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Finance

List of Best Banks to Open a Savings Account in Kenya

Below are some of the best banks in Kenya offering competitive savings accounts with details on their features and benefits:


1. Standard Chartered Bank

  • Savings Account: Safari Savings Account
    • Features:
      • Opening balance: Ksh 2,000
      • Free e-statements quarterly
      • Interest rates: 0.5% to 4.25% depending on balance tiers
      • Free withdrawals once a month
      • Online/mobile banking access

2. Stanbic Bank

  • Savings Accounts:
    • Call Deposit Account:
      • Initial deposit: Ksh 20,000
      • Attractive interest pegged on market rates
      • No maximum balance required
    • PureSave Account:
      • Interest rates: 3% to 6% depending on balance tiers
      • No monthly fees
      • One free withdrawal per month

3. Absa Bank

  • Savings Accounts:
    • Zidisha Bonus Account:
      • Interest: 1.2% per annum
      • Bonus for meeting savings goals
    • Target Save Account:
      • Investment period: 3-10 years
      • Competitive interest rates
    • Fixed Deposit Account:
      • Flexible interest payment frequencies

4. NCBA Bank

  • Savings Accounts:
    • Gold Savings Account:
      • Interest: 1.5% to 6% depending on amount saved
      • Minimum balance: Ksh 2,000
    • Junior Savings Account:
      • For children with interest calculated daily
      • Free funds transfer

5. KCB Bank

  • Savings Accounts:
    • Simba Savings Account:
      • Interest: 5% per annum
      • Opening balance: Ksh 1,000
    • Cub Account:
      • Interest: Up to 5% per annum
      • Zero monthly fees

6. Equity Bank

  • Savings Accounts:
    • Eazzy Save Account:
      • Savings over Ksh 20,000 attract competitive interest
      • No monthly charges
    • Jijenge Account:
      • Minimum monthly contribution: Ksh 300
      • Instant loans of up to 90% of savings

7. Co-operative Bank

  • Savings Account: Hekima Savings Account
    • Features:
      • Interest: 3% per annum
      • No opening or operating balance required
      • One withdrawal per quarter

8. Diamond Trust Bank (DTB)

  • Savings Account:
    • Features:
      • 3% interest on balances over Ksh 1,000
      • No ledger fees
      • Free monthly e-statements

9. National Bank

  • Savings Accounts:
    • Ahadi Savings Account:
      • Interest: 5% per annum
      • Minimum balance: Ksh 5,000
    • Vision Saving Account:
      • Designed for children
      • Interest: 5% per annum

Each of these banks offers unique features tailored for various savings needs, from personal goals to children’s education or long-term investments. Consider factors such as interest rates, withdrawal limitations, and additional benefits to choose the best option for your savings journey.

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