Best savings Accounts in Kenya, Accounts opening requirements and interest rates

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If you want to open a savings account in Kenya with high interest on your money, below is a list of the best banks:

—-ABSA Bank

Absa Digital Savings Account

Secure your future with a high-rate savings account that gives you the power to reach your savings goals through compounded interest

10% interest per annum, paid monthly
No charges applicable
No minimum balance required

USD foreign currency account

No minimum balance required and no charges applicable. Interest of up to 2.5% per annum, paid monthly.

Interest rate balance band:

0 – 5,000: 0.00%
5,000 – 25,000: 1.00 %
25,000 – 100,000: 1.50%
100,000 – 500,000: 2.00%
>500,000: 2.50%

GBP Foreign currency account

No minimum balance required and no charges applicable. Interest of up to 1% per annum, paid monthly.

Interest rate balance band:

0 – 5,000: 0.00%
5,000 – 25,000: 0.30 %
25,000 – 100,000: 0.70%
100,000 – 500,000: 0.75%
>500,000: 1.00%

Absa Junior Savings Account

No charges applicable and no minimum balance required
Competitive interest rates starting from 7% interest per annum
Access to fun and developmental activities centred on science, art, sports, travel and technology
Free piggy bank when you fund you Absa Junior Account
Quarterly events focusing on science, technology, arts, theatre, sports, musicals
Exclusive access to Absa Junior Partners with discounts and offers on events
Access to education policies for long-term savings, medical insurance etc.

Fixed Deposit Savings Account

Minimum balance required is KES 50,000 to open the account
No account charges
Competitive interest rates
Choose your interest payment frequency from monthly to annually

The interest rate on fixed deposit account is 5% to 12% per annum.

Twin Reward Account

This call account is designed to let you gain interest on your excess cash – plus you can withdraw the funds whenever you need it. No minimum balance required to open the account and no monthly fees applicable. Interest is paid out monthly.

—Stanbic Bank

Another good bank to save your money is Stanbic Bank which offers interest from 6% per annum. Depending on the total amount you will be saving,the bank’s interest can be as high as 15% per annum.

—-Standard Chartered Bank

Safari Savings Account

Interest Rates

Attractive interest rates from:

THE BANK RESERVES THE RIGHT AND DISCRETION TO CHANGE THE RATES BELOW.

BALANCE RANGE	SAVINGS RATES EFFECTIVE 1ST MAY 2020
KES 0 to KES 1,999,999.99	0.50% p.a.
KES 2,000,000 to KES 4,999,999.99	0.75% p.a.
KES 5,000,000 to KES 9,999,999.99	1.25% p.a.
KES 10,000,000 to KES 14,999,999.99	1.75% p.a.
KES 15,000,000 to KES 19,999,999.99	2.25% p.a.
KES 20,000,000 to KES 24,999,999.99	2.75% p.a.
KES 25,000,000 to KES 29,999,999.99	3.25% p.a.
KES 30,000,000 to KES 49,999,999.99	3.75% p.a.
KES 50,000,000 and above	4.25% p.a.

Foreign Currency Savings Accounts Rates

THE BANK RESERVES THE RIGHT AND DISCRETION TO CHANGE THE RATES BELOW.

MINIMUM	MAXIMUM	USD	GBP
–	4,999 (Minimum interest earning amount)	NIL	NIL
5,000	7,499	0.01% p.a.	0.01% p.a.
7,500	9,999	0.02% p.a.	0.02% p.a.
10,000	24,999	0.03%p.a	0.03%p.aa
25,000	49,999	0.04% p.a.	0.04% p.a.
50,000	99,999	0.05% p.a	0.05% p.a
100,000	249,999	0.05% p.a	0.05% p.a
250,000	499,999	0.05% p.a	0.05% p.a
500,000	Above	0.05% p.a	0.05% p.a

Eligibility & Documents

Eligibility

Nationality:Kenyan citizen / Resident

Age requirement:Minimum 18 years old

Documents

Mandatory supporting documents for Kenyan citizens and Non Kenyan residents:

Original / copy of National ID or valid passport

SC Mobile

Portrait / Selfie

In-Branch

One passport size photograph

If US Person, upload W-8 BEN / W-9 BEN form

If US Green Card holder, upload W-9 BEN

—-KCB Bank

Goal Savings Account

Requirements to open the account

Valid Kenyan ID or passport
Your KRA PIN certificate

Account Rates & Fees

Opening balance – Kes 1000.
Zero monthly fees.

The savings will attract interest of 4% to 9% per annum.

Simba Savings Account

Simba Savings Account attracts interest of up to 8.5% per annum.

