Verified 13 September 2026

I&M accounts and what they cost to run

By Arnold Ochieng · I&M Bank Kenya hub · paybillke is an independent guide and is not affiliated with I&M Bank Kenya.

I&M runs transaction accounts, savings accounts and Select Banking, its premium tier. Two personal transaction accounts have published figures worth comparing directly: Club and PayGo. Both open at KES 1,000 with no minimum balance, and they charge in opposite ways.

Club versus PayGo, the real difference

Both open at KES 1,000, neither requires a minimum balance, and neither charges an account maintenance fee. The difference is how you pay for using them.

Club charges a flat KES 1,000 a month and no ledger fee. PayGo charges no monthly fee but KES 30 on each non-channel debit.

So the question is simply how you transact. "Non-channel" means transactions not done through the digital channels, so a customer who lives in the app and on *458# may pay almost nothing on PayGo. A customer who writes cheques and visits branches racks up KES 30 a time, and passes KES 1,000 at 34 such debits a month.

Work out your own break-even

Count the non-channel debits you genuinely make in a month, multiply by 30, and compare with 1,000. Below about 33, PayGo wins. Above it, Club. Most people who bank digitally are far below, which makes PayGo the default choice unless something specific pushes the other way. Confirm both sets of figures with I&M before opening, because published tariffs are revised.

The rest of the range

Savings accounts, for money that sits still rather than moves. Ask what interest is paid and how often, and whether withdrawals reduce it.
Select Banking, the premium tier, with a relationship manager and priority service. Ask what balance or income qualifies you, and what the tier actually gets you beyond a different card.
Fixed deposits, for a locked term at an agreed rate.
Business accounts and special accounts, covered on the business page.

What is free once you are in

Worth knowing because it shapes which account suits you. I&M's tariff lists balance enquiry, mini-statements, full statements, internal transfers between your own accounts, airtime top-up, cheque book requests, e-statement registration and standing instruction setup as free, and SMS alerts at Nil. The charges page has the complete list alongside what is not free.

About this guide

Independent guide. paybillke is not I&M Bank and has no commercial relationship with it. Paybill, USSD and charge details were checked against I&M's own site and live tariff on 13 September 2026. Bank tariffs change, so confirm anything you are about to act on with I&M on +254 20 322 1000 or on the I&M tariff page.

I&M personal transaction accounts, published figures

Feature	Club account	PayGo account
Opening balance	KES 1,000	KES 1,000
Minimum balance	Nil	Nil
Account maintenance fee	Nil	Nil
Monthly fee	KES 1,000	Nil
Ledger fee	Nil	KES 30 per non-channel debit

Frequently asked

How much do I need to open an I&M account?

KES 1,000 for both the Club and PayGo transaction accounts, with no minimum balance to maintain.

What is the difference between I&M Club and PayGo?

Club charges KES 1,000 a month with no ledger fee. PayGo has no monthly fee but charges KES 30 on each non-channel debit.

Which I&M account is cheaper?

PayGo, unless you make more than about 33 non-channel debits a month, at which point Club's flat fee wins.

What is I&M Select Banking?

I&M's premium tier. Ask what balance qualifies you and what the tier includes beyond the card.

Does I&M charge for SMS alerts?

No. Its tariff lists local and international transaction alerts at Nil.