Which Banks Are The Best For Saving In Kenya?

In Summary, Stanbic bank, Co-operative Bank, Family Bank, Equity Bank and KCB Bank are considered the best banks for saving in Kenya due to their high interest rates, flexibility, and low fees. . 

Did you know that a significant portion of Kenyan adults don’t have access to formal banking services? With 17% of adults lacking bank accounts or any form of savings, the need for accessible and reliable banking options is more critical than ever.

Many Kenyans thing that saving money is just about setting cash aside, however, the actual truth is that saving is about making your money work for you. But with so many banks in Kenya, choosing the right one can be overwhelming. Which bank offers the highest interest rates? Which has no hidden fees? And which one gives you the flexibility to withdraw when needed?

In this article, we’ll explore the best banks for savings in Kenya, breaking down their features, interest rates, and benefits so you can make the best choice for your financial future.

Also Read: Top 10 Best Banks in Kenya in 2025

Understanding Kenya’s Saving Landscape

Kenya’s saving rate stands at 13%, which is lower than the African average of 17%. This means many Kenyans either struggle to save or don’t see the value in doing so. The reasons vary—from lack of financial education to limited access to banking services. However, saving money is crucial for financial stability, whether for emergencies, investments, or future plans.

To encourage saving, banks in Kenya offer various accounts with unique benefits, such as high interest rates, flexible withdrawal terms, and low maintenance fees. But before we dive into the best savings accounts, let’s first understand what to look for when choosing the right one.

How to Choose the Best Savings Account

Not all savings accounts are created equal. Some offer high interest rates but come with withdrawal restrictions, while others are more flexible but have lower returns. Here’s what you should consider:

1. Interest Rate – The higher the rate, the more your money grows over time.

2. Minimum Balance Requirement – Some accounts require a certain balance to start earning interest.

3. Withdrawal Restrictions – Some banks limit how often you can withdraw to encourage saving.

4. Fees and Charges – Look out for maintenance fees, withdrawal fees, or other hidden costs.

5. Additional Benefits – Features like mobile banking, free transfers, or loan access can add value.

Now, let’s explore the top banks in Kenya for savings.

Top Banks for Savings in Kenya

1. Stanbic Bank – PureSave Account

Stanbic Bank’s PureSave Account is one of the best choices for those looking to grow their savings with competitive interest rates.

✔ Minimum Opening Balance: Ksh. 5,000
✔ Interest Rate: Competitive 

✔ Withdrawals: Flexible 

✔ Key Benefits: Free funds transfers, mobile & internet banking access, ability to link with a current account.

This account is ideal for both individuals and businesses looking for a reliable savings plan.

2. Co-operative Bank – Hekima Savings Account

If you want a savings account that offers flexibility and zero maintenance fees, the Hekima Savings Account by Co-op Bank is a great option.

✔ Minimum Opening Balance: None
✔ Interest Rate: Competitive 

✔ Withdrawals: Allowed once per quarter 

✔ Key Benefits: No maintenance fees, attractive interest rates, easy account management.

This account is best suited for those who don’t want unnecessary charges eating into their savings.

3. Family Bank – Tujenge Account

The Tujenge Account is designed for individuals serious about building long-term savings.

✔ Minimum Opening Balance: Ksh. 20,000
✔ Interest Rate: High 

✔ Withdrawals: Free 

✔ Key Benefits: Flexible deposits, free withdrawals, access to deposit-secured loans.

If you’re saving for a long-term goal like buying a home or starting a business, this account is worth considering.

4. Equity Bank – EazzySave Account

Equity Bank’s EazzySave Account is one of the most accessible savings accounts in Kenya, especially for mobile users.

✔ Minimum Opening Balance: None
✔ Interest Rate: Moderate 

✔ Withdrawals: Unlimited 

✔ Key Benefits: No monthly fees, mobile banking access, and a user-friendly app.

If you prefer an easy-to-use savings account with mobile banking convenience, EazzySave is a top pick.

5. KCB Bank – Goal Saving Account

If you have a specific financial goal, KCB’s Goal Saving Account helps you achieve it with structured savings.

✔ Minimum Opening Balance: None
✔ Interest Rate: High 

✔ Withdrawals: Restricted to maintain savings discipline 

✔ Key Benefits: Customizable savings timelines, matching contributions, loan access.

This account is perfect if you’re saving for something big—whether it’s a car, education, or even a wedding.

Which Savings Account is Right for You?

Choosing the best savings account depends on your financial goals. Here’s a quick guide:

✔ For high interest rates: Choose Stanbic PureSave or Family Bank Tujenge. 

✔ For no maintenance fees: Co-op Bank Hekima is the best option. 

✔ For flexible access: Equity Bank EazzySave allows unlimited withdrawals. 

✔ For structured goal-saving: KCB Goal Saving Account helps you stay disciplined. 

✔ For mobile-friendly banking: Equity Bank’s EazzySave is the easiest to manage

Conclusion

Choosing the right bank for your savings is a crucial step towards achieving your financial goals. Whether you prioritize flexibility, convenience, or long-term growth, there's a savings account option in Kenya to suit your needs. By exploring the offerings of these top banks and considering your saving objectives, you can embark on a journey towards financial security and prosperity.

Frequently Asked Questions (FAQs)