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Best Savings Accounts in Kenya (2026): Compare Interest Rates, Fees and Minimum Balances

By Oscar Radido Oyomba, Editor-in-Chief · · 9 min read
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The Best Savings Accounts in Kenya (2026): beyond the advertised rate

A good savings account should help your money grow without making it expensive, or unnecessarily difficult, to access. But the account advertising the highest rate is not automatically the best choice. Minimum balances, withdrawal limits, eligibility and fees can change the outcome.

Start with net return: what you keep after tax and charges. Then check that the account suits how you intend to save. This guide covers six accounts using information the banks themselves publish. Where information is missing or inconsistent, we say so instead of estimating.

6
accounts compared from official bank pages
15%
withholding tax on bank interest (KRA)
KES 500,000
KDIC cover per depositor, per institution
2 of 6
banks publish a clear numerical rate
Research date: 14 October 2026. A comparison of published product information, not a mystery-shopping exercise or test of customer service. General information, not personalised financial advice. Confirm rates and terms with the provider before opening an account.
The 8.5% shown is one of two conflicting advertised figures for KCB Simba (another KCB page says up to 7%). It is not a confirmed rate. See the rate-gap chart below.
The illusion of the advertised rate: the highest advertised interest rate is not automatically the winner, because minimum balances, withdrawal restrictions, eligibility and fees decide what you actually earn. The metric that matters is net return.

Quick comparison: six savings accounts

Presented alphabetically, not ranked by return. An advertised "up to" rate does not establish the rate every customer will receive.

The six savings accounts compared: Absa Digital Savings, Co-op Hekima, Equity EazzySave, KCB Simba, Standard Chartered Savings and Stanbic PureSave
AccountPublished rateMinimum balanceMonthly feeAccess & eligibility
AB
AbsaDigital Savings
Up to 6%Calculated daily, paid monthly
No minimum to startNo service chargesNeeds an active Absa Current Account. Confirm withdrawal terms.
CO
Co-operative BankHekima
Rate not statedCalculated daily, paid quarterly
No opening or operating minimumNo maintenance fee1 withdrawal per calendar quarter. No ATM or debit card.
EQ
EquityEazzySave
Rate not statedInterest on balances from KES 20,000, paid annually
No operating minimum; opening not specifiedNo monthly chargesMobile banking available. Confirm withdrawals and rate.
KC
KCBSimba Savings
Up to 7%8.5% on another page
KES 1,000 opening and operatingNo monthly fees1 withdrawal per month. Get written confirmation of your rate.
SC
Standard CharteredSavings
Varies; ask branch
Confirm with the bankNone stated in FAQ1 withdrawal per calendar quarter. Transacting needs a transactional account.
SB
StanbicPureSave
Base rate not published+1% if no withdrawals for 12 months
Interest above KES 5,000; confirm opening minimumNo monthly fees1 free over-the-counter cash withdrawal per month. Check other charges.

Monogram badges are placeholders for official bank logos. "No monthly fee" does not mean every transaction is free, so check each bank's tariff guide.

Summary view. Absa's account needs an active Absa Current Account, and KCB allows one withdrawal a month. See the comparison table above for fees and access.
Master diagnostic dashboard comparing the six accounts' published rates and minimums, with a spectrum from monthly withdrawals (KCB, Stanbic) to quarterly withdrawals (Co-op, Standard Chartered) to Stanbic's bonus for 12 months without withdrawals.

The rate gap: what banks actually publish

Only Absa and KCB put a number on the page, and both are "up to" figures. KCB's own pages disagree with each other.

Absa Digital Savings
up to 6%
KCB Simba (personal page)
up to 7%
KCB Simba (other page)
up to 8.5%, unresolved
Hekima · EazzySave · Standard Chartered · PureSave
No numerical rate published

Scale: 10% = full bar. Because of these gaps, this guide does not name a market-wide highest-paying account.

