Best Banks In Kenya To Open A Savings Account And Earn High Interest

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.

Below, we look at some of the interest rates offered on savings accounts held across different banks in Kenya.

NOTE: These interest rates are subject to change depending on the prevailing market rates.

Absa  

Target Save Account: This savings account requires no minimum balance, provides extensive savings duration of up-to 10 years with no option of withdrawals during the saving period. This account offers interest rate as from 7% with the target savings being insured against death or disability.  

Junior Save Account: This savings account requires no minimum balance, offers interest rates as from 7% and also account holders get exclusive access to quarterly events.

Contact details

Absa Bank Kenya PLC Headquarters

Off Waiyaki Way Westlands

P. O Box 30120-00100 Nairobi Kenya

Tel 1 : +(254) (20) 4254000

Tel 2 : +254 (732) 130 120

Tel 3 : +254 (722) 130 120

Tel 4 : (020) 3900000  

Co-operative bank 

Hekima Savings Account: This savings account has zero opening/operating balance, no monthly maintenance fee, no ATM/debit card. Interest for Hekima savings account is calculated daily (on cleared balance) and paid quarterly (calendar quarter) at a rate of 3% per annum.

Contact details

Co-operative House, Haile Selassie Avenue,

P.O. Box 48231 – 00100, NAIROBI.

Tel: 020 327 6000

Contact Centre numbers: 020-2776000, 0703027000  

Credit bank 

MySaver Account: This savings account requires an opening balance of Ksh1,000, has zero monthly operating balance, zero minimum operating balance as well as no cheque book/debit card. Interest is 4% and is calculated on minimum monthly balances and paid on a quarterly basis with withdrawals being restricted to 4 times a year; one per quarter. 

Bumblebee Account: This savings account requires an opening balance of Ksh2,000, has no monthly maintenance/transaction fees as well as no minimum operating balance. Interest is 4% and is calculated on minimum monthly balances and paid on a quarterly basis. 

CB Soko Account: This savings account is aimed at saving funds towards an achievement of a particular goal. It offers a saving term duration of between 1 – 5 years with a minimum savings target of Ksh5,000 to a maximum of Ksh1,000,000

Contact details

Credit Bank PLC

One Africa Place, Westlands

Nairobi, Kenya

Tel: +254 709 072 000 | +254 20 228 3000

Diamond Trust bank 

DTB Savings account: This savings account has no ledger fees, offers free monthly e-statements, interest is calculated and credited half yearly (June & Dec) @3% on minimum available balance at the end of each month which is then accrued and credited to the account.

There is also accessibility to DTB, Kenswitch, Pesa-Point and all MasterCard branded ATMs globally.

Just 4 Me Account: This savings account requires a minimum account balance of Ksh1,000, it has no ledger fees, provides free monthly e-statements and zero account maintenance fees. It also offers one free withdrawal and banker’s cheques per quarter, transaction fee for withdrawals above the free threshold – Ksh.30 per transaction as well as 0.25% cash handling fee (over Ksh.1 million)

Interest is calculated and credited half yearly (June & Dec) @3% on minimum available balance at the end of each month which is then accrued and credited to the account. 

DTB Prime Dollar, Euro and Sterling Savings Accounts: This savings account requires a minimum balance of USD/EUR/GBP 1,000, contains zero ledger or account maintenance fees, offers free monthly e-statements as well as provide access to online banking.

Interest is only applicable to USD which is calculated daily and credited monthly while charging 0.5% cash handling fee (over GBP/EURO/USD 5,000 or equivalent) 

Contact details

Diamond Trust Bank Kenya Limited,

4th Floor, DTB Centre, Mombasa Road

P.O. Box 61711-00200 Nairobi, Kenya.

Switchboard: (254-20) 2849 000

Contact Centre: 0719 031 888/ 0732 121 888

Fax: (254-20) 245 495Contact details 

Gulf bank 

Sasa Account: This savings account requires a minimum balance Kshs. 10,000/- and Usd 100/- maintained in the account each month to qualify for profit payment which is done monthly. 

Kuza Account: This savings account requires a minimum balance Kshs. 50,000/- and Usd 500/- maintained in the account each quarter and not more than 1 withdrawal per quarter to qualify for profit payment which is done quarterly. 

Hajj Account: This account requires a minimum balance Kshs. 10,000/- and Usd 100/- maintained in the account each quarter to qualify for profit payment which is done quarterly. 

Jisort Account: This savings account is targeted for university students. Based on the tenor chosen eg 1 yr, 2yr – no withdrawals allowed for that tenor to qualify for profit payment on maturity of the tenor.  

Contact details

Geminia Insurance Plaza,

First Floor, Upperhill Nairobi

Tel: +254 711 075 000

Mayfair bank 

Savings Account: This savings account requires an opening balance of Ksh10,000, contains zero cash handling fees & ledger fees as well as offers daily/weekly/monthly access to account e-statements and online banking. 

