KCB Bank has revised the annual interest rates for its savings accounts in a move that seeks to attract and retain its customers.
With effect from July 1 2022, the KCB Goal Lock Savings Account will attract an annual return of 7.5 per cent from the current 6 per cent.
KCB Simba, Goal & Cub Savings Accounts for both new and existing customers will attract an interest rate ranging from 5-7 per cent 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 bank said the revision of the interest rates would serve as a relief to customers who have had to contend with lower returns amid a surge in commodity prices occasioned by runaway inflation.
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.
“We have listened to our customers’ feedback and now we are out to give them value for their hard-earned money. Our promise to our 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 Kimtai.
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 per cent, with savings accounts having declined to 2.56 per cent from 3.37 per cent in 2021