Three different "minimums"

Opening balance, operating balance and the balance that actually earns interest are not the same thing. Record each separately.

Absa Digital
KES 0, no minimum to start
Co-op Hekima
KES 0, no opening or operating minimum
KCB Simba
KES 1,000 opening & operating
Stanbic PureSave
Interest above KES 5,000
Equity EazzySave
Interest from KES 20,000
Opening / operating minimumInterest-earning threshold

Standard Chartered: confirm with the bank. If you are saving KES 10,000, EazzySave's KES 20,000 threshold matters more than its lack of monthly charges.

How often can you withdraw?

For emergency money, access rules matter as much as the rate.

  • KC
    KCB Simba
    1 per month
  • SB
    Stanbic PureSave
    1 per month
  • CO
    Co-op Hekima
    1 per quarter
  • SC
    Standard Chartered
    1 per quarter
  • AB
    Absa Digital
    Confirm terms
  • EQ
    Equity EazzySave
    Confirm terms
JanFebMarAprMayJunJulAugSepOctNovDec
KC
KCB Simba
1
1
1
1
1
1
1
1
1
1
1
1
SB
Stanbic PureSave
1
1
1
1
1
1
1
1
1
1
1
1
CO
Co-op Hekima
1 per quarter
1 per quarter
1 per quarter
1 per quarter
SC
Standard Chartered
1 per quarter
1 per quarter
1 per quarter
1 per quarter
AB
Absa Digital
Confirm withdrawal terms
EQ
Equity EazzySave
Confirm withdrawal conditions

Stanbic's monthly figure is one free over-the-counter cash withdrawal, not all withdrawals or transfers. Quarterly = one withdrawal in each calendar quarter.

When is interest paid?

Monthly

Daily calculation, paid monthly
AB
Absa
SB
Stanbic

Quarterly

Daily calculation, paid quarterly
CO
Co-op Hekima

Annually

Paid once a year
EQ
Equity

KCB and Standard Chartered payment frequency was not established from the pages reviewed.

Which account fits your needs?

Illustrative groupings based on published terms. KCB shows up to 7% on one page and 8.5% on another; Hekima, EazzySave, Standard Chartered and PureSave don't publish a base rate. Confirm with each bank.
Four saver types and matching accounts: Disciplined Goal-Saver (Co-op Hekima, Standard Chartered), Small Starter (KCB Simba), Institutional Loyalist (Absa, Equity), Bonus Hunter (Stanbic PureSave)
AB
Existing Absa customers

Digital Savings

  • No minimum to start, no service charges, monthly interest
  • Needs an active Current Account; check its charges too
Ask: which balance qualifies for the maximum, and do withdrawals affect the rate?
CO
Savings discipline

Co-op Hekima

  • No opening or operating minimum; opens in the Co-op Bank and YEA apps
  • 1 withdrawal a quarter, no ATM or debit card
Ask: what is the current interest rate? It isn't on the product page.
EQ
Equity customers, separate pot

EazzySave

  • No operating minimum, no monthly charges, mobile access
  • Interest only from KES 20,000, paid annually
Ask: what is the rate, and what are the withdrawal conditions?
KC
Starting with KES 1,000

KCB Simba

  • KES 1,000 to open, free deposits, 1 withdrawal a month
  • Pages show up to 7% and up to 8.5%
Ask: for a dated rate schedule for your balance and customer category.
SC
Quarterly withdrawal discipline

Standard Chartered Savings

  • No monthly fees or charges stated in the FAQ
  • Rate varies; transacting needs conversion to a transactional account
Ask: for a personal quotation at your branch.
SB
Monthly interest payment

Stanbic PureSave

  • Interest paid on the 1st of the next month; 1 free OTC withdrawal monthly
  • Base rate unpublished; +1% bonus not fully explained
Ask: for the base rate and exactly how the bonus is calculated.

