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NBS Bank has introduced a new savings account branded Eazy Save which the bank said on Thursday has less restrictions designed to encourage people to open savings accounts with a minimum book balance of K500.
NBS Bank Marketing and Business Development Manager Stanley Mkwamba said in an interview yesterday the bank introduced the product to make banking affordable after realising that most people want to open savings accounts but could not afford the K1,000 minimum balance on the ordinary savings account.
He said Eazy Save account holders will enjoy full benefits of the savings account like competitive interest rates and access to Eazy Bank auto-teller machines.
Mkwamba said NBS Bank, with 12 branches and nine agencies across the country, is one of the few banks with the widest geographical spread hence its decision to match physical presence with corresponding products like the Eazy Save Account.
“The Eazy Save Account became operational on June 1 this year. We developed this product following the success of the Bank@Campus product we have at Chancellor College and Bunda College of Agriculture where students opened accounts with K500 minimum balance. That marked our learning point,” he said.
Mkwamba said Eazy Save Account holders will be free to convert their account to the normal savings account.
During the two weeks of its existence, Mkwamba said Eazy Save has proved a hit among customers most of whom were approached directly by NBS Bank agents.
NBS Bank became a commercial bank in July 2004 when it inherited the assets of the New Building Society which was also offering banking services which were limited to savings accounts and mortgage, among others.
NBS Bank—a member of the Nico Holdings Limited group of companies—provides current account, savings accounts, foreign exchange and corporate account services, among other products.
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