Best Banks In Kenya To Open A Savings Account And Earn High Interest 
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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.
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.
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.
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
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.
Co-operative House, Haile Selassie Avenue,
P.O. Box 48231 – 00100, NAIROBI.
Tel: 020 327 6000
Contact Centre numbers: 020-2776000, 0703027000
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
Credit Bank PLC
One Africa Place, Westlands
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)
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
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.
Geminia Insurance Plaza,
First Floor, Upperhill Nairobi
Tel: +254 711 075 000
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.
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.
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
|Interest rate %|
|ABC Bank||Young Star||1000|
|Bank Of Africa||Chama||20,000||3%|
|123 Cool Kids||5,000||3%|
|Bank Of Baroda||Savings|
|Consolidated Bank||Dream Saver||2,000|
|Credit Bank||My Saver||1,000||4%|
|Diamond Trust Bank||Savings||1,000||3%|
|Call/Fixed Deposit||100||5 – 8% dependent on amount and duration|
|First Community Bank||Busara||5,000|
|Guaranty Trust Bank||GT Save||2,000|
|Gulf African Bank||Sasa Children||10,000||4%|
|HFC Kenya||Junior treasure|
|I&M Bank||Fixed deposit||50,000|
|Flexi deposit builder|
|Jamii Bora Bank||Bora enterprise savings||1,000|
|Middle East Bank Kenya||Savings||None||3%|
|National Bank Of Kenya||Ahadi||1,000||1 – 5% dependent on loan amount|
|Vision||500||1 – 5% dependent on loan amount|
|Oriental Bank||Normal savings||500|
|Prime Bank||Prime Saver||10,000|
|Spire Bank||Spire Savings||2,000||10%|
|Stanbic Bank||Pure Save|
|Standard Chartered Bank||Diva Chamma||2,000|
|Transnational Bank||Fixed Deposit||50,000|
|United Bank Of Africa||General Savings||1,000||3%|