Kenya’s Top Savings Accounts

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Saving money is an important aspect of personal finance and financial planning. Kenya’s banking industry offers a variety of savings accounts that cater to different needs. To open a savings account, one needs to meet the bank’s minimum requirements, which vary from one bank to another. Here are some of the savings accounts and how to register them in Kenya:

1. M-Shwari Savings Account

M-Shwari is a savings account offered by Safaricom in partnership with the Commercial Bank of Africa (CBA). To open an M-Shwari Savings Account, one needs to be a registered Safaricom M-PESA user. Here is how to register:

  1. Dial 2346# on your Safaricom line and follow the prompts to create an M-PESA PIN.
  2. Once you have a PIN, go to the M-PESA menu and select “M-Shwari.”
  3. Select “Activate M-Shwari.”
  4. Agree to the terms and conditions.
  5. Enter your national identification card number.
  6. You will receive an SMS with your M-Shwari account number and a link to set your M-Shwari PIN.

2. KCB Goal Savings Account

KCB Goal Savings Account is a savings account offered by Kenya Commercial Bank (KCB). To register for a KCB Goal Savings Account, one needs to have a KCB account. Here is how to register:

  1. Visit any KCB branch and fill out an account opening form.
  2. Provide the necessary documentation, including your national identification card and proof of income.
  3. Once your account is open, log in to the KCB mobile banking app or internet banking portal to access the KCB Goal Savings Account.

3. NCBA Loop Savings Account

NCBA Loop is a digital banking platform that offers a savings account with attractive interest rates. To register for an NCBA Loop Savings Account, follow these steps:

  1. Download the NCBA Loop mobile app from Google Play Store or Apple Store.
  2. Follow the prompts to register for a Loop account.
  3. Once your account is active, click on “Open Account.”
  4. Select “Loop Savings Account” from the list of account options.
  5. Agree to the terms and conditions and fill out the application form.

4. Barclays Bank Timiza Savings Account

Barclays Bank Timiza is a mobile-based banking platform that offers a savings account with a competitive interest rate. To register for a Timiza Savings Account, follow these steps:

  1. Download the Timiza mobile app from Google Play Store or Apple Store.
  2. Follow the prompts to register for a Timiza account.
  3. Once your account is active, click on “Savings.”
  4. Select “Open Savings Account.”
  5. Fill out the application form and agree to the terms and conditions.

5. Equity Bank EazzySave Account

The Equity Bank EazzySave Account is a savings account that offers attractive interest rates. To register for an EazzySave Account, follow these steps:

  1. Dial *247# on your phone and select “Open EazzySave Account.”
  2. Enter your national identification card number.
  3. Follow the prompts to complete the registration process.

Conclusion

In conclusion, there are several savings accounts in Kenya that offer attractive interest rates, low fees, and convenient access to funds. M-Shwari Savings Account, KCB Goal Savings Account, NCBA Loop Savings Account, Barclays Bank Timiza Savings Account, and Equity Bank EazzySave Account are some of the top savings accounts in Kenya. When choosing a savings account, it is important to consider factors such as interest rates, fees, minimum deposit requirements, and accessibility. By choosing the right savings account, you can achieve your financial goals and secure your financial future.