Here is a list of banks with the best savings accounts in Kenya:

KCB Bank

Access loans

Get up to 100% of your savings in loans

Flexible savings period

Lock savings for the desired period of time between 6 months and 5 years.

Free Standing Orders

Transfer money into the account monthly at zero charges

Unlimited Goals

Open multiple Goal Savings accounts as desired, for multiple goals.

Competitive interest rates

Earn the best interest in Kenya on your savings.

Save for Longer

Roll over your savings once your initial savings period is over

What We Need From You

• Valid Kenyan ID or passport
• Your KRA PIN certificate

Account Rates & Fees

• Opening balance – Kes 1000.
• Zero monthly fees.

 

Balance Range	Current Price
Kshs 1 – 100,000	4%
Kshs 100K – 500K	4.5%
Kshs 501K – 1M	5%
Kshs 1M – 10M	6%
Kshs 10M – 20M	6.5%
Kshs Above 20M	7%

 

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

Vision Savings

What is required

• Original and copy of guardian’s National ID/Passport
• Birth certificate/notification of birth of child
• 1 Passport photo of the guardian/parent (to be taken at branch)
• PIN Certificate of guardian/parent
• Proof of address/ source of funds (refer to AML document)

Rates and fees

• Minimum opening balance KES 500
• Minimum operating balance KES 500
• Free over the counter withdrawal
• Interest rate is tiered up to 5% per annum

Ahadi Premium Account

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 balance of KES.5,000/=
• Minimum Operating 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

ABSA Bank

ABSA Digital Savings Account

KES balance band       Interest tier

• 0–50,000:                          3.00%
• 50,000–250,000:            3.50 %
• 250,000–500,000:          4.00%
• 500,000-1,000,000:       4.50%
• 1,000,000-5,000,000:   5.00%
• 5,000,000-30,000,000: 5.50%
• Over 30,000,000:           6.00%

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
• Access to education policies for long-term savings, medical insurance etc.

Cooperative Bank

Hekima Savings Account

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

Goldfish Access Account

The perfect account for high net worth individuals

Features

• Minimum opening and operating balance of Ksh 50,000
• Monthly maintenance fee of Ksh 400 for balances below minimum

Requirements

• Original ID Card or Passport as well as a copy
• One referee
• Minimum opening balance of Ksh 50,000
• Copy of KRA PIN

Interest is from 6% per year

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

Safari Junior 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.

 

Eligibility & Documents

Eligibility

• Nationality: Kenyan citizen / Resident
• Provide the child’s birth certificate.

Documents

• Mandatory supporting documents for Kenyan citizens and Non Kenyan residents:
  • Original / copy of National ID or valid passport of parent or legal guardian opening account on behalf of minor.
  • Copy / Original Birth Certificate of minor
  • 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.

NCBA Bank

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.

I&M Bank

Flexi Deposit Builder

Account Features

• For KES Flexi Deposit Builder: Minimum monthly Instalment

1,000/-

• Term

1 Year

• For USD Flexi Deposit Builder: Minimum monthly Instalment

100

• Term

1 Year

Young Savers Account

Account Features

• Minimum Balance

1,000/-

• Maximum Eligibility age

17

• Ledger Fees

Nil

• Account Maintenance Charges

Nil

• Banker’s cheque

Free (only to an educational institution)

• Recognition card

Free (Get discounts at leading outlets like bookshops, sports shops etc.)

• Events / Activities

Eligibility to participate in Annual Young Saver events/activities

I&M Savers Account

Features

• Opening Balance

Kes 1,000

• Minimum Balance

Nil but minimum interest earning balance is Kes 5,000

• Transfers within I&M

Free

• Interest

Up to 8.5% p.a.

• Interest Payment Frequency

Monthly

• Withdrawals

Limited to 2 withdrawals per month after which interest is forfeited for that month.

• Account Opening

Through any I&M Branch or online channels. It is easy and free to open!

• 24/7 Banking

View balance and transfer funds anytime through Online Channels

• Deposits

Unlimited deposits of any amount by cash, mpesa, cheques or transfers from other accounts

I&M Fikisha Goalz Savings Account

An account that enables you Plan Right, Save Smart and Achieve your set financial goals while earning an interest of 8% p.a. on your savings.

Features

• Free

To open and operate

• Self-account opening

Through I&M Bank On The Go (OTG) App

• Multiple Goal Saving Accounts

Save for multiple goals independently

• Account charge

Nill

• Start amount

As little as Kes 1,000 savings per month

• Automatic Standing Instructions from your I&M Bank Transaction Account

Free

• Interest

Earn interest at 8% p.a. on monthly average balances from kes 1000. Interest paid out monthly.

• Tracking

Track the progress of your goal any time

• Withdrawals

Two withdrawals allowed per month. Interest for a given month forfeited if more than 2 withdrawals are made in the month.

