Top 5 Best Banks in Kenya for Savings (2025)

Saving money in the right bank can make a big difference in your financial growth. Whether you're looking for high interest rates, flexible access to your funds, or low fees, choosing the best savings bank in Kenya is crucial.

Here’s a breakdown of the top 5 best banks for savings in Kenya based on their interest rates, features, and reliability.

Top 5 Best Banks in Kenya for Savings (2025)

1. NCBA Bank

2. KCB Bank

3. Equity Bank

4. Co-operative Bank

5. Absa Bank Kenya

1. NCBA Bank – Best for High Interest Rates

Savings Account: NCBA Goal Savings Account

Interest Rate: Up to 7% per annum

✅ Why Choose NCBA Bank for Savings?

• One of the highest interest rates in Kenya (up to 7%).
• No monthly charges.
• Allows partial withdrawals while still earning interest.

Best For:

People looking for a high-yield savings account with flexible withdrawal options.

2. KCB Bank – Best for Flexible Savings

Savings Account: KCB Goal Savings Account

Interest Rate: 5% – 6% per annum

✅ Why Choose KCB Bank?

• Allows multiple deposits and flexible withdrawals.
• Earns compound interest.
• Secure and trusted banking institution.

Best For:

Individuals who want to save regularly while still having access to their funds when needed.

3. Equity Bank – Best for Digital Savings

Savings Account: Equity Bank Eazzy Save

Interest Rate: 5% per annum

✅ Why Choose Equity Bank?

• Fully digital savings account with easy access via the Equity Mobile App.
• No minimum balance or maintenance fees.
• Instant transfers to and from M-Pesa.

Best For:

People who prefer digital banking and want to save and access their funds online easily.

4. Co-operative Bank – Best for Fixed Savings

Savings Account: Co-op Jumbo Junior & Hekima Savings

Interest Rate: 4.5% – 6% per annum

✅ Why Choose Co-operative Bank?

• Offers competitive savings rates for fixed deposit accounts.
• No monthly fees.
• Suitable for long-term savers and businesses.

Best For:

Individuals looking for fixed savings accounts with higher interest rates.

5. Absa Bank Kenya – Best for Goal-Based Savings

Savings Account: Absa Digital Savings Account

Interest Rate: 4.5% – 5% per annum

✅ Why Choose Absa Bank?

• Secure online and mobile banking features.
• Encourages goal-based savings with competitive interest rates.
• Offers extra financial planning tools for savings.

Best For:

People looking for a structured savings plan with digital tools.

Which is the Best Savings Bank in Kenya?

• If you want the highest interest rates, choose NCBA Bank.
• If you prefer flexible savings, go for KCB Bank.
• If you need digital savings, Equity Bank is a great option.
• If you want fixed savings plans, Co-operative Bank is best.
• If you're goal-oriented, Absa Bank is an excellent choice.

Final Tips for Choosing the Best Savings Bank in Kenya

✔ Compare interest rates – Higher rates mean more earnings.

✔ Check for hidden fees – Some banks charge maintenance fees.

✔ Look at accessibility – Choose a bank with online and mobile banking.

Customer Testimonials

💬 Jane M. – Nairobi (NCBA Bank)

"I switched to NCBA because of their 7% savings interest rate. The returns are much better than other banks!"

💬 David K. – Mombasa (KCB Bank)

"I love the flexibility of KCB's Goal Savings Account. I can withdraw a little when needed while still earning interest."

💬 Esther W. – Kisumu (Equity Bank)

"Equity’s Eazzy Save is super convenient! I can save money straight from M-Pesa and track my savings through the mobile app."

💬 Kelvin O. – Nakuru (Co-operative Bank)

"I prefer fixed savings, and Co-op Bank offers one of the best options with no hidden charges."

💬 Linda N. – Eldoret (Absa Bank)

"Absa's goal-based savings tools helped me reach my savings targets faster. Highly recommend!"

Conclusion

Saving money wisely is the first step to achieving financial security. Whether you're looking for high interest rates, flexible withdrawals, or digital convenience, there's a perfect savings bank for you.

✅ NCBA Bank offers the highest interest rates (up to 7%).

✅ KCB Bank provides flexible savings with easy withdrawals.

✅ Equity Bank is best for digital savings and mobile banking.

✅ Co-operative Bank offers great fixed savings options.

✅ Absa Bank is ideal for goal-based savings plans.

Before opening a savings account, compare interest rates, check for hidden fees, and ensure the bank meets your financial needs. The right savings account will help you grow your money safely and effortlessly.

Frequently Asked Questions (FAQs) About the Best Savings Banks in Kenya

1. Which bank in Kenya offers the highest savings interest rates?

✅ As of now, NCBA Bank offers one of the highest savings interest rates at up to 7% per annum through its Goal Savings Account.

2. What is the best bank in Kenya for digital savings?

✅ Equity Bank's Eazzy Save is the best option for digital savings, as it allows easy deposits, no minimum balance, and fast transactions via the Equity Mobile App.

3. Can I withdraw money from a savings account in Kenya?

✅ Yes, but it depends on the account type. Some banks like KCB and Co-op Bank allow partial withdrawals, while others, like fixed savings accounts, may have restrictions.

4. Are savings accounts in Kenya taxed?

✅ Yes, interest earned from savings accounts is subject to a 15% withholding tax as per the Kenya Revenue Authority (KRA).

5. How can I open a savings account in Kenya?

✅ You can open a savings account online (for banks like Equity and Absa) or by visiting a branch with your National ID, KRA PIN, and initial deposit (if required).