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Saving is a term emphasized by every financial adviser in regards to finance management. It is considered as one of the major paths to financial freedom as it helps during emergencies, cushions against sudden job loss, limits debt, prepares one for retirement etc.

However, starting a savings pool or fund is easier said than done since it requires thorough personal discipline and sacrifice in-order to reap the end result benefits stated above.

While stuffing money under the mattress can be one’s idea of saving, it is widely recommended to make use of the various financial institutions like SACCOs or banks because they provide security as well as interest options for one’s funds upon maturity.

However, choosing the right savings account might deem cumbersome for newbies that is why we have made the below summary to aid you in your choice.

Happy Savings!

Bank Account Name Min. Opening balance ( Ksh ) Min. Operating balance ( Ksh )
1
ABC Bank (Kenya)
YoungStar 1,000 1,000
PureSavers 5,000 5,000
Target 1,000 1,000
2
Bank of Africa
Chama 5,000 5,000
123 Cool Kids 500 500
Savings Individual 5,000 5,000
Tarajio
3
Bank of Baroda
Savings
Toto 1,000 1,000
4 Bank of India
5
Barclays Bank of Kenya
Timiza
Junior
Target
6 Chase Bank Kenya (In Receivership)
7 Citibank
8
Consolidated Bank of Kenya
Dream saver 2,000 2,000
Diamond saver 100,000 100,000
Foreign current 2,000 2,000
Vuna chama 2,000 2,000
Fixed deposit 50,000 50,000
9 Cooperative Bank of Kenya Hekima 0 0
10
Credit Bank
My Saver 1,000 1,000
Bumble Bee 2,000 2,000
CB Soko
11 Development Bank of Kenya
12
Diamond Trust Bank
Savings 1,000 1,000
Prime 1,000 1,000
Just4Me 1,000 1,000
13 Dubai Islamic Bank
14
Ecobank Kenya
Ecobank
Classic
Advantage
Premier
15
Equity Bank
Eazzysave 0 0 6.65%
Jijenge 300 300 6.65%
Junior member 200 200 6.65%
Teen member 200 200 6.65%
Achievers student 0 0 6.65%
Call/Fixed deposit 100 100 6.65%
School fees 20,000 20,000 6.65%
16
Family Bank
Tujenge 200 400
Mdosi Junior 1,000 1,000
Extra cool 200 100
Chama 200 2,000
17
First Community Bank
Busara 5,000 5,000
Labbeyk 1,000 1,000
Student 1,000
Young community 1,000
Foreign currency
Invest plus
18 Guaranty Trust Bank Kenya GT Save 2,000 2,000
19
Guardian Bank
Golden 50,000 50,000
Chemi Chemi 5,000 5,000
TamuTamu junior 500 500
20
Gulf African Bank
Sasa children’s 1,000 1,000
Hajj 1,000 1,000
Kuza 1,000 1,000
Jisort 500 500
21 Habib Bank AG Zurich
22
Housing Finance Company of Kenya
Junior treasure
Crossover savings
23
I&M Bank
Fixed deposit 50,000 50,000
Flexi deposit builder
Young savers 1,000 1,000
Online savers
Mygoalz
24 Imperial Bank Kenya (In receivership)
25 Jamii Bora Bank Bora enterprise savings 1,000 1,000
26
Kenya Commercial Bank
Simba 100 5.00%
Cub 1,000 1,000 5.00%
Goal 1,000 1,000 7.00%
27
Mayfair Bank
Savings 10,000 10,000
Children savings 10,000 10,000
28 Middle East Bank Kenya Savings 1,000 1,000
29
National Bank of Kenya
Ahadi 1,000 1,000
Vision 500 500
30
NCBA Bank Kenya Plc.
Gold 2,000 2,000
premier 2,000 2,000
Junior 100,000 100,000
31
Oriental Commercial Bank
Normal savings 500 500
Share financing 10,000 10,000
32 Paramount Universal Bank Savings
33
Prime Bank
Prime saver 10,000 10,000
Prime junior 5,000 5,000
34
SBM Bank Kenya Limited
Pebble 2,000 5,000
Instant saver 2,000 5,000
35
Sidian Bank
Premium 10,000 10,000
Msingi 5,000 5,000
36 Spire Bank Spire savings 2,000 2,000
37 Stanbic Bank Kenya Pure save
38
Standard Chartered Kenya
Diva chamma 2,000 2,000
Safari savings 2,000 2,000
Safari junior 2,000 2,000
39
Transnational Bank
Fixed deposit 50,000 50,000
Savers 1,000 1,000
Hisa 3,000 3,000
Mint 50,000 50,000
40
United Bank for Africa
General savings 1,000 1,000
U care
Uhuru
Gold account 25,000 25,000
41 Victoria Commercial Bank