List Of Best Banks To Open A Savings Account In Kenya

This is a list of the best banks to open a savings account in Kenya. Saving is a path to financial freedom. It requires a lot of dedication to achieve your savings goals. With savings, you can enjoy the peace of mind of having an emergency fund for unforeseen circumstances or unexpected events.

Here is a list of the best banks to open a savings account in Kenya.

1. Standard Chartered Bank

Standard Chartered Bank offers a convenient way to start your savings journey by offering an exceptional savings account which is;

Safari Savings Account

The account gives you the opportunity to save for that rainy day or that something special whilst earning you interest.


  • Opening balance of Kshs 2,000.
  • Free e-statement quarterly.
  • Free withdrawals once a month.
  • Interest calculated daily on your available balance and paid quarterly.
  • Easy access to online/ mobile banking.

Interest rate charged is as follows;

  • 0- 1,999, 999                     0.5%
  • 2,000,000- 4,999,999       0.75%
  • 5,000,000- 9,999,999       1.25%
  • 10,000,000- 14,999,999   1.75%
  • 15,000,000- 19,999,999    2.25%
  • 20,000,000- 24,999,999    2.75%
  • 25,000,000- 29,999,999   3.25%
  • 30,000,000- 49,999,999   3.75%
  • 50 million and above    4.25%

2. Stanbic Bank

The bank offers a range of savings and investment accounts that earn attractive and competitive interest rates to help you reach your financial goals. It offers the following personal savings accounts.

Call Deposit Account

With this account, you earn an attractive return on your funds and still be able to access it as and when required.


  • Initial deposit of Kshs 20,000.
  • 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 account.
  • No maximum balance required on this account.

Fixed Deposit Account

With this account, you are guaranteed of a fixed return on your money over a definite period of time.


  • Minimum investment of Kshs 20,000.
  • Deposit amount is fixed during the investment period.
  • Interest rate is fixed during the investment period and is calculated and paid at maturity.
  • Funds are available upon maturity.
  • No maximum investment amount.

PureSave Account

This is the best savings account offered by Stanbic Bank. It helps you to save your spare cash and build up your cash reserves. The product features and competitive rates make your money work for your interest rates.


  • Attractive competitive rates on your savings and investment for balances above Kshs 5,000.
  • No monthly fees charged.
  • You can borrow against your savings without interfering with it.
  • One free cash withdrawal is allowed per month.
  • Personal loan of up to 80% of your savings amount.
  • Access to a current account with free access to mobile banking.

Interest rates

  • 0- 499,999                         3%
  • 500,000- 999,999             3.5%
  • 1,000,000- 4,999,999       4%
  • 5,000,000- 999,999,999   5%
  • 10,000,000- 19,999,999   5.5%
  • 20m and above               6%

3. Absa

Absa is one of the best banks in Kenya. It has a lot of interest bearing savings accounts to offer to clients. This includes;

Zidisha Bonus Account

This is a savings account that pays you a bonus when you meet your savings goals. The less you transact the more interest you earn. Interest rate is 1.2% per annum.

Junior Account

It is a savings account for children between ages 1 month and 17 years.

Target Save Account

With this account, you select an investment period of 3-10 years and see how your money grows.

Foreign Currency Savings Account

It is available in USD and GBP currencies. You earn competitive interest rates as you grow your savings.

Fixed Deposit Savings Account

With this account, you access superior returns. You can choose interest payment frequencies beginning from monthly to annually.

4. NCBA Bank

Saving with NCBA is a smart money decision. You can monitor, move and access your money easily through online and mobile banking as you earn daily compounding interest. The bank offers the following savings accounts.

Gold Savings Account

You can save without a current account at the bank. Interest is earned on amounts over 5,000. Minimum operating balance is Kshs 2,000. Interest is calculated daily and ranges between 1.5% to 6% depending on the amount saved.

Junior Savings Account

It is a savings account for children. It is free to open and you can give them a boost with free funds transfer from your NCBA account. Minimum operating balance is Kshs 2,000, with interest calculated daily.

Premier Savings Account

This account enables one to save and earn interest on amounts over Kshs 100,000. Minimum operating balance is Kshs 100,000.

5. KCB Bank

KCB is one of the best banks in Kenya. It offers the following savings accounts;

Simba Savings Account

This is actually the best savings account offered by the bank. Interest charged is 5% per annum. Opening and minimum balance is Kshs 1,000.

Goal Savings Account

Inch closer to your financial and investment ambition with the goal savings account. You lock your savings for a period that suits you from 6 months. Opening balance is Kshs 1,000.

Cub Account

Cub account enables you to save for the future you dream of your little one. Interest is up to 5% per annum. Opening balance is Kshs 1,000, with zero monthly fees.

6. Equity Bank

Equity Bank is an award-winning bank and one of the best banks to save with. It offers savings accounts such as;

(a). Eazzy Save 

This account helps you to set money aside from your account to keep it secure until it matures. It is ideal for individuals and groups. Interest rate charged depends on the amount saved.


  • No minimum operating balance.
  • Savings worth Kshs 20,000 and above attracts competitive interest paid annually.
  • No monthly charges.
  • Full access to mobile banking.
  • Free internal standing order.
  • Full access to mobile banking.

(b). Jijenge Account

As the name suggests, the account helps you build your dreams by providing an avenue to save towards them.


  • Account balance of Kshs 300.
  • Minimum monthly contribution of Kshs 300.
  • Minimum lock operating period of 6 months with no partial withdrawal.
  • No monthly charge.
  • Easy access to instant loans of up to 90% of your savings at discounted rates.

(c). Call/ Fixed Deposit Account

The account gives you the avenue to collate money for investment opportunities. It can be opened by individual savers, businesses or organisations.


  • Allows a minimum fixing amount of Kshs 20,000.
  • The minimum period allowed is one month.
  • Provides the allowance to negotiate the interest rate.
  • Instant loans of up to 80% of your savings at discounted rates.

7. Co-operative Bank

Co-operative Bank is one of the leading banks in Kenya, providing reliable banking services that you can count on. The bank offers the following savings account.

Hekima Savings Account

The account enables you to put your shillings to work and enjoy high interest rate. Interest rate charged is 3% per annum.


  • No minimum opening balance.
  • No minimum operating balance.
  • No monthly maintenance fee.
  • Interest is calculated daily on credit balances and paid quarterly.
  • One withdrawal per calendar quarter.
  • Regular statements every 6 months.

8. Diamond Trust Bank (DTB)

DTB savings account is designed for individuals who would like to save for their future and enjoy earning interest every year. The account enjoys zero maintenance fee.


  • 3% interest on balances over Kshs 1,000, payable twice a year.
  • No ledger fees.
  • No minimum balance and opening amount.
  • Free monthly e-statements.

9. National Bank

National Bank’s savings accounts offer a secure and attractive method of saving at attractive rates. The savings accounts include;

(a). Ahadi Savings

This account makes it easy for you to save money with low charges and attractive interest rates that help your money grow faster. Interest rate is 5% per annum, every quarter at a tiered rate. Opening balance is Kshs 5,000.

(b). Vision Saving

It is a savings account for children with attractive rates. Interest rate is 5% per annum. Minimum operating and opening balance is Kshs 500.

(c). Ahadi Premium Account

With this account, you have a premium savings experience while you inch closer to your investment goals. Interest rate charged is 5% per annum every quarter at a tiered rate. Opening balance is Kshs 5,000 while minimum operating balance is Kshs 1,000.

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Zack Abuyeka

I am the third eye.My duty is to keep you updated of the current trends and events happening round the globe.