The Service sector of the Kenyan Economy contributes to over 60% of the country’s GDP. The Kenyan banking industry is very vibrant and there are many governments, commercial and foreign banks providing various financial services to various sections of society. The Central Bank of Kenya supervises the entire banking system of the country. Apart from these there are many non-banking financial institutions, mortgage companies and saving and loan associations based in Kenya. The financial sector has directly led to the social empowerment in the country with the help of institutionalized lending and thus saving the poor and needy borrowers from the scourge of traditional lenders. This institutionalized saving and borrowing offered by several banks given more choice to the customers. They provide services like saving deposit and current account; debit and credit cards; asset finance and banc assurance.
5 Best Banks in Kenya to Open a Savings Account
There are several government, foreign and commercial banks which have their presence in Kenya. These banks have played an important role in bringing the customer to the economic mainstream. These banks offer them different options to save their hard earned money. Savings account is widely used by the customers due to the flexibility of withdrawal options. The interest rate on savings account ranges from bank to bank. Here are the best five Kenyan banks where customers could open their savings account:
Diamond Trust Bank Kenya
Diamond Trust Bank Kenya Limited is a private bank that provides banking, insurance and other financial services. One could open savings, current, and deposits account in this bank and also avail various online banking facilities. The bank provides debit and credit cards and also gives the option of money transfer. DTB has other subsidiary banks in other African countries.
Kenya Commercial Bank
Headquartered in Nairobi, it is one of the three largest commercial banks in Kenya. KCB has the largest branch network in Kenya and provides several banking services to customers based in Kenya.
Standard Chartered Bank Kenya
Established in 1911, Standard Chartered Bank Kenya Ltd. has been serving the people for over 100 years. It has over 30 branches across Kenya and has over 1600 employees. The bank focuses mainly on corporate lending and many big businesses have their accounts in this bank.
Barclays Bank of Kenya
It is one of the largest bank based in Kenya and is known for large business lending. The bank has a very strong presence among the upper segment of the Kenyan society. Barclays Bank has been operating here for more than 100 years and is a reputed global bank operating in many countries around the world.
Co-operative Bank of Kenya
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This commercial bank has one the largest customer base in Kenya. Apart from being the third largest bank in Kenya, it has a very wide presence in this country through its 130 branches.
Conclusion
Customers planning to open a savings bank account in Kenya could find these banks as a very suitable option. But before opening an account, one must always compare the interest rate and the credit ratings of the banks.