hope you will be helped by my
insight and as usual, I love it when you leave a comment. Best wishes.www.facebook.com/onesmus.ken