If you would like to start saving with KCB bank. First, you have to know the types of KCB savings accounts and the interest rates they offer.
Saving is one step to financial stability, and KCB bank facilitates this through its various saving accounts.
These accounts have different features and benefits.
In this article, I will share all the KCB bank savings accounts with you, their benefits, and the interest rate your savings will earn.
KCB bank allows you to save as little as Ksh 1 and to the amount you would like.
Here are the types of KCB bank savings account you can open;
1. KCB Simba Savings Account
Simba savings account encourages one to save as it comes with withdrawal restrictions.
You are allowed to set the time you would like to save for, and it is after the time lapses, you can withdraw the money.
The benefits of opening a KCB Simba savings account includes:
1. There are no charges incurred when making deposits.
2. There are only four chances to withdraw the money per year after three (3) months. This promoted you to save more.
3. The savings earn an interest rate of 7.35% per year.
4. Minimum operating balance of Kshs. 100
Note you will get the interest if you only made less than four withdrawals per year.
2. KCB Cub Savings Account
The KCB Cub account is one of the banking products that target children and teenagers under 18 years.
It is actually a free account that offers Kenyan parents a saving platform for their children’s future.
The second type of KCB bank savings account is the cub account.
It is an account that targets children and teenagers below 18 years.
It encourages the children to save and also helps the parent secure the child’s future.
The Benefits of the KCB Cub savings account includes:
1. Free banker’s cheque to pay school fees
2. One freestanding order per month
3. A free cubby kit to encourage your child to save at home
4. An interest rate of 7.35% per year on your savings
5. Free education insurance policy
7. An opening balance of Kshs. 1,000
3. KCB Goal Savings Account
The third type of KCB bank savings account is a goal savings account.
As the name suggests, this account facilitates you to save to complete a certain goal that needs financing.
You can’t withdraw the funds until it matures.
The benefits of the KCB Global savings account includes:
1. No fees/charges
2. An interest rate of up to 8.5% per year
3. Access loan of up to 100% of the amount you have saved at discounted rates
4. Open more than one account.
5. Freestanding order
6. Ability to lock your savings to the desired period and achieve your dreams
Requirements To Open A KCB Savings Account
1. One quality passport-size photo taken at the branch
2. Original ID
3. Utility Bill
To open the account, visit any of the KCB bank branches, and you will be directed on what to do.
Those are all the types of KCB Savings accounts and interest rates.
Here is the list of our KCB articles:
Fixed Deposit, Mobi Loan, Careers, Cub Account, Forex Exchange, Types of Accounts, Activate Mobile Banking, Mpesa Loan, Savings Account, Tuungane Chama Account, Apply for Credit Cards, KCB Opening Hours, KCB Mpesa Interest Rate, Diaspora Banking, Salary Advance, Paybill Number, Business Account, Prepaid Master Card, KCB Student Account.