Most Kenyans prefer to save in fixed deposit accounts because the interest rates are high.There are banks in Kenya which have the best interest rates that you should consider joining.
In fixed deposit accounts arrangement, one is required to save for 3 months,6 months,12 months or even for a longer period. The law of saving states that the more you save the higher the interest rates.
If you want to save, here are banks with the best interest rates on fixed deposit accounts:
- Stanbic bank
Website link: https://www.stanbicbank.co.ke/
Interest rates:4%-12%
Standard Chartered Bank Kenya
Website link: https://www.sc.com/ke/
Interest rates:5%-13%
- CBA
Website link: https://cbagroup.com/
Interest rates:5%-12%
- Citi
Website link: http://www.citibank.com
Interest rates:6%-14%
- KCB Bank Kenya
Website link: https://ke.kcbgroup.com/
Interest rates:4%-11%
- Cooperative Bank
Website link: https://www.co-opbank.co.ke/
Interest rates:3%-10%
- ABSA Bank Kenya
Website link: https://www.absabank.co.ke
Interest rates:5%-12%
- Diamond Trust Bank
Website link: https://dtbk.dtbafrica.com/
Interest rates:5%-12%
- Ecobank Kenya
Website link: https://www.ecobank.com
Interest rates:3%-10%
The interest rates are driven by the profitability of the banks and the banking policies. The type of customers the banks attract also determine how much in terms of interest are paid to them.
