Best Banks for Savings Accounts in Kenya
This is a list of the best banks for savings accounts in Kenya. Banks offer different types of savings accounts depending on customers’ preferences.
The road to financial freedom is one of saving. In order to reach your savings objectives, you must put in a lot of effort. By saving, you can have the assurance that you have money set aside for unexpected events or unforeseen circumstances.
In order to understand how the savings accounts of various banks work, we have compiled a list of banks that offer savings accounts and their requirements. A bank may have one, two, or more types of savings accounts serving different purposes and with different features. This ensures every customer’s interests are safeguarded.
Best Banks for Savings Accounts In Kenya
1. CFC Stanbic Bank
To assist you in achieving your financial objectives, the bank provides a variety of savings and investment accounts that earn appealing and competitive interest rates. It provides the next individual savings accounts.
Call Deposit Account
With this account, you can earn an alluring return on your money while still having access to it as needed.
Its features include an initial deposit of Kshs 20,000, no service fee, attractive interest rates pegged on prevailing market rates, unlimited deposits, funds available on demand, and no notice required for liquidation to current or savings account.
Also, there is no maximum balance required on this account.
Fixed Deposit Account
You are assured of a set return on your investment with this account over a specific time frame.
Its features include a minimum investment of Kshs 20,000; the deposit amount is fixed during the investment period; the interest rate is fixed during the investment period and is calculated and paid at maturity; funds are available upon maturity, and no maximum investment amount.
The best savings account that Stanbic Bank offers is this one. It assists you in setting aside extra money and increasing your cash on hand. Your money works for your interest rates thanks to the product features and affordable rates.
Its features include attractive competitive rates on your savings and investment for balances above Kshs 5,000, no monthly fees charged, and you can borrow against your savings without interfering with them.
Also, one free cash withdrawal is allowed per month, a personal loan of up to 80% of your savings amount, and access to a current account with free access to mobile banking.
2. Standard Chartered Bank
Standard Chartered Bank provides a practical way to begin your savings journey by providing an outstanding savings account that is;
Safari Savings Account
You can earn interest on the account while setting money aside for a special purchase or a rainy day.
Its features include an opening balance of Kshs 2,000, free e-statement quarterly, free withdrawals once a month, interest calculated daily on your available balance and paid quarterly, and easy access to online/ mobile banking.
The interest charged ranges from 0.5% to 4.25% depending on the amount.
3. NCBA Bank
Saving money with NCBA is a wise financial move. As you earn daily compound interest, you can easily track, move, and access your money through online and mobile banking. The following savings accounts are provided by the bank.
At the bank, you can save without having a current account. On sums greater than $5,000, interest is paid. A Kshs 2,000 operating balance is required. Depending on how much is saved, interest can range from 1.5% to 6% per day.
Children’s Savings Account
It is a savings account specifically for kids. It is cost-free to sign up, and you can help them out by transferring free money from your NCBA account. Interest is calculated daily and there is a Kshs 2,000 minimum operating balance.
First-Class Savings Account
With this account, one can save money and earn interest on sums greater than Kshs 100,000. A Kshs 100,000 operating balance is required.
4. Absa Bank
One of Kenya’s top banks is Absa. It offers customers a wide variety of interest-bearing savings accounts. This comprises;
Zidisha Bonus Account
This is a savings account that rewards you for reaching your savings targets. The more transactions you have, the more interest you earn. The annual interest rate is 1.2%.
Junior Savings Account
It’s a savings account for kids between one month and seventeen years old.
Target Save Account
You can choose an investment period of 3 to 10 years with this account and track your money’s growth.
Foreign Currency Savings Account
It is offered in the US dollar and British pound. You increase your savings while receiving competitive interest rates.
Fixed Deposit Savings Account
You have access to superior returns with this account. You can select between monthly and yearly interest payment cycles.
5. Equity Bank
One of the top banks for saving money is Equity Bank, a bank that has won numerous awards. It provides savings accounts like;
With the aid of this account, you can set money aside from your account and keep it safe until it reaches maturity. Both individuals and groups can benefit from it. The interest rate is determined by the amount saved.
Its features include no minimum operating balance, savings worth Kshs 20,000 and above attracts competitive interest paid annually.
Also, no monthly charges, full access to mobile banking, free internal standing order, and full access to mobile banking.
This account provides the easiest opportunity to strengthen your financial base through well-planned savings.
Features include a minimum account balance of Kshs 300, a minimum monthly contribution of Kshs 300, a minimum lock operating period of 6 months with no partial withdrawal, no monthly charge, and easy access to instant loans of up to 90% of your savings at discounted rates.
Call/ Fixed Deposit Account
Your account provides you with a way to save money for potential investments. Individual savers, companies, or organizations can all access it.
Features include a minimum fixing amount of Kshs 20,000 and the minimum period allowed is one month.
Also, the account provides the allowance to negotiate the interest rate and instant loans of up to 80% of your savings at discounted rates.
6. KCB Bank
KCB is one of Kenya’s best banks. It has the following savings accounts available:
Savings Account Simba
This is the best savings account that the bank has to offer. The annual interest rate is 5%. Kshs 1,000 is the opening and minimum balance.
Goal Savings Plan
The goal savings account will help you get closer to your financial and investment goals. You can lock in your savings for a period of up to 6 months. The starting balance is Kshs 1,000.
KCB Cub Account
Cub accounts allow you to save for the future you envision for your child. The annual interest rate is up to 5%. The initial balance is Kshs 1,000, and there are no monthly fees.
7. Diamond Trust Bank (DTB)
The DTB savings account is intended for individuals who want to save for the future while earning interest each year. The account has no maintenance fees.
Features include 3% interest on balances over Kshs 1,000, payable twice a year, no ledger fees, no minimum balance and opening amount, and free monthly e-statements.
8. Co-operative Bank
Co-operative Bank is one of Kenya’s leading banks, providing dependable banking services. The following savings accounts are available from the bank.
Hekima Savings Account
The account allows you to invest your shillings and earn a high-interest rate. The annual interest rate is 3%.
Features include: No minimum opening balance, no minimum operating balance, no monthly maintenance fee, interest is calculated daily on credit balances and paid quarterly one withdrawal per calendar quarter, and regular statements every 6 months.
9. National Bank
Savings accounts from National Bank provide a safe and appealing way to save at competitive rates. Among the savings accounts are:
Ahadi Savings Account
This account makes it simple to save money by charging low fees and offering attractive interest rates that help your money grow faster. The interest rate is 5% per year, calculated on a quarterly basis. The starting balance is Kshs 5,000.
Vision Savings Account
It is a savings account with attractive interest rates for children. The interest rate is set at 5% per year. Kshs 500 is the required operating and opening balance.
Ahadi Premium Account
This account provides a premium savings experience while moving you closer to your investment objectives. Every quarter, an interest rate of 5% per annum is charged at a tiered rate. The opening balance is Kshs 5,000, with a Kshs 1,000 minimum operating balance.
10. I&M Bank Ltd.
I&M Bank is a Kenyan bank that offers savings accounts with interest rates of up to 11%. They also do not have any minimum balance requirements or monthly fees.