10 Best Savings Accounts in Kenya 2024 [From Reputable Banks]

“The habit of saving is in itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind” T.T Munger

As a saver, you understand saving is more than stacking some cash away. You need a reliable banking partner to ensure optimum value for your dime. Here are our top 10 best savings accounts in Kenya you can consider to walk you through the journey.

The Best Savings Accounts in Kenya

These are the best savings accounts in Kenya in 2023

• ABSA’s Zidisha Bonus Account
• KCB’s Simba Savings Account
• Standard Chartered’s Safari Savings Account
• CBA Savings Account
• Stanbic Savings Account
• ABSA’s Junior Eagle Account
• I&M Bank Flexi Deposit Builder
• NIC Savers Account
• Equity Bank’s EazzySave Account
• Cooperative Bank Savings Account

1. ABSA’s Zidisha Bonus Account

Formally known as Barclays, ABSA’s Zidisha Bonus account has some of the best saving deals for any common mwananchi. With this account, you earn an interest of up to 70% of Central Bank Rate annually. They calculate your interest daily and pay you monthly. 

Additionally, you get a 0.25% bonus interest every year. You are allowed one withdrawal per quarter and if you do not exceed four withdrawals in one calendar year, ABSA gives you an extra 0.25% interest per annum. The minimum operating balance is 10k, and there is no maintenance fee.

2. KCB’s Simba Savings Account

This is one of the most popular savings accounts thanks to the friendly terms and easy accessibility. KCB offers you an interest rate of up to 5% p.a. The minimum opening and operating amount are KSh 100. You make free deposits and there is no maintenance fee. 

About withdrawals, they limit you to one withdrawal per month. You can apply online to get a KCB Simba Saving account in a few easy steps.

3. Standard Chartered’s Safari Savings Account

You can either open the basic Safari Savings account, the Safari Junior account for your little ones, or the Safari Savings Foreign Currency account if you prefer to save in a different currency. The minimum opening balance for the first two is 2k.

To open either of the accounts, you need to have an original or copy of your National ID or a valid passport and a passport-sized photograph. For the Junior account, you need to provide the child’s birth certificate.

4. CBA Savings Account

If you’re an entrepreneur, sole proprietor or you’re in a Chama, Partnership, Club, etc., this saving account is what you need. CBA aims to help business banking clients save funds for a long period without making any withdrawal, and access investment opportunities and loan facilities. 

You get lucrative interest on deposits pegged at market prices. If you have a current CBA account, you can have the savings account linked to it and you get free inter-account transfers. There is no ledger fees and no checkbook necessary. 

You can make unlimited deposits, with all cash deposits being free. They also give you free monthly statements and a single free monthly withdrawal.

5. Stanbic Savings Account

When it comes to convenience, this saving account is everything. You get impressive rates on balances above 5k, a personal loan of up to 80% of your savings balance, and pre-approved advances of up to 80% of the savings amount. The minimum opening balance is 5k.

Better yet, you get one free over-the-counter cash withdrawal a month, offer internet access to your account, and access your transactional account with a link to a PureSave account with a free inter-account standing order. There is no monthly fee and debit cards are for deposits only.

6. ABSA’s Junior Eagle Account

This is a good one for kids below the age of 18. It has no minimum age limit, therefore you can begin investing for your child when they are barely a year old. This account offers an interest of up to 70% CBR per year. You get one free withdrawal per quarter.

To open the account for your child, you should go with their original birth certificate or adoption papers together with your KRA PIN and national ID or passport. While there is no monthly maintenance fee, you need to deposit a minimum opening and operating balance of 2k, and a Ksh 2,400 annual club fee for Junior Eagle Club Members.

7. I&M Bank Flexi Deposit Builder

This works a little different in comparison to the rest of the list. You do not need to open a new account t. You choose a fixed amount to be cut from your personal or business transaction account every month. They deposit that money in a Flexi Deposit Builder as a monthly installment, on the same specific date.

The minimum monthly installment acceptable is KSh 1,000 for one year or USD 100 for the same period. You can save more than that by depositing cash or funds transfer from other I&M Bank accounts. 

8. NIC Savers Account

NIC Bank targets any person who is enthusiastic about saving. There is the option of Young Movers saving account that is for children below 18 years. You get high-interest rates of 70% Central Bank Rate and above per annum, access to the exclusive events the bank holds, and 4 free banker’s cheque yearly.

To open this account, you need a minimum opening balance of KSh 2,000. The minimum operating amount is 5k. On the other hand, there is no charge for incoming transfers and no ledger fee. 

9. Equity Bank’s EazzySave Account

This is another inexpensive savings account any Kenyan can open. You get reasonable interest rates, and there is no minimum account balance or minimum operating balance. The best part is there are Equity Bank branches and agents all over the country. Another account that has the same terms for children is the Achievers Student Saving Account.

Other savings accounts under Equity Bank for kids include Junior Member and Teen Member. Both need a minimum operating balance of KSh 200 only.

10. Cooperative Bank Savings Account

This is the least expensive account anyone can open. Coop’s saving account has no minimum opening balance, no minimum operating balance, and free maintenance. They calculate the interest on the credit balance daily and pay quarterly.

You get one withdrawal permit per quarter and frequent statements bi-annually. This account doesn’t prioritize an ATM card or Debit card. To open the account, you should show up with your original National ID and a copy of it.

Conclusion

Which is your favorite among these ten best saving accounts in Kenya? Whichever account you choose to go with, the vital thing to do is start saving as soon as you earn your next payment. The goal is to make your money work for you, not the other way around.