KCB Bank Raises Interest Rates On Savings

To encourage clients to hold long-term deposits, KCB Group has increased the interest rates on its savings accounts.

The bank claims to have increased the KCB Goal Lock Savings Account’s annual return from 6% to 7.5%.

In the meanwhile, KCB Simba, Goal, and Cub Savings Accounts will generate a yearly return of between 5% and 7%.

According to the bank, the change would help customers who have recently struggled with lesser returns due to an increase in commodity costs.

“We have listened to our customers’ feedback and now we are out to give them value for their hard-earned money,” noted KCB Bank Director of Retail Banking Anastacia Kimtai.
According to KCB, its new interest rates on fixed deposit accounts continue to surpass the industry average interest rates of 6.61 percent.

According to data from the Central Bank of Kenya (CBK), the average savings rate for commercial banks was 2.52% in May, down from a higher 2.56% in April.

The annualized return on savings has decreased despite predictions of higher lending interest rates, which should encourage high saves rates.

Commercial banks have been eager to keep savings rates low, meanwhile, as they seek to cut their cost of funding to rein on spending.