Best banks in Kenya for savings

The best banks in Kenya for savings are vital for financial security and effective long-term planning. Several banks offer services made to meet the needs of diverse customers. Having savings, you can relax knowing that you are sorted in case of an emergency or an unexpected event.

Some of the best banks in Kenya for savings are the ones that have been around for the longest. Popular banks such as KCB, Equity and Cooperative are the most trusted by their clientele and potential customers. Explore some of the best banking institutions based on interest rates, fees, accessibility and reputation.

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What are the best banks in Kenya for savings?

Opening a savings account in Kenya needs a renowned bank for the job. Depending on different preferences, such as the withdrawal limit per year. However, some banks have different interest rates, ranging from 1.5% to figures as high as 9%. Whether you are looking to save for your children’s education, a dream vacation or an emergency fund, choosing the right bank is crucial.

KCB savings account

KCB Bank is a significant player in the country’s banking sector. It offers various KCB savings accounts such as Simba Savings Account, the Goal Account, Cub (Junior) Account and their Fixed Deposit Account. Moreover, the well-liked banking group has a mobile banking platform called KCB M-PESA which provides an excellent platform for Kenyans to save and access their funds anytime, anywhere.

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Cooperative bank savings account

Over the years, The Cooperative Bank of Kenya has earned an admirable reputation for its commitment to customer satisfaction. Any saver can benefit from Cooperative Bank savings account options such as the Hekima Savings Account, the Young Scholar Account, the Bank Teachers Account and the Bank Diaspora Account. The bank has competitive interest rates alongside its flexible terms. These savings account features have made it a favourite among many Kenyan savers.

Equity Bank savings account

Equity Bank is one of the leading banks in Kenya, with a wide range of savings accounts. They include Eazzy Save, the Jijenge Account, Target Savings Account and the Flexi Fixed Deposit Account. Therefore, customers can select the account that best fits their financial goals. Equity Bank savings account interest rates, and its convenient mobile banking services allow customers to manage their savings wherever they go.

Diamond Trust Bank Group savings account

The DTB Savings Account is tailored for individuals who prefer to save for their future while earning interest every half-year. You can enjoy perks such as a zero-maintenance fee and a Mastercard debit card. Moreover, the notable bank offers savings accounts with attractive interest rates with additional benefits such as free e-monthly statements. DTB’s dedication to customers provides services that help them achieve their financial goals effectively.

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NCBA bank Kenya

NCBA Bank is one of the best banks in Kenya for savings accounts, renowned for its innovative financial products. The bank offers a Gold Savings Account, a Junior Savings Account for your little one and a Premier Savings Account. With NCBA, you can easily monitor and access your money through mobile banking, NCBA Loop. NCBA is one of the banks with the highest interest rates in Kenya.

ABSA Group Limited

Formerly known as Barclays Bank, ABSA is one of the oldest and most trusted banks in Kenya. It provides an array of savings accounts with attractive interest rates and low transaction fees and is one of the most profitable banks in Kenya. Savings accounts such as Zidisha Bonus Account, Junior Account, Target Save Account and Foreign Currency Savings Accounts have been designed to align with customer needs. Also, their digital banking platform makes it easy for customers to manage their savings from the comfort of their homes.

Family Bank

Family Bank is a nationally recognized institution with a strong and trustworthy presence in the country. It has a diverse range of savings accounts, such as the Tujenge Account, Mdosi Junior Account, the Extra Cool Visionary Account, and the Chama Account. The prominent bank’s expertise provides savers with valuable financial advice, making it one of Kenya’s most profitable banks.

EcoBank

EcoBank is a bank in Kenya that offers a range of savings accounts tailored to suit different customer preferences. Also, it is a bank with one of the highest savings interest rates in Kenya. Furthermore, an EcoBank savings account comes with the convenience of a PAC debit card which gives you access to networks across Africa. The respected bank has an array of savings accounts such as the Advantage Savings Account, Premier Savings Account, EcoBank Savings Account and Classic Savings Account.

Prime Bank

Prime Bank Kenya is an award-winning and one of the best banks to open an account in Kenya. It has gained popularity among bankers for its desirable savings account features designed to meet the needs of different customers. Their Prime Saver Account provides appealing interest rates, which come with excellent customer service.

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Why find saving accounts in Kenya?

Opening a savings account in Kenya is essential in case you are planning ahead for necessities such as a car, a house or even your children’s school fees. You could always store the money back at home in a trusted location. However, with savings accounts, you could hit your financial goal more easily with the security that your money is safe and sound.

FAQs about best banks in Kenya for savings

Which bank has the best savings account in Kenya?

Stanbic Bank has been rated top for opening savings accounts. It offers high-interest rates of up to 8% per year.

Which bank is best for savings only?

ABSA group is one of the best banks for savings. Also, it is one of the oldest and therefore considered trustworthy.

What is the best bank to bank within Kenya?

Equity Bank has received the best bank award for a decade. It has maintained the title ever since 2011.

Which bank gives 7% interest on savings accounts?

KCB Bank Goal Lock Savings Account started the 7.5% policy in 2022. Previously, it was only 6% for existing customers.

When choosing a bank, selecting the best banks in Kenya for savings is essential as they immensely come in handy. Before deciding, consider your financial goals, preferences and the services that best go hand in hand with your needs. However, saving all boils down to discipline.

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