KCB Bank reviews interest rates on its savings accounts

Thursday, July 28th, 2022 10:22 | By
KCB customers are set to enjoy new improved rates on their deposits after the bank moved to give them value for their money. PD/ Gerald Ithana

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.

It said that with effect from July 1, 2022, KCB Goal Lock Savings Account will attract an annual return of 7.5 per cent from the current 6 per cent while KCB Simba, Goal and Cub Savings Accounts for both new and existing customers will attract an interest rate ranging from 5 per cent to seven 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 per cent.

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 said 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.”

More on Business