You need the following documents to open the account

Valid Kenyan ID or passport
Your KRA PIN certificate

Account Rates & Fees

Opening balance – Kes 1,000
Minimum balance – Kes 1,000
Zero monthly fees

—-National Bank

Ahadi Savings

What is required

Your original and copy of your ID/passport
1 passport photo (taken at the branch)
PIN certificate
Proof of address/source of funds

Rates and fees

Opening & minimum balance of KES.1,000/=
Interest applied every quarter at a tiered rate of up to 5% per annum
Zero ledger fees
Free over the counter withdrawal

—NCBA Bank

NCBA has several savings accounts which attract interest of 5% to 12% annually. Below are the terms of the accounts.

Gold Savings Account

Save with NCBA even without a current account at the bank. Earn interest on amounts over KES 5,000 and enjoy no fees and free withdrawals over the counter.

Minimum Operating Balance KES 2,000

Monthly Withdrawals One Free

Access To Mobile Banking

Interest Rate Calculated Daily

Features

Available in Kenya Shillings and major foreign currencies.
Minimum operating balance of KES 2,000.
The more you save, the higher your interest rate.
Free transfer to own current account via Online and Mobile banking.
Unlimited credits from cash deposits, funds transfers and standing orders.
One free withdrawal per month.
Ability to manage your account with Online and Mobile Banking.

Junior Savings Account

Teach your child to save by opening a NCBA minor savings account for them. It’s free to open and you can give them a boost with free funds transfers from your NCBA account.

Minimum Operating Balance KES 2,000

Access To Mobile Banking

Free E-Statements

Interest Rate Calculated Daily

Features of this account include:

Minimum operating balance of KES 2,000.
Earn interest on amounts over KES 5,000.
The more you save, the higher your interest rate.
Free transfer to your current account via Online and Mobile Banking.
Unlimited credits from cash deposit, funds transfers and standing orders.
Credit interest rate is calculated daily and paid to the account on a quarterly basis.
You can only transfer funds to your NCBA current account.
Free quarterly e-statements.

Premier Savings Account

Save with NCBA and earn interest on amounts over Kes. 100,000 with this account. Enjoy no fees and free over-the-counter withdrawals.

Minimum Operating Balance KES 100,000

Loans Up to 95%

Access To Mobile Banking

Interest Rate Calculated Daily

Features

Minimum operating balance of KES 100,000.
The more you save, the higher your interest rate.
Borrow against funds up to 95%.
Free funds transfer to your NCBA current account.
Access to Online and Mobile Banking.
Unlimited credits from cash deposit, funds transfers, and standing orders.
Interest rate is calculated daily and paid to the account on a quarterly basis.
You can only transfer funds to your NCBA current account.
The account does not come with a chequebook or ATM card.
Free quarterly e-statements.

—SBM Bank

SBM Platinum Saver Account

The interest rate is 6% per annum which is paid monthly.

Eligibility / Documents Required

To apply for SBM Platinum Saver Account, visit any SBM (K) Branch to fill in an account
opening form with the following:

Original Kenyan national ID card and copy or
Original and copy of valid passport
Valid VISA
Alien Certificate, work permits/dependent pass/student pass/internship or
research pass/certificate of permanent residence
KRA PIN
1 passport size colored photo
Foreign Account Tax Compliance Act completed forms for qualifying persons or entities. Any person who
responds in the affirmative to this question MUST complete the Foreign Account Tax Compliance Act forms:
1. Are you a US citizen?
2. Are you holding a US permanent resident card (Green card)?
3. Were you born in the US?
4. Have you ever granted power of attorney or signatory authority to a person
  with a US address?
5. Do you have a US residential address?
6. Do you have a correspondence, C/O or hold mail address in the US?
7. Do you have a standing order to a US Bank account?
8. Do you have a US telephone no?
9. Are you a US resident?
Fully completed and signed Common Reporting Standard (Common Reporting Standard) certification forms
where applicable.

If you fit this description, this account is for you.

A person saving for their first car
A young professional saving for a diploma or degree
Someone working towards building an emergency fund
A business owner saving for new office space
A couple saving for their first child, or for school fees
A farmer saving for a new tractor

—–Cooperative Bank

Hekima Savings Account

The interest for Hekima Savings Account is 4% to 8% per annum.