Equity Bank

EazzySave

Saving money helps you achieve your goal. EazzySave Account helps you set money aside from your account to keep it secure until it matures.

Ideal for: Individuals (singly/jointly) and groups

Key Features of the EazzySave Account

1. No minimum operating balance.
2. Savings worth KSh 20,000 and above attract competitive interests, paid annually.
3. No monthly charges.
4. Full access to mobile banking.
5. Cash and cheque deposits.

Reasons Why You Should Open an Eazzysave Account

1. There is no account maintenance or monthly charges.
2. You can conveniently access your account at any Equity branch countrywide, at an Equity Agent or through Mobile Banking (Equitel or EazzyApp).
3. One free withdrawal every month.
4. Free internal standing orders.
5. 24hour support through 0763063000 and/or info@equitybank.co.ke

 

• What You Require to Open an EazzySave Account
  1. Individuals (singly or jointly) -Original Identification document & KRA Pin
  2. Registered Groups – Registration Certificate, Constitution, minutes of resolution to open account certified by the District Social Development officer (DSDO).
  3. An introduction letter from the DSDO
  4. Registered Business- see account opening requirements for different entities.

Stanbic Bank

Call Deposit account

What you get

• As initial deposit of Kes. 20,000 is required or its forex equivalent
• No service fee
• Attractive interest rates pegged on prevailing market rates
• Unlimited deposits
• Funds available on demand and no notice required for liquidation to current or savings accounts
• Funds on call can be placed as security
• There is no maximum balance required on this account
• Sweeping arrangement

What you will need

• A new customer should bring the below documents for account opening
• ID copy
• 1 passport size photo
• Proof of residence (utility bill or lease agreement)
• 1 month latest payslip/current bank statement
• Existing customers should fill in the Secondary Account Application Form (available at the branch)
• KRA PIN required

PureSave Account

What you get

• Attractive interest rates paid for balances above Kes. 5,000
• One free cash withdrawal allowed per month (over the counter)
• Free internet access to your savings accounts
• Free funds transfers from M-Pesa to your savings account
• Personal loan of up to 80% of your savings amount
• Pre-approved advances of up to 80% of your saving balances
• Access to our transactional accounts with a link to the PureSave Account with free inter-accounts standing orders
• No monthly fees charged
• Interest calculated daily and paid monthly
• Access to a current account with free access to internet and mobile banking

What you’ll need

• Copy of your Kenyan National ID
• Proof of Residence
• 3 months statement from your current bank or a recent payslip

Family Bank

Tujenge Account

Tujenge Account offers you an opportunity to freely build up your savings for future use or in case of emergencies. Put away a portion of your income through standing orders, contractual agreements or deposit cash whenever you want.

Features

• Tujenge account can be opened with any amount
• Interest earning balance is KES 20,000 calculated annually on average monthly balances
• Facilitates a savings plan through cash, cheque, standing order or check-off from your employer
• 4 free withdrawals per year

Benefits

• Absolutely no charges
• Loans available up to 90% of the deposit amount
• Free statement available on request
• Earn interest annually
• Lower interest rate on loans secured by the deposit

Requirements

• Photocopy of National ID or valid passport
• Any amount of cash to open the account
• A free passport size photo will be taken at your preferred branch

Bank of Baroda

Baroda Savings Account

Benefits

• Zero account Maintenance fee
• Unlimited deposit and withdrawals
• Mobile Banking services
• Free monthly account statement
• No limit on withdrawals
• VISA Debit card facility

Eligibility

Eligibility for Baroda Savings Account:

• Individuals
• Students
• Salaried persons

Baroda Savings Account : Documents Required

• Recent Passport S. Photographs
• KRA PIN
• National Identity/ Foreigner / Alien ID/ Acknowledgement of Application for Alien card/Valid Work Permit

Postbank

Premium Plus Account (Corporate Term Deposits)

This is a first class savings account that currently offers very attractive tax free interest rates of up to 9.0%** equivalent to 12.86% in other taxable savings and investments opportunities offered by other banks and money market funds thus allowing you to save up to 30% Tax – Under section 35 of the First Schedule of the Income Tax Act Cap 470, “Interest on a savings account held with the Kenya Post Office Savings Bank” is exempt from Taxation.

Benefits

• 10, 000,000 Minimum (consolidated funds).
• Offers investment periods of minimum 3months but not exceeding 12 months.
• Funds can be invested by Cash, Cheque or funds transfer.

Requirements

• Enjoy full tax exemption on interest earned from your investment
• No Wealth management costs/Maintenance/Ledger/Monthly fees
• Given an option to amalgamate funds and invest in a high interest tax free money market fund
• Offers competitive interest rates, currently up to 9%**.

