Fixed Deposit account is one of the best way to save your money in Kenya. Banks offer you this option of saving where you earn interest of up to 18% per year. Below we list the best banks with the highest interest rate on fixed deposit account:
STANDARD CHARTERED BANK
Minimum Investment Amount—-Ksh 100,000
Interest rate—2% to 5% per annum
COOPERATIVE BANK
Minimum Investment Amount—Ksh 50,000
Interest rate—5% to 12% per annum
STANBIC BANK
Minimum Investment Amount—Ksh 20,000
Interest rate—4%-12% per annum
I&M BANK
Minimum Investment Amount—Ksh 50,000
Interest rate—4% to 10% per annum
DIAMOND TRUST BANK
Minimum Investment Amount—Ksh 100,000
Interest rate—4% to 11% per annum
KINGDOM BANK
Minimum Investment Amount—Ksh 5,000
Interest rate—3% to 10% per annum
KCB BANK
Minimum Investment Amount—Ksh 500
Interest rate—6.3% per annum
NCBA BANK
Minimum Investment Amount—Ksh 100,000
Interest rate—5% to 14% per annum
ABSA BANK
Minimum Investment Amount—Ksh 50,000
Interest rate—10% per annum
FAMILY BANK
Minimum Investment Amount—Ksh 30,000
Interest rate—3% to 10% per annum
BANK OF AFRICA
Minimum Investment Amount—Ksh 50,000
Interest rate—-3% to 8% per annum
The interest rate grows with money. If you save Ksh 50,000, you are likely to earn 3% of your savings. If you save Ksh 3 million and above, the interest rate will be above 6% per annum.
Also, the longer the period you invest the higher the interest rate.
An alternative to Fixed Deposit account is Money Market which generates interest of 7% to 18% per annum.
You can also invest in Sacco shares. Nearly all saccos pay interest of 10% and above on dividends.
