KCB boosts interest rates on savings accounts
KCB Bank has increased the interest rates for its savings accounts in a move to attract and retain customers currently subscribed to her savings products.
Starting July 1st 2022, the annual interest rate for the KCB Goal Lock Savings Account will be 7.5 percent up from 6 percent. KCB Simba, Goal & Cub Savings Accounts for new and existing customers will get an annual return ranging between 5 percent and 7 percent depending on the amount of money saved.
These improvements are a departure from previous arrangements where all savings accounts attracted a blanket 5 percent annual return, save for the Goal Lock Savings account.
The interest rates revision is a welcome development to millions of KCB customers, who have endured lower returns amid a surge in commodity prices attributed to the untamed inflation battering the global economy.
The Director of Retail Banking at KCB, Annastacia Kimtai hailed the new rates as an opportunity for customers to enjoy competitive returns on their savings.
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Additionally, customers now have the freedom to select how much return they want based on their financial ability.
“We have listened to our customers’ feedback and now we are out to give them value for their hard-earned money,” Ms Kimtai said.
She noted that during tough economic times such as the current one, customers require a financial partner who can guide them to financial empowerment.
“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,” she added.
KCB’s new interest rates are currently the industry’s highest compared to the average 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.
