If you want to invest in a savings account with highest interest rate in Kenya, choose a bank wisely. There are banks that can disappear with your money. Here is a list of banks with best savings accounts in Kenya and interest rate.
KCB Bank
Goal Savings Account
Opening balance is Ksh1,000 and they have zero monthly fee. The account generates the following interest:
| 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% |
To open the account, you need valid passport or ID. You also need KRA pin.
KCB is a bank you can rely on.
Cooperative Bank
Hekima Savings Account
You need original ID card and passport to open this account. The interest rate is 4% to 6.5% per year. There is no minimum balance and amount to save.
Standard Chartered Bank
Safari Savings Account
You should also consider Standard Chartered Bank which is one of the best banks in Kenya. Select Safari Savings Account which comes with the following interest rates:
| 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
| 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 |
Documents required include:KRA pin , valid passport or National ID
ABSA Bank
You will save your money and earn interest of up to 6% per year.Go with your National ID and KRA pin to open an account. ABSA Digital Savings Account is the type of account to open for savings.
SBM Bank
Open SBM Platinum Saver account and earn interest of up to 8.5% per year on Kenyan shilling account.4% per year on US dollar account and 3% per year on Sterling Pound. If you have a Euro account, you will earn interest of 3% per year.
To open the account,present your National ID card or passport,KRA pin and 2 passport-coloured photos.
1&M Bank
You will earn interest of 3% to 7.5% per year on your savings. Save in dollars,Kenyan shillings,Euro or Sterling Pound.
NCBA
NCBA offers Gold Savings Account,Junior Savings Account and Premier Savings account. They pay interest rate of 3% to 8% per year. You can save as little as Ksh2,000.
Those are the banks we can recommend for savings accounts in Kenya.
