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You may not feel that you need a bank account, but there are key advantages to having a bank account or joining a Savings and Credit Co-operative.

  1. You establish a financial history and record of successful bank use.
  2. They give you a place to easily save money.
  3. You create a relationship with that bank to be able to borrow money for a car, home, or an education.
  4. Joining a Savings and Credit Co-operatives (SACCOs) gives you a say in how your money is invested and puts you in charge of your own finances.

Do you:

  • Keep all of your cash in your pocket, purse, or drawer until you need it?
  • Borrow money against a future paycheck from a micro-lender?
  • Not get bills paid because you don't have time to go to the place you need to pay?
  • Send money to friends or relatives through postal orders or money wiring services?

If you answered yes to any of those questions, you could manage your money better.

  • Open a bank account. Shop around to find the best deal for you.
  • Have your pay check directly deposited at a bank or SACCO. Many employers prefer to pay by direct deposit or electronic transfer.
  • Keep the money in the bank until you need it.
  • Take money out by going to the bank or SACCO or using an ATM or debit card.
  • Pay bills with checks or use online banking.
  • Avoid using micro-lenders.

 

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