What is a High Yield Saving Account?
High-yield savings accounts stand out from traditional savings accounts in that they reward you with a higher interest rate, allowing your money to grow even faster as it sits in your account. The interest rate that these accounts offer is noted as APY, or annual percentage yield.
Best High Yield Saving Account In Kenya
Absa Bank Kenya Plc. Digital Savings Account. Interest rate.
Timiza. Timiza savings Account. Interest rate.
Choice Microfinance Bank Limited. Premium Savings Account.
Hazina Sacco Society. Ordinary Savings Account.
KCB Bank Kenya Limited. Simba Savings Account.
Co-operative Bank of Kenya Limited. Hekima Savings Account.
Where can I get 7% interest on my money?
Only two financial institutions, Landmark Credit Union and Alpena Alcona Area Credit Union, currently offer 7% interest.
What is the most reliable high-yield savings account?
Full list of editorial picks: best high-yield online savings accounts
| Financial Institution | NerdWallet Overall Institution Rating | APY |
|---|---|---|
| Discover Bank, Member FDIC. | 5.0. | 4.30%. |
| E*TRADE, Member FDIC. | 4.0. | 4.25%. |
| EverBank (formerly TIAA Bank), Member FDIC. | 4.5. | 5.15%. |
| First Foundation Bank, Member FDIC. | 3.5. | 5.00%. |
What is the interest rate on a savings account in Kenya?
Interest rate balance band:
0 – 5,000: 0.00% 5,000 – 25,000: 0.30 % 25,000 – 100,000: 0.70% 100,000 – 500,000: 0.75% >500,000: 1.00%
Is it safe to put money in a high-yield savings account?
Rest assured, high-yield savings accounts from insured banks and credit unions are some of the safest places to keep your money — as a type of deposit account, your high-yield savings account is insured (up to limits), not subject to any market volatility, and easily accessible.