KCB Group raises its interest rates on savings to strengthen long-term deposit keeping by customers.
“We have listened to our customers’ feedback and now we are out to give them value for their hard-earned money,” noted KCB Bank Director of Retail Banking Anastacia Kimtai.
The bank says it has raised the annual return on its KCB Goal Lock Savings Account to 7.5 from six per cent. The Lock savings for periods between 6 months and 5 years allows its customers to borrow up to 100% of those savings in loans. The Goal Account also offers great flexibility, allowing them to open multiple accounts to help you pursue all their dreams.
KCB Simba, Goal and Cub Savings Accounts with meanwhile attract an annualized return of between five and seven per cent.
The bank says the changes will protect customers who could not keep up with low returns resulting from high commodity prices.
The drop in the annualised return from savings is despite the expectation of rising interest rates on lending which would ideally inform high savings rate.
Nevertheless, commercial banks have been keen to hold down savings rate as they pursue a lower cost of funds to anchor down expenses.