Features

Minimum opening balance – Nil
Minimum operating balance – Nil
Monthly maintenance fee – Free
Interest calculated daily on credit balances and paid quarterly
Permits only one withdrawal per calendar quarter
Regular statements every 6 months
No ATM or debit card

Requirements

Original ID Card or Passport as well as a copy
Copy of KRA PIN

—–Bank of Africa

Tarajio Account – Savings Plan

Features:

The savings plan must be backed by a current account with a letter of undertaking.
Account opening is free
Savings must be made through 12 payments via a standing order from the Current account.
The standing order is for a minimum of Kshs 2, 000.
The savings plan cannot be terminated before complete loan repayment.

Benefits

Interest of up to 1% p.a. is paid to the savings account.
The loan amount is equivalent to twice the amount saved and a maximum Debt Service ratio (DSR) of 50% (whichever is lower)
Maximum loan duration is 48 months.
The customer can start another savings plan while benefiting from loan.
Attractive interest rates on loans.

Requirements:

Passport size photo.
Original ID or passport.
3 last pay slips.
Letter of undertaking from employer reference.

Chama Savings Account

Target Market:

Tailor made for formal and informal savings groups (Chamas) such as investment clubs, merry-go-round groups, dynamic groups etc.

Benefits:

Access to e-Chama
No monthly charges
Interest is paid to the savings account for balances above Ksh 20,000 with one withdrawal allowed per month.
No minimum monthly contribution
Chama Loan can be advanced up to 6 times the groups savings
Free standing orders to the Chama Account for BOA account holders
Assignment of a dedicated Relationship Manager
Access to free regular Chama clinics

Features:

Minimum opening balance of Kes 5000
Unsecured loans ranging from Kes.100, 000 to Kes 1,500,000 Secured loans ranging from Kes. 100,000 to 50MIO
Borrowing can be done by both registered and unregistered groups.
Need to have saved for 6 months with BOA for borrowing purposes.
Scope of loans include but not limited to Plot/Property purchase, asset finance, mortgage and treasury bills.
Longer repayment period, up to 48 months and 60months for unsecured loans
Security to be provided including Directors guarantees
Group members can co-guarantee one another

Interest for these savings accounts is up to 5% per annum.

—–Kingdom Bank

Savings Account

Features of the Kingdom Bank Savings Account

Minimum Opening Balance – Ksh. 500
Minimum Opertating Balance – Ksh. 500
No monthly maintenance fee/ charges.
Interest payable quarterly at 4% per annum for amount above Ksh. 5,000
Permits only one withdrawal per calendar quarter.
Regular staements every 6 months.
– No Debit Card

Account Opening Requirements.

– Parent’s or guardian’s original ID Card or Passport.
– Copy of birth certificate of the child.
– Copy of parent’s or guardian’s KRA PIN.

—-1&M Bank

1&M Bank pays high interest rate on savings. They give interest of 4% to 8% per annum.

—Access Bank

Access Bank Target Savings account offers interest of 4% per annum.No minimum balance is required and no operating fee.

—DTB

Diamond Trust Bank(DTB) is another great bank to save your money with.You can save in Kenyan shillings, US dollars, pounds or Euro.

Savings account features

Currency – US Dollars (USD), Euro (EUR) and Great Britain Pounds (GBP)
Opening amount – nil
Minimum balance – nil
Channels / account & information access – internet banking (optional), e-statements
Attractive interest rate on balances over USD 5,000

Prime USD/EUR/GBP Account

Currency – US Dollars (USD), Euro (EUR) and Great Britain Pounds (GBP)
Opening amount – nil
Minimum balance – nil
Channels / account & information access – internet banking (optional), e-statements
Attractive interest rate on balances over USD 5,000

Just 4 Me Account

Features

Currency – Kenya shillings
Opening amount – nil
Minimum balance – nil
Competitive interest rate on balances over Kshs 1,000
Channels / account & information access – internet banking (optional), mobile banking (optional), e-statements

—Consolidated Bank

Dream Saver Account

This is a savings account that offers the saver an opportunity to build his/her savings to the desired level.

Features & Benefits:

Minimum opening balance of Kshs. 2,000
Interest accrued monthly and paid yearly
1 free withdrawal per month
Free half yearly statements

Interest is 4%-7% per annum

—-GTBank

GTTarget account

Features

Minimum monthly contribution of KES 2000
Premium interest rates above prevailing term deposit rates.
Competitive interest rate fixed for duration of contract starting from 7%.
Fixed monthly contributions with one premium holiday per annum.
Account accrues interest daily and is payable at the end of contract.
Account can be opened in USD/GBP/EUR; Account opening balance of USD/GBP/EUR 100. Interest rate from 2%p.a.
Account linked to a transactional account, as the funds have to be transferred through an account by a standing order.

Benefits

No service charge.
Helps promote a saving culture / discipline.
Eases budgetary planning.
Higher savings – Higher returns- Better investments.

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