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.
With effect from July 1, 2022, the KCB Goal Lock Savings Account will attract an annual return of 7.5% from the current 6% while KCB Simba, Goal & Cub Savings Accounts for both new and existing customers will attract an interest rate ranging from 5%-7% 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 five percent.
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.