Access Bank

Target Savings Account

• Product Features & Benefit
• No account opening balance
• No minimum balance
• Interest to be calculated on a minimum monthly average balance
• 4% (p.a.) Interest rate
• No monthly maintenance fees
• Withdrawal is at the end of the tenor/ savings plan (minimum of 6 months)

UBA Bank

UBA General Savings Account

At UBA Kenya we offer you the ability to have a general savings account where you can track all your savings with us.

Features

• Opening balance – KES 1,000
• Minimum balance – KES 1,000
• To encourage savings discipline, you can withdraw only once a month.
• No monthly maintenance fees.

Benefits

ü Attractive interest rates on your deposits p.a
ü SMS & email alerts
ü Access to UBA online banking
ü Access to mobile banking
ü Free E-statement & Email alert
ü No ledger / maintenance charges levied on this account.
ü Regular attractive interest paid on the account
ü Access to other bank products / services at concessionary rates.

Target Market

o Individuals in both the private and public sector
o Business men and women
o Clubs and associations
o Sales enterprise and Partnership companies
Benefits of A general savings account
o Attractive interest rates of up to 4%
o Access to all other UBA services and Products
o Safety and security on your saving.
Product Pricing
o Opening balance of KES 5000
o Operating balance of KES 5000
o No other charges on the account

Middle East Bank

Savings Account

Savings Account

The key to a comfortable future is saving for tomorrow, today. A personal savings account motivates you to keep saving for tomorrow and allows you the convenience of not incurring any charges. Grow your investments with our savings account today.
These are some of the features of savings account:

1. We know how hard it is to constantly go to the bank to get statements in pursuit of keeping tabs on your transaction activities, therefore we ensure you receive FREE prompt notifications and alerts on all transactions.
2. You are able to access your account over the counter for free.
3. Enjoy access to your account through the Bank’s mobile banking and internet banking platform.
4. Account opening balance Kes 1,000.
5. Enjoy competitive rates on your account.
6. Below min fees: NIL

Bank of Africa

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

Premier Bank

Savings Accounts

Our high Profits rates allows you to relax and let your hard earned money work for you, turning your dreams into a reality

Benefits:

Attractive Profits margins:
Let your money work for you with our competitive Profit rates. Save more! Earn more!

Free Deposits
Open your savings account from as little as KES 1000

FREE E-statements
For accountability, you will receive free statements quarterly

Pro-savings
Restricted free withdrawals allowed per month to encourage the saving culture

SMEP Microfinance

 

Msingi Imara Account

An account children under the age of 18years

Njota Njema Account

This is a lock savings account

Msingi Imara Account

This is an account for children under the age of 18 years. It’s a children savings account that ensures a brighter future for your kids.

Product Features

• Minimum opening balance.
• No Minimum operating balance.
• The account is operated by the parent/guardian
• Up to three free withdrawals per year

Benefits

• Free banker’s cheque & Internal standing order.
• No ledger fees, monthly charges.
• One can access education loan against the account.
• Earns an interest of 4% p.a.
• Comes with a piggy bank for the child.

Requirements

• The guardians National Identity or a valid Passport (Original & Photocopy)
• The child’s birth certificate or birth notification (Original & Photocopy)

HFC

Nyumba Yangu Savings Account

Nyumba Yangu is a savings account uniquely designed for individuals who desire to save towards home ownership. It is recognized by the Government of Kenya as an affordable housing saving plan.

Features & Benefits

• Competitive interest earned on your savings
• Free standing orders
• Tax incentives
• No ledger fees

Crossover Savings Account

At HFC we realize that everyone has dreams. Whatever it is, you will need a savings plan in order to achieve these dreams. The Crossover Savings Account is a savings account that helps you on this journey.

Features & Benefits

• Competitive interest paid on your savings
• No ledger fees / Charges on the account
• Easy pre-qualification when applying for a mortgage loan or a cash cover facility
• Unlimited credit from cash deposit, Mpesa, funds transfer and standing orders

Target Savings

Save for your goals and earn interest while at it.

Features & Benefits

• Competitive Interest earned on your savings
• Free standing orders
• Premature redemption allowed
• Unlimited credit from cash deposit, Mpesa, funds transfer and standing orders

Call Account

This account is ideal for individuals with funds for specific projects who wish to earn interest while awaiting utilization of the funds.

Features & Benefits

• Attractive interest rates calculated daily
• Easy access to funds

Junior Treasure Account

This is a children’s savings account designed to allow parents and guardians to save for their children and provide a good base to start adult life.

Features & Benefits

• No Account Maintenance fee
• Competitive interest earned on your savings
• 1 free bankers’ cheque per quarter
• 1 withdrawal per quarter

Requirements

• ID card and two recent passport size photographs of both child and parents/guardians
• KRA PIN Certificate of parent or guardian
• A copy of the child’s Birth Certificate

Kingdom bank

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.