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Normal Bank Account

What do you need in a bank account? Do you want a no-cost current account or one with extra services at a cost? Do you prefer online banking or would you rather be served in person? Here you can find the right current account for you. One that will meet your unique personal needs. Compare our current accounts. We show you how to find the right one.

What is a standard current bank account?

 

The current account is such a normal part of our lives that we cannot imagine banking without it.This bank account lets you carry out money transactions without using cash. We rely on current accounts or salary accounts to receive salaries and rent apartments. A checking account provides a whole range of financial solutions:

  • Ensures that your money is secure
  • Facilitates transfers to and from the account
  • Allows online banking remotely using your phone or laptop
  • Make cash withdrawals at ATMs
  • Use the Girocard for cashless payments
  • Make credit card payments in multiple countries
  • Fill cash flow gaps with our credit line
Bank Account Rwanda

How to Make your Decision: What you need to know before choosing a current account

Customers should first know exactly what they want to do with the account. This knowledge will help them choose between a range of current accounts. Current accounts don’t all have the same features. If you choose an account that is not well suited to your needs, you will end up incurring unnecessary costs.

Transactions

Some branch transactions attract extra costs. But when you operate an online account, you can transfer money for free.

Account maintenance charge

Some financial institutions charge a fee for account management, others offer it for free – but only under certain conditions such as regular receipt of money.

Credit Card

Some accounts require a card while others do not. The card may be optional or not. It may also be free or not.

Interest Rates

Banks charge interest on overdrawn accounts. These charges are not the same for all current accounts. You want to compare overdraft interest rates. Go for lower overdraft interest rates.

Account Maintenance Fees

You may or may not have to pay account management charges. Some institutions may charge you for certain transactions, or none at all.

Bank Card

A bank card allows an account holder to carry out withdrawals and electronic payments free of charge. But there are some banks that will charge for it so ask to be sure.

Cash Withdrawals

How easy is it to access an ATM for cash withdrawals? Can you access cash withdrawals for free or at competitive rates? Can you carry out cash withdrawals at shops? With some banks, you can get a free credit card to process foreign withdrawals.

Choose to Bank at Branch or Online

Look at the features of online or phone banking compared to branch banking. Compare them and note the differences. 

A digital bank serves you only online. This allows for cheaper services because of lower overheads. But you can only access services online or through the phone. But you can access these services 24/7, unlike branch banking which operates during working hours. These differences should help you decide what is better for you.

Special Offers:

Find a Bank with Premium Features and Suitable Options

When your current account has a premium, you will get some money when  you open the account. This is your starting credit or account bonus. The bank just wants your patronage. But you need to take a closer look at the conditions attached to the premium. Current accounts with premiums are lucrative and you should go for them as long as you can meet the conditions. You can also look at offers for current accounts with no transaction fees.

Finding a Bank Account with Best Features and Lowest Costs

There are a range of extras available for current accounts. The most familiar is called a new customer disocunt. Few banks charge less for new customers. People who have not been their customers before will get the new customer bonus once they open accounts. Sometimes there are further conditions to be met. Here are some possibilities:

 

  • Receiving a certain amount of money
  • Making a certain number of payments
  • Opening your account within a certain time period
  • Terminating an old account

Use our CheckNow service to find account premiums negotiated specifically for you. The chosen bank may have its own bonus for new customers. Use CheckNow to compare current accounts side-by-side. Check out the ‘Details’ tab to see the conditions you would have to meet to get the premiums.

Some accounts offer premiums for bringing in new customers besides the usual bonus paid to new customers. You may even benefit from current account cashback programs. Cashback programs awad points for each purchase you make with their cards or with their retail partners. You can cash out the points for money in your account.

How to Find the Account that is Perfect for my Family and me?

Few banks offer premiums for accounts with no charges. Use the CheckNow service to find current accounts that meet this criteria. Simply use our bank account filter functioned linked on top of this page and filter and sort for the criteria that are most important to you.

How to choose the individual account type for my needs?

If you were a current account, which one would you be?This is a question that can help you think of your individual needs as you choose a current account. Your user behaviour will determine the operation costs of your current account. If you choose the wrong account for you, you will end up incurring higher costs than necessary. For example, you don’t have to worry about paying for documented transfers if you do all your banking online. You don’t have to worry about cash withdrawal fees if you don’t like to pay in cash.

How to Choose the Right Account: A Guide

Which costs will I face?

Your bank account can be totally free or you can pay a monthly fee that covers everything. It depends on the exact account type and features though. See the costs in our comparison module.

What can I do with this account?

Are you looking to carry out all your financial transactions with that account? Will you be operating it jointly with someone else? Will you use it as a reference account to another account? List down the services you will need. How often do you travel? You would need to access your account affordably while on-the-go. Are you normally content to use a Girocard? Do you prefer cash payments or electronic payments? Are you on Apple Pay or Google?

What happens when I go into minus balance?

If overdrafts are a frequent occurrence, you will need to choose a current account with lower interest rates for overdrafts. Take time to compare interest rates for overdrafts before you make a choice. It will be well worth it.

How can I manage my account?

Do you prefer to work with a banking app on your phone? Or would you rather talk to a bank employee directly? Banks will usually give you the option of banking with your branch or online. But if it is a purely online bank, you will access their services on the phone or online.

Will I get interest with my account?

There aren’t too many banks that pay interest on current accounts. The interest are usually quite low. Some banks attach a call money account to your current account. They will pay the interest on your current account into your call money account.

How to do a Cash Deposit for my new account?

A branch customer can go to the bank counter at the branch or visit a cash deposit machine. A bank customer cannot use a cash deposit machine for cash deposits. They can only go to the parent companies’ service terminals located at a branch. 

What about Free Current Accounts?

Banks can offer similar services but the costs will vary from bank to bank and product to product. One current account can have a regular account management fee. Another bank account can require certain minimum deposits every month or a particular number of transactions. 

Some accounts will incur annual fees to cover a Girocard. This will take the place of an account management fee. Some current accounts will offer free cash withdrawals and start charging transaction fees after five withdrawals. A current account is considered free when it incurs no management fees, no Girocard fees, and no cash receipts threshold required.

Is my new account safe?

If your bank offers a digital security layer, you may need to pay a one-time fee. The digital security system will help to keep your account funds save for online payments and other digital banking tasks.

 

All bank accounts come with cards to facilitate payments and withdrawals. This is standard in Rwanda. The bank card is still the standard system for debit card and ATM transactions within Rwandan banks. Some banks include V-Pay functionality or other options and functions to allow customers to make cash withdrawals. Credit Cards will enable you to make payments while abroad. 

Is it possible to get a starting bonus for my new account?

Sometimes banks will give out credits for opening new accounts to new customers. Other enticements include extras like a CheckNow bonus, reward programs, credits you can use for making card payments, and discounts on purchases.

Can I get Cash Easily?

Is your bank part of a dense or widespread network of ATMs? Can you carry out free cash withdrawals? Can you have free withdrawals even when you travel to a different country? This is one question you have to think about.

The card for withdrawing and paying money is part of every current account. Most people still know it as a debit card, but it was renamed Girocard in 2007. However, nothing has changed: Girocard refers to the usual debit payment and ATM system of the Rwandan banking industry. In addition, some banks equip their giro cards with Maestro or V-Payfunctionality, which makes it possible to pay for and withdraw cash abroad.

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Shema Ishimwe
Editorial Team

Shema has been part of the CheckNow Team since 2021. With each of his texts and videos, he pursues the goal of explaining the comparison of suitable financial products to customers as simply as possible.

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