Children Savings Account: This account is mainly targeted for children savings towards their future. It requires an opening balance of Ksh10,000. It attracts no ledger fees or cash handling fees. In addition, the account holder gets free access to online banking and e-statements.

Contact details

KAM House, Mezzanine Floor, Opposite Westgate Mall, Mwanzi Road, Westlands,

P. O Box 2051-00606, Sarit Centre, Nairobi, Kenya

Tel: +254 709 063 000

Middle East bank 

Mebinvest Account: This savings account requires a minimum balance of Ksh500 or its equivalent on foreign accounts. It has zero ledger fees, free internal transfers and free monthly statements accessible via internet banking & mobile banking platform. 

Savings Account: This savings account requires an account opening balance of Ksh1,000 as well as provides access to your account through the Bank’s mobile banking and internet banking platform.

Contact Details

Middle East Bank Kenya Ltd, Milimani Road

P.O Box 47387- 00100, Nairobi, Kenya   

Tel: 020-2723120 /24 /30

Below is a summarized table showing the best savings accounts in Kenya.

Bank Account Name Min. Account
Balance
Interest rate %
ABC Bank Young Star 1000  
  Pure Savers 5000  
  Target 1000  
Bank Of Africa Chama 20,000 3%
  123 Cool Kids 5,000 3%
  Savings Individual 20,000 1.5%
  Tarajio 20,000  1%
Bank Of Baroda Savings    
  Toto 1,000  
ABSA Kenya Junior None  7% 
  Target None  7% 
Consolidated Bank Dream Saver 2,000  
  Diamond Saver 100,000  
  Foreign Current 2,000  
  Vuna Chama 2,000  
  Fixed Deposit 50,000  
Co-operative Bank Hekima   3% 
Credit Bank My Saver 1,000 4%
  Bumble Bee 2,000 4%
  CB Soko   4%
Diamond Trust Bank Savings 1,000 3%
  Prime 1,000 3%
  Just4Me 1,000 3%
Ecobank Kenya Ecobank    
  Classic    
  Advantage    
  Premier    
Equity Bank EazzySave 0 4%
  Jijenge 300 4%
  Junior Member 200 4%
  Teen Member 200 4%
  Achievers Student 0 4%
  Call/Fixed Deposit 100 5 – 8% dependent on amount and duration
  School Fees 20,000 4%
Family Bank Tujenge 200  
  Mdosi Junior 1,000  
  Extra Cool 200  
  Chama 200  
First Community Bank Busara 5,000  
  Labbeyk 1,000  
  Student 1,000  
  Young Community 1,000  
  Foreign Currency    
  Invest Plus    
Guaranty Trust Bank GT Save 2,000  
Guardian Bank Golden 50,000  
  Chemi Chemi 5,000  
  TamuTamu Junior 500  
Gulf African Bank Sasa Children 10,000 4%
  Hajj 10,000 4%
  Kuza 50,000 4%
  Jisort 500 4%
HFC Kenya Junior treasure    
  Crossover    
I&M Bank Fixed deposit 50,000  
  Flexi deposit builder    
  Young Savers 1,000  
  Online Savers    
  MyGoalz    
Jamii Bora Bank Bora enterprise savings 1,000  
KCB Simba 100  
  Cub 1,000  
  Goal 1,000  
Mayfair Bank Savings 10,000 3.5%
  Children Savings 10,000 3.5%
Middle East Bank Kenya Savings None 3%
  Mebinvest 500 2%
National Bank Of Kenya Ahadi 1,000 1 – 5% dependent on loan amount
  Vision 500 1 – 5% dependent on loan amount
NCBA Bank Gold 2,000  
  Premier 2,000  
  Junior 100,000  
Oriental Bank Normal savings 500  
  Share financing 10,000  
Prime Bank Prime Saver 10,000  
  Prime Junior 5,000  
SBM Bank Pebble 2,000 3%
  Instant Saver 2,000 3%
Sidian Bank Premium 10,000 7%
  Msingi 5,000 7%
Spire Bank Spire Savings 2,000 10%
Stanbic Bank Pure Save    
Standard Chartered Bank Diva Chamma 2,000  
  Safari Savings 2,000  
  Safari Junior 2,000  
Transnational Bank Fixed Deposit 50,000  
  Savers 1,000  
  Hisa 3,000  
  Mint 50,000  
United Bank Of Africa General Savings 1,000 3%
  U Care   3%
  Uhuru   3%
  Gold Account 25,000 3%


Categories: Banks, savings

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5 replies

  1. Why leave out the most important information , Interest rate. Information serves nothing with out the said.

  2. Good job with the information however it can certainly get better by addition of the most important detail; savings interest rates.

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