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KCB Bank Kenya

Simba Savings Account

Bank savings account

What is this?

A savings account to grow your money with interest. You can put in cash any time.

The details that matter for this kind of plan

InterestUp to 7% per year (paid on savings).
Minimum operating balanceKES 1,000.
WithdrawalsOnly one withdrawal a month.
Monthly feeNil monthly maintenance fee.

What does it cost you?

Admin chargeNothing
Charge for taking money outKES 200
Charge for taking money outKES 5,000

What if you stop paying?

There is no monthly fee. If you keep the account open, your money stays on the account.

What if you need the money early?

You can take out money at a branch. The tariff shows KES 200 per cash withdrawal, or KES 5,000 if your withdrawals that day are KES 1,000,000 or more.

Who this suits

It could work for you if

You want a simple account with no monthly charge and interest on your balance.

Think twice if

You need to make many cash withdrawals. Only one withdrawal a month is allowed and branch cash withdrawals cost money.

How openly does this company explain its charges?

DHides more than it shows6 of 12 answered
  • What do they charge you every year?
    No yearly charge is printed in the sources we checked.
  • What is taken off the money you pay in?
    They do not say how much of each payment is taken before it is invested.
  • What does it cost to get out early?
    No exit penalty is printed in the sources we checked.
  • What is the smallest amount you can start with?
    KES 1,000.
  • How long is your money tied up?
    They do not say how long you are tied in.
  • Is the advertised return before or after their charges?
    This product does not advertise a return.
  • Do they warn you the return is not guaranteed?
    This kind of product does not advertise a return.
  • Do they tell you what you get back if you stop early?
    You get whatever your money is worth on the day. There is no schedule.
  • Do they list what is not covered?
    This is not insurance, so there is nothing to exclude.
  • Are all their charges published?
    Yes, every charge they mention has a figure against it.
  • Do they say who regulates them?
    They do not say who supervises them.

This grades how openly things are explained, not whether the plan is good or bad. See how we work it out.

Things to know before you sign

  • · Interest is paid on your savings. The bank quotes it as “up to 7% per year.”
  • · You must keep at least KES 1,000 in the account.
  • · KCB’s tariff shows no monthly maintenance fee and charges KES 200 to withdraw cash at a branch (KES 5,000 if you take out KES 1,000,000 or more that day).

Compared with the others

There are 23 other plans of this kind on the board. See all 24 side by side — what each one leaves you with, and which of them will not say.

What the documents actually say

Every figure above was read out of a document. These are the sentences, word for word, so you can check them rather than take our word for it.

Where we got this