Top 3 Savings Accounts in Kenya (2020)
While there’s many banks in Kenya that offer savings accounts only a few have good interest rates and are transparent about their rates, fees, and other important features of the accounts.
We’ll only be covering accounts I would personally consider using — and I believe to be trustworthy and safe to use. I say this as personally I do not trust all banks and their solvency, and I wouldn’t want anyone to lose their savings because of the incompetence of a badly ran bank even if it means a slightly higher interest rate or more convenient locations around Kenya.
My Favorite Kenyan Savings Account: KCB's Simba Savings Account
This is by far my favorite savings account available in Kenya currently — it offers an interest rate right above or at inflation (5% or so) with some profit on the top as well as they have banks throughout all of Kenya so it’s very easy to withdraw and deposit money into the account whenever you need to — or open an account in person.
They have a low minimum of only 100 Shillings, and apparently no fees on deposits or anything else for that matter — the only downside to this account is you can only withdraw from it once per month, but that’s normal for a savings account. It’s not meant to be a checking account, but rather a place to hold money that you may need in case you lose your job or have business troubles.
You might be able to apply online through this page, however I haven’t personally tried using the online site to apply for an account.
Best High-Yield Kenyan Savings Account: ABSA's Zidisha Bonus Account
This account offers a slightly higher yield (%) than the one above in most cases, although often it has the exact same interest rate as the above-mentioned account that’s my favorite in Kenya. There’s not really any reason to choose this account over the above one unless there’s a location closer to you or you already bank with ABSA.
Generally you can expect around inflation or slightly above from this account, no fees, and no minimum balance/deposit. I’ve been told various things about how many times you can withdraw without penalty per month/year, so make sure you ask about this if you apply for this account. You can apply for it online on this page or at I believe any of their locations in Kenya.
All-In-One Banking: Safari Savings by Standard Chartered
This account doesn’t really have a benefit regarding interest rate, so if you’re looking for a simple plain interest account I’d pick one of the two above-mentioned accounts. It’s rate isn’t bad though compared to many other big banks in Kenya, although it’s not quite up-to par with the above accounts — often not even being above the inflation rate of most goods in Kenya.
I’m mentioning this account as they have superior banking services beyond savings accounts, and if you are interested in building your credit or getting a rewards credit/debit card, or opening a brokerage investing account, you’d be much likelier to be approved if you have a relationship with their bank already, and a savings account is a good way to get your foot in the door for Standard Charters services.
Truthfully if you aren’t interested in getting a credit or debit card that offers rewards/cash-back or opening a brokerage account with Standard Charter, then I’d go with either one of KCB’s or ASBA’s savings accounts which offer better interest rates on your money. You can apply for this account online on this page of their website.