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    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

    Mawingu Networks secures $9 million in funding for rural internet expansion in Kenya

    Reed Hastings steps down as Netflix CEO

    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Laptop buying mistakes you should avoid

    Laptop buying mistakes you should avoid

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Xiaomi 12S Series flagship features a huge 1-inch sensor

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    How to make and upload YouTube Shorts with ease

    How to make and upload YouTube Shorts with ease

    How to watch YouTube without ads on Android TV

    How to watch YouTube without ads on Android TV

    Samsung’s Freestyle Projector now available to purchase in Kenya

    Samsung’s Freestyle Projector now available to purchase in Kenya

    How to change your Zoom background

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    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

    Jumia marks its 10th anniversary, selling motorcycles for Sh10

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    Best portable Bluetooth Speakers you can get right now in Kenya

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    Twitter announces revenue sharing program for Blue verified creators

    Twitter announces revenue sharing program for Blue verified creators

    My six social media predictions for 2023

    My six social media predictions for 2023

    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Twitter is planning to start charging $20 a month for verification

    Twitter is planning to start charging $20 a month for verification

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Home News

KCB revises interest rates on its savings accounts

The Netick Newsroom by The Netick Newsroom
July 27, 2022
in News
Reading Time: 2 mins read
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KCB revises interest rates on its savings accounts
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KCB Bank has revised the annual interest rates for its Savings Account rates in a move that seeks to attract and retain its customers currently enjoying the savings products offered by the bank.

With effect from 1st July 2022, the KCB Goal Lock Savings Account will attract an annual return of 7.5% from the current 6% while KCB Simba, Goal & Cub Savings Accounts for both new and existing customers will attract an interest rate ranging from 5%-7% depending on the amount of money deposited. This is a departure from the previous set-up where all Savings Accounts apart from Goal Lock Savings attracted a uniform annual return of 5%.

The revision of the interest rates is a welcome relief to millions of KCB customers who have had to contend with lower returns in the midst of a surge in commodity prices occasioned by runaway inflation being experienced across the globe.

KCB Bank Director of Retail Banking, Annastacia Kimtai noted that with the new rates, customers now have an opportunity to enjoy competitive returns on their savings. Additionally, they are now able to select how much return they want based on their financial ability.

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“We have listened to our customers’ feedback and now we are out to give them value for their hard-earned money. During such challenging economic times, you require a financial partner who is able to walk with you throughout your financial empowerment journey. Our promise to our loyal customers is that we shall continue to extend all the necessary support in efforts to deepen our sense of purpose and responsibility to them,” Annastacia said.

KCB’s new interest rates are currently the highest compared to the average industry interest rates on fixed deposit accounts that now stand at 6.61 percent with savings accounts having declined to 2.56 percent from 3.37 percent in 2021.

Tags: KCB
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