Bank Accounts

Top 10 banks in Kenya

Published

1 year ago

June 15, 2023

What are the top 10 banks in Kenya? Kenya has 28 commercial and 14 foreign banks. So, finding the best bank that offers reasonable loan interest can be challenging. Most people open the best bank accounts in Kenya only to find out later that the banks aren’t reliable.

Fortunately, all banks and financial institutions are governed by the CBK (Central Bank of Kenya. This body formulates monetary policies to guarantee price stability in the market. Moreover, CBK establishes and implements all foreign exchange policies. Besides, CBK promotes the economy’s financial stability and provides currencies. Therefore, before you pick the top 10 banks in Kenya, check out the list of licensed financial institutions here.

List of top ten banks in Kenya

Kenya commercial bank (KCB)

KCB is one of the largest banks in Kenya by asset base. The bank enjoys a wider clientele base, both international and national level. The facility has an advanced and well-established technology system that ensures your savings are safe and counter-checked on all transactions you make.

Kenya Commercial Bank offers efficient mobile banking services via their collaboration with Safaricom, the leading telecommunication company in Kenya. They offer KCB Mpesa services, a product that has made life easier for their clients.

Equity bank

Equity Bank is one of the most profitable banks in Kenya. Equity was registered as a non-trading company in 2014. But before that, the equity group was serving as a holding facility for its affiliates and a licensed banking institution.

It’s one of the top banks for business loans since their loan approval is quick, and with EazzyNet, clients can monitor their accounts in real time. Some of the services and products include loans, savings, credit cards, debit cards, investments, and mortgages. The bank is available in other nations such as Rwanda, Uganda, Tanzania, and South Sudan. The bank serves over 9.2 million clients in those six nations.

Cooperative bank

The Cooperative bank has over 100 branches and 583 ATMs, and all dedicate to guaranteeing client satisfaction. Moreover, it has over 3.5 million clients all over the count.

If you are searching for the best online bank, opening a Cooperative bank online banking is the best move. Whether you want a debit card, checking, investment or loans, you will get them at coop bank, all under one roof. It’s one of the best banks for savings accounts since it requires zero monthly maintenance charges and zero operating balances.

Standard chartered bank

Standard Chartered is among the top 10 richest banks in Kenya. It’s known for its incredible international reputation, which has increased its client satisfaction rate. The standard chartered bank is one of the oldest Kenyan banks with incredible transparency services to their customers. Consider Standard Chartered if you are looking for a financial facility with an excellent and solid reputation.

ABSA bank

The bank was operating as Barclays bank before it changed to Absa Bank. It offers a broad range of products and services, such as credit cards, loans, savings, mortgages, and investments. For businesses, individuals, students, and organizations searching for the best investment banks, Absa is the best choice. Besides, Absa offers secure and affordable money transfers.

NCBA

NIC Bank and CBA merged to form NCBA Bank. The bank is known for offering affordable rates and services. It ranks as the most recommended financial institution in Kenya for people can open an account with. NCBA is also one of the fastest-growing businesses in Kenya. It offers services such as loans, savings, and investments.

I&M bank

I&M bank is one of the top 10 largest banks in Kenya, offering incredible financial solutions to their clients. The facility offers the best currency exchange rates that old and new clients enjoy by being part of the bank. I&M bank is loved by organizations, individuals, and people who at some point need to transact foreign currency in Kenya. The institution offers an effective process of selling and buying GBP, EURO, and USD currencies.

National bank

The National bank is a government-owned bank that was established in 1968. It provides a wide range of services like loans, debit cards, credit cards, savings, checking, investments, and much more. It’s open to the general public, SMEs, and large cooperation. The bank as well dispersed branches all over Kenyan with incredible customer service.

Diamond trust bank of Kenya

Also known as DTB, Diamond trust bank of Kenya was established in 1946 and operated in Kenya, Burundi, Tanzania, and Uganda. The facility provides loans, insurance, savings, mortgage, investments, credit cards, and assets finance.

The bank operates over 130 branches in the whole of east Africa. It cooperated with Habib bank and the international financial corporation to own Habib bank Kenya. Additionally, Diamond trust bank of Kenya offers mobile banking via iOS and Android devices. It has a net income of 3.25B and an asset worth 425.05B as of 2020.

Stanbic Bank

Stanbic Bank is one of the tier 1 banks in Kenya. This is an affiliate bank of standard bank Group based in South Africa. It has been licensed by CBK to offer banking solutions to the growing Kenyan economy.

The bank offers financial solutions like private banking, credit cards, mortgage, and asset management. It serves large businesses, small businesses, and individuals. This bank operates over 25 branches and 48 ATMs. As of 2020, the bank had assets worth 328.59B AND a Net income of 5.19B.

It’s now easy choose from the top ten banks in Kenya from this list. Whether you plan to sign up for a current account, savings account, mortgage, or asset finance or apply for a credit or debit card, you’ll find a bank ready to serve you. The interest imposed on different services and products is reasonable. You will find the best banking partner from this list if you are dedicated to opening a bank account in Kenya.

Bank Accounts

Best banks in Kenya for savings

Published

1 year ago

July 22, 2023

Diana Kimurgor

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.

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.

RECOMMENDED: List of insurance companies in Kenya

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.

RECOMMENDED: How much does a notary cost?

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.

RECOMMENDED: Commercial truck insurance

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.

Yaani.co.ke recently published another blog about best insurance companies in Florida. Read more today.