Gross vs net: what you actually keep

Illustrative. On KES 50,000 at 6%, a hypothetical KES 200 monthly fee (KES 2,400 a year) takes KES 2,550 of net interest down to KES 150.
The net return equation: gross interest minus 15% KRA withholding tax minus applicable fees equals net interest.

KRA lists bank interest as subject to 15% withholding tax, and qualifying interest from specified institutions is final-tax income for individuals. Your circumstances may need specific tax advice.

Gross interest−Withholding tax−Fees=Net interest

What could KES 50,000, 100,000 or 500,000 earn?

Illustrative 6% annual rate, balance unchanged for 12 months, simple interest, 15% withholding tax, no fees. These are not quotations for any account.

KES 50,000
Gross KES 3,000 · Tax KES 450 · Net KES 2,550 · Closing KES 52,550
KES 100,000
Gross KES 6,000 · Tax KES 900 · Net KES 5,100 · Closing KES 105,100
KES 500,000
Gross KES 30,000 · Tax KES 4,500 · Net KES 25,500 · Closing KES 525,500
Net interestWithholding tax (15%)
Illustrative only: 6% flat rate, 12 months, simple interest, 15% withholding tax, no fees. Not a quotation for any account.
Illustrative 6% earnings: KES 50,000 earns KES 3,000 gross and KES 2,550 net (closing KES 52,550); KES 100,000 earns KES 6,000 gross and KES 5,100 net (KES 105,100); KES 500,000 earns KES 30,000 gross and KES 25,500 net (KES 525,500)

How fees change the result

Suppose an account hypothetically charged KES 200 a month, or KES 2,400 a year. On KES 50,000 at 6%, the KES 2,550 left after tax would fall to KES 150. None of the accounts here is assigned that charge; the example shows why small savers should compare annual costs alongside rates.

Gross interest
KES 3,000
Withholding tax
− KES 450
Net after tax
KES 2,550
Hypothetical fees
− KES 2,400
Left in your pocket
KES 150

Five checks before you open an account

Check the current tariff and terms with each bank before you open an account.
Five checks before you open a savings account: confirm the rate, separate the minimums, audit the complete tariff, match the withdrawal rules to your needs, and verify your KDIC exposure.

  1. Confirm the rate for your balance

    Ask for the rate on the amount you plan to deposit.
    • Is the quoted rate annual, and before withholding tax?
    • Does it apply to the whole balance or tiers?
    • Can the bank change it, and does a withdrawal reduce or cancel interest?

  2. Separate the three minimums

    Opening balance, operating balance and interest-earning threshold are not interchangeable. Equity: no operating minimum, but interest from KES 20,000. Stanbic: interest above KES 5,000.

  3. Check the complete tariff

    Request the current tariff guide, not just the marketing page. Look at:
    • Cash withdrawals, bank-to-mobile and other-bank transfers
    • Statements and other account services
    • A required linked current account
    • Closing the account

  4. Match withdrawal rules to your goal

    For emergency money, access conditions deserve as much attention as the rate. For a planned purchase, restrictions may be an acceptable trade-off, but know what happens if you need the money early.

  5. Verify deposit protection

    KDIC protects eligible deposits up to KES 500,000 per depositor per institution. Several accounts at the same institution are consolidated, as shown below.

KDIC: the limit is per institution, not per account

Source: KDIC. Check membership and eligibility directly with KDIC.
KDIC protects eligible deposits up to KES 500,000 per depositor per institution; KES 300,000 in savings plus KES 300,000 in a fixed account at the same bank leaves KES 100,000 above the limit
KES 500,000 protected
KES 100,000
above limit

Example: KES 300,000 in one savings account + KES 300,000 in another at the same institution = KES 600,000 held, but cover is still capped at KES 500,000. Check membership and eligibility directly with KDIC; deposit insurance is not an unlimited guarantee.

