If you want to save your money in Kenyan banks, the best type of account to open is a fixed deposit account. With this account, you will get the best interest rates on your deposits but only occurs if you save with the right bank.
The first thing to consider before you decide to save your money in a bank is the stability of the bank: don’t ever make a mistake of saving your millions on a bank which can collapse any time. You have seen banks like Prime Bank, Imperial Bank and Chase Bank collapsing and leaving depositors with a rotten egg of their faces. To avoid this, save in a bank with a rich history.
In Kenya, these are the banks with the most attractive interest rates on fixed deposit accounts.
Commercial Bank of Africa
Commercial Bank of Africa (CBA) has from time immemorial been praised for offering the most attractive interest rates on savings. The bank allows customers to negotiate terms, which means you can negotiate the interest upwards depending on the amount of money you will save with the bank.
Stanbic Bank Kenya
Stanbic Bank is an investment bank, meaning that the bank will use your savings to invest on high yield investments, which include bonds,shares,real estate and money market. By saving your money with this bank,you are assured of reaping big.
Most customers who save with Stanbic bank get interest of between 6 % to 9 % depending on how well you negotiate with the bank.
Standard Chartered Bank
Standard Chartered Bank has not only a good name but also a reputation of satisfying their cusatomers.In this bank, you have the option of saving in fixed deposit account, which attracts interest of up to 8.5 %.
One attractive thing about Standard Chartered Bank is that you are assured that your money is safe no matter what.
Barclays Bank is the official sponsor of English Premier League, and also one of the most stable banks in Kenya. This bank promises heaven when it comes to fixed deposit account interest rates, and indeed it delivers. What is needed from you is to save at least Ksh 100,000 every month and you will be assured of up to 8 % interest rate on deposits.
Kenya Commercial Bank
Kenya Commercial Bank is the richest bank in Kenya in terms of assets. Besides the bank dealing with ordinary bank procedures, the financial institution also deals with real estate and money market business. With this in mind, any depositor would have confidence in the bank.
Fixed Deposit Account is what you need for you to earn modest interest on your saving, and KCB can provide what you need.
You should also consider saving your money at NIC Bank,which is bank that deals with stock market,real estate and many other profitable businesses.