Kenya Commercial Bank (KCB) has introduced a new savings account that will offer an annual interest of 8.5 per cent on savings. This new rate is currently above the average industry rate of 7 per cent.
The new account has been dubbed KCB Goal Savings Account. It will allow customers to set up and lock financial targets. It will also allow customers to make dposits towards achieving these targets over a specified period of time while earning an interest rate that will be determined daily.
“Goal Savings is for you to plan your dream investment like buy a piece of land, plan for your children school fees or even your annual holiday can now be to any exotic location”, said KCB Director of Retail, Mrs. Annastacia Kimtai.
Customers will be able to lock their savings for a minimum period of six months and a maximum of five years. The minimum opening balance for the account has been set at Sh. 1,000.
Additionally, customers will be allowed to borrow up to 100% of their saving in the account and may also opt for a life insurance policy. The policy will secure the achievement of the target amount in case of inability to progress deposits under unfortunate circumstances.
