Kenya Savings Accounts Compared
Bank and M-Pesa savings — rates, minimums, and features side by side.
Ranked by interest rate. Includes bank savings and M-Pesa savings products. All rates verified from bank websites. Subject to 15% withholding tax.
Savings vs MMF vs Fixed Deposit
The best savings account (KCB M-Pesa) pays 7.5% — below the average MMF yield (~9.4%). MMFs are CMA-regulated with daily liquidity and generally higher returns. Savings accounts offer KDIC insurance (up to KES 500K) and flexible access. Fixed deposits lock your money but guarantee the rate. Choose based on your need for flexibility, insurance, and minimum amount.
Every savings product ranked by rate. The dashed line shows the average MMF yield for comparison. Most savings accounts fall below the line — MMFs generally offer better returns, but savings accounts provide KDIC insurance and flexible access.
Click any column header to sort. Pay attention to minimum balance, access type, and whether the rate is fixed or variable.
| Product ↕ | Institution ↕ | Rate ↕ | Minimum ↕ | Access ↕ | Type ↕ | Key Features |
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The basics you need to know before choosing a savings account.
Flexible access to your money
Unlike fixed deposits, savings accounts let you deposit and withdraw freely. Some goal-based accounts have lock-in periods for higher rates.
Digital accounts often pay more
M-Pesa savings products (M-Shwari, KCB M-Pesa) and digital-focused accounts (ABSA Digital) often offer higher rates than traditional branch-based accounts by cutting overhead costs.
Rates can change anytime
Unlike fixed deposits, savings rates are not locked. Banks can adjust them based on the CBK base rate and market conditions. Rates shown are current published rates and may change without notice.
15% withholding tax applies
All interest from savings accounts is subject to 15% withholding tax, deducted automatically by the bank before paying you interest.
As of March 2026, KCB M-Pesa offers 7.5% p.a. — the highest advertised rate at time of last verification. KCB Goal Savings offers up to 7% for goal-based savers. M-Shwari pays 6.3% p.a. ABSA offers tiered rates up to 6% for balances above KES 1M. Most traditional bank savings accounts pay 3-5%.
M-Pesa savings products (M-Shwari, KCB M-Pesa) are accessed via your phone's M-Pesa menu and tend to offer higher rates (6-7.5%) than traditional bank savings (0.5-5%). They're convenient but may have lower deposit/withdrawal limits. Traditional bank savings offer branch access and integration with other banking services.
For most people, MMFs offer better returns — the average MMF yields ~9.4% while the best savings account pays 7.5%. MMFs are CMA-regulated with stricter investor protections. Bank deposits are KDIC-insured up to KES 500K. For amounts under KES 500K, the KDIC insurance may be more valuable than CMA regulation, but you'll earn less interest.
Yes — M-Shwari and KCB M-Pesa are accessed through the M-Pesa menu on your phone. Equity, KCB, and NCBA also allow account opening via their mobile apps. Standard Chartered accepts online applications. ABSA Digital Savings can be opened via the Absa app.
Bank savings accounts are KDIC-insured up to KES 500,000 per depositor per institution (as of March 2026). This includes ABSA, KCB, Equity, Co-op, Standard Chartered, I&M, and others. M-Pesa products like M-Shwari (held at NCBA) and KCB M-Pesa are also covered through their partner banks.
Compare other investment options
See how savings compare with MMFs, fixed deposits, and bonds.