Best Bank To Save Money In Kenya

What is Money?

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context.

The primary functions which distinguish money are as a medium of exchange, a unit of account, a store of value, and sometimes, a standard of deferred payment.

Best Bank To Save Money 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 something special whilst earning you interest.


  • Opening balance of Kshs 2,000.
  • Free e-statement quarterly.

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 are pegged on prevailing market rates.
  • Unlimited deposits.

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. The interest rate is 1.2% per annum.

Junior Account

It is a savings account for children between the 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 annual.

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. The 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. The 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. The interest charged is 5% per annum. The 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 for 6 months. The opening balance is Kshs 1,000.

Cub Account

A Cub account enables you to save for the future you dream of for your little one. Interest is up to 5% per annum. The 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. The 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.

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 a high-interest rate. The 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. The interest rate is 5% per annum, every quarter at a tiered rate. The opening balance is Kshs 5,000.

Which bank has the best rates in Kenya?

Top cheapest bank loans

Bankoverall rate (%)
First Community9

Which bank in Kenya makes the most profit?

KCB Bank Kenya is the most profitable having posted a pre-tax profit of Sh49. 7 billion in the review period or 20.4 percent of the sector’s total. Peer and close rival Equity Bank Kenya meanwhile held a share of 17.2 percent of the industry’s profits or Sh42 billion.