Savings accounts vs fixed deposits

The forfeiture warning is from KCB's fixed savings page. Confirm early-access terms with your bank.
Ordinary savings accounts are accessible, while fixed deposits lock your money, for example Absa Digital Savings versus an Absa fixed deposit with a KES 50,000 minimum
Savings accountFixed deposit
ExampleAbsa Digital SavingsAbsa fixed deposit
MinimumNo starting minimumKES 50,000
InterestCalculated daily, paid monthlyPaid annually or at end of term
AccessAccessible, subject to account termsLocked for the term; KCB's fixed savings page says early redemption forfeits accumulated interest

Don't mix the two in one rate ranking without explaining the access difference. Before locking money, confirm the term, early-access rules and what happens to your interest.

How to open a savings account in Kenya

Requirements vary by bank. Examples from the accounts reviewed:

AccountWhat you'll need
KC
KCB Simba
Valid Kenyan ID or passport, KRA PIN certificate
CO
Co-op Hekima
Original ID or passport plus a copy, copy of KRA PIN
EQ
Equity EazzySave
Original identification document and KRA PIN (individuals)
SB
Stanbic PureSave
Kenyan National ID copy, proof of residence, 3 months of bank statements or a recent payslip
AB
Absa Digital
An active Absa Current Account; have your National ID ready for the online application

Before you apply: get the current rate and tariff, confirm the interest-earning threshold, read the withdrawal conditions, check whether another account is required, and save a copy of the terms that apply when you open.

Frequently asked questions

Which bank has the highest savings interest rate in Kenya?

This research does not establish a market-wide winner. Several banks do not publish numerical rates, and KCB's official pages contain differing advertised Simba rates. A defensible ranking requires current rate schedules for the same balance and account category.

Which savings accounts have no monthly maintenance fees?

The pages reviewed state no monthly charges or maintenance fees for KCB Simba, Equity EazzySave, Co-operative Bank Hekima, Stanbic PureSave and Standard Chartered Savings. Absa Digital Savings states no service charges apply to that account. Transaction or linked-account charges still need checking.

Can I open a savings account with no minimum balance?

Hekima publishes no opening minimum. Absa Digital Savings says no minimum is needed to start, but requires an active Absa Current Account. Neither means every balance earns the maximum advertised interest.

How much interest will KES 100,000 earn?

At an illustrative 6% annual rate, KES 100,000 earns KES 6,000 gross over 12 months using simple interest. After 15% withholding tax that leaves KES 5,100 before fees. Your actual result depends on your account's rate and terms.

Can I withdraw whenever I want?

Don't assume so. Hekima and Standard Chartered describe one withdrawal per calendar quarter, while KCB Simba permits one a month. Check the consequences of extra withdrawals before opening.

Are savings accounts protected in Kenya?

KDIC protects eligible deposits at member institutions, up to KES 500,000 per depositor per institution. Multiple accounts at the same institution are consolidated.

Does interest get paid monthly?

It depends. Absa Digital Savings and Stanbic PureSave publish monthly payment; Hekima publishes quarterly; Equity EazzySave publishes annual payment.

Research methodology and limitations

This guide uses official bank product pages and FAQs, KRA tax guidance and KDIC deposit-insurance information. Selection was based on identifiable savings products with accessible published terms, not paid placement or a claim to cover every account in Kenya.

  • Six accounts only; not a complete market survey
  • Published information not independently confirmed with bank staff
  • No account was opened or tested
  • Numerical rates unavailable for several products
  • Full transaction tariffs not verified
  • Conflicting KCB rate claims unresolved
  • Customer service and bank financial strength not assessed

That's why we recommend accounts by use case rather than declaring a universal winner.

Disclosure. WeCompare is an independent comparison platform and is not affiliated with any bank or regulator. Institutions can pay for Verified Partner or Featured listings elsewhere on the site, but that never changes how figures are verified or displayed, and this guide's selection was not based on paid placement. See our full disclosure and methodology.

This article provides general information, not personalised financial advice. Rates and terms may change; confirm them with the provider before opening an account.

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