Ranked by published 12-month rate. Banks that don't publish rates online are listed as "Negotiable" — contact branch for terms. All rates verified from bank product pages (March 2026).
Before you lock your money in a fixed deposit
Most published fixed deposit rates in Kenya (3-8%) are lower than the average MMF yield (~9.4%). Only NCBA (8.64%) comes close. Banks may offer higher negotiated rates for large deposits (KES 1M+), but published retail rates rarely beat MMFs. Fixed deposits make sense if you need a locked commitment to avoid spending, want KDIC insurance, or can negotiate a premium rate.
Should you lock your money in a fixed deposit or put it in an MMF? This chart shows every bank's FD rate alongside the MMF market average (dashed line). Any bank below the line is paying you less than what you'd earn in an MMF — with worse liquidity. The line shows the current MMF average for comparison.
Does depositing more money get you a better rate? The top-left is the sweet spot — high yield, low minimum. Bottom-right: large minimum, low yield. Dot color shows penalty severity: green = flexible withdrawal, orange = moderate, red = strict (you lose all interest).
Banks with strict penalties forfeit all your interest if you withdraw early. Is the higher rate worth that risk? This chart groups banks by penalty type and shows the yield range in each group. If strict-penalty banks barely pay more than flexible ones, the extra risk isn't worth it.
Yield by Penalty Type
What Early Withdrawal Actually Costs You
Click any column header to sort. Pay close attention to the penalty column — it determines what happens if you need your money before the term ends.
| Bank ↕ | Yield ↕ | Minimum ↕ | Term ↕ | Penalty ↕ | Early Withdrawal | Source |
|---|
Estimate returns and compare with an MMF. The comparison includes 15% withholding tax (as of March 2026) on interest for both products.
Fixed Deposit vs. MMF — Side by Side
Same amount, same period — which earns more?
A fixed deposit locks money with a bank for a set period in exchange for a fixed interest rate for the agreed term. Simple — but the terms matter.
Your money is locked for a fixed term
You deposit for a fixed period — typically 1 to 12 months — at a fixed rate (set by the bank at the time of deposit) that does not change during the term.
Interest is paid at maturity
Most FDs pay all interest as a lump sum when the term ends. Some banks offer monthly interest on larger deposits.
Early withdrawal usually costs you everything
Most Kenyan banks forfeit all accrued interest on early withdrawal. All banks in our tracker enforce strict penalties — you lose all interest if you withdraw early.
KDIC insured up to KES 500,000 (as of March 2026)
Deposits are insured by KDIC up to KES 500,000 per depositor per institution (as of March 2026).
MMFs invest directly in Treasury bills and other money market instruments. Banks use your fixed deposit money to fund loans but only pass you 3–9% in published retail rates. The spread is the bank's profit margin. MMFs pass most of the yield to you, minus a 1–2.5% management fee. Most published FD rates are actually below the MMF average (~9.4%), making MMFs the better deal for most retail savers.
In three scenarios: (1) Large deposits (KES 1M+) where banks may offer negotiated rates above published sheets. (2) You specifically want to lock the money away to prevent yourself from spending it — the penalty acts as a behavioral commitment device. (3) You want KDIC deposit insurance (up to KES 500K, as of March 2026) which MMFs don't offer. For most retail savers, published FD rates (3–9%) don't beat MMFs (~9.4%), so an MMF is usually the better choice unless you can negotiate a premium rate.
It varies by bank. Stanbic and DTB start from KES 20,000. Family Bank from KES 30,000. Equity, I&M, Co-op, ABSA, and HF Group start at KES 50,000. NCBA, Prime Bank, and Standard Chartered require KES 100,000. By contrast, many MMFs start at KES 100.
Yes — most Kenyan banks negotiate FD rates based on deposit amount, term, and relationship. Published rates range from 2% (Standard Chartered) to 8.64% (NCBA). Several banks (Stanbic, DTB, Family) don't publish rates at all. If you're depositing KES 500K or more, call the bank's treasury desk directly — you may get rates above the published sheets.
Fixed deposit interest is subject to 15% withholding tax (as of March 2026), same as MMFs. The bank deducts it automatically before paying you. A 10% FD rate nets you about 8.5% after tax. Our calculator shows after-tax numbers.
Most banks auto-renew at maturity unless you instruct otherwise. Check whether the renewal rate is the "prevailing rate" (which may be different) or the original rate. Some banks give a grace period of 1–7 days after maturity to withdraw without penalty.
We track published fixed deposit rates, minimum deposit requirements, available terms, and early withdrawal penalties for 12 Kenyan banks. Rates are sourced directly from bank product pages and verified periodically. Banks that don't publish rates online (Stanbic, DTB, Family) are listed as "Negotiable." Actual rates may vary — contact your bank for a quote.