If you are thinking about growing your savings, but need to know which financial institution to go with, here are highlights to help you in your quest.

These are the savings accounts of Co-op Bank, KCB, Equity, and Absa banks:

1. Co-operative Bank Savings Accounts

Apart from the current and salary accounts, Co-op Bank offers customers other savings options in the following accounts:

• Hekima Savings Account

The Hekima Savings Account does not require a minimum opening balance and has no monthly maintenance fees. Once you save in this account, you are only permitted one withdrawal after three months.

The interest is paid quarterly and varies depending on credit balances.

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• Jumbo Junior Account

Jumbo Junior Account is designed to help parents to start the journey of teaching their children the joy of savings and financial security. It’s a transactional account designed for children below the age of 18 years for the safekeeping of money.

This account is the perfect option for parents looking to teach their children about saving and financial security. Features include a 3% interest rate, discounted bank cheques, and automatic membership to the jumbo junior club.

2. KCB Savings Accounts

The KCB Savings Account is designed to meet the needs of everyone with its broad range of products and services.

• Simba Savings Account

KCB Bank’s Simba savings account is an ideal solution for savvy savers. It is convenient and straightforward to open, with an opening balance of 1,000 KES and a minimum account balance of the same amount.

You will also benefit from competitive interest rates of up to 5% per year and zero monthly fees when you have your money tucked away.

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• Goal Savings Account

With this account, you’ll not only earn the best interest rates in Kenya, but you’ll also be able to roll over your savings once the initial loan period is over.

As for rates and fees, the opening balance is Kes 1000 with no monthly fees. What’s more, your money will continue to grow even after the end of each loan term.

• Cub Account

KCB has designed the Cub Account to help you save for your child’s future. With this account, you can earn up to 5% interest p.a on deposits, giving your savings an extra boost.

Plus, with a minimum opening balance of only 1000 KES and zero monthly fees, you have more control over your finances without worrying about high fees eating away at your balance.

3. Equity Bank Savings Accounts

Equity Bank Is one of the largest banks in Kenya and offers a range of savings accounts. The Equity Bank Savings Account is ideal for those who want to save money with a dependable financial partner.

Here is a look at the different savings accounts offered and their interest rates:

• Jijenge Account

You can start an account with just KSh 300 and make minimum monthly contributions of only KSh 300, making it accessible for virtually everyone who wants to save.

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Furthermore, your savings account is locked for six months with no withdrawal penalties or charges.

• EazzySave

With no minimum operating balance, monthly charges, and full access to mobile banking, all you need is KSh 20,000 or more to benefit from competitive annual interests.

The flexible and convenient nature of the account allows you to make deposits via cash or cheque.

• Junior Member Account

When you make your first deposit of Kshs 1000, you can earn interest on up to Kshs 10,000 in savings. You can make deposits through all channels, as well as free internal transfers and unlimited free withdrawals.

The interest rate for the cash saved is paid out every quarter, making saving fun and rewarding.

4. Absa Bank Savings Accounts

Absa Bank offers two types of savings accounts, the Absa Savings Account and the Instant Access Savings Account. The Absa Savings Account offers a competitive interest rate on all deposits.

Here is a look at the different savings account offerings and their interest rates:

• Junior Account

With competitive interest rates as high as 7% per annum, this account offers more than just savings – it’s a comprehensive solution for developing young people.

Not only does it provide free access to educational activities based around science, art, sports, travel, and technology, but it also comes with no charges and a free piggy bank when you fund your account.

• Target Save Account

With a full range of choices from 1 -10 years, you can choose the best term for your savings plan. You will benefit from competitive interest rates that are credited to your account every month, making it easier to achieve the goals you have set out for yourself.

The Target Save Account provides extra security with insurance coverage in case of death or permanent disability.

• Fixed Deposit Savings Account

The minimum balance required is only KES 50,000. You can also set up your interest payment frequency monthly and annually, so you can structure your finances according to your budget.

ABSA Bank offers competitive interest rates meaning you’ll get the most from your savings.

Conclusion

Different banks offer various interest rates on savings accounts. This differs according to the bank’s internal regulations. However, one should know how much their money will grow over time by doing quick online research on different banks’ websites.

We hope this guide has helped you understand the different savings accounts offered by Equity, Absa, and KCB banks.