Absa’s Digital Savings Account Now Paying 10% Interest

Absa Bank Kenya has increased the interest rate for the Absa Digital Savings Account from 9% to 10%, effective Tuesday, December 12, 2023, to March 2024. 

The Absa Digital Savings Account remains one of the highest-interest-paying savings account among commercial banks in Kenya. 

The new offering also makes it a competitive match for other savings vehicles such as sacco deposits, MMFs, fixed deposit accounts, among others. 

Sacco deposits in Kenya pay about 6-11% while Money Market Funds (MMFs) pay between 9-12% per annum. 

Fully Digital

The Absa Digital Savings Account stands out as having flexibility among the products offering interest rates of 10% and above. 

It is a fully digital account that can be opened in less than 10 minutes without having to visit a branch. It also allows customers to set up standing orders online and get free e-statements. 

There are no limitations on the initial deposit or subsequent top-ups. The interest accrues on a daily basis and is compounded (added to the principal) at the end of every month. 

In the event of an emergency, savers are allowed instant access to their savings without being fined or losing the interest earned. 

Savings Habit

The Absa Digital Savings Account has been in operation since December last year, initially offering a 7% interest rate. This rate was increased to 9% in June and has now risen to 10%. 

The digital nature of the account is seen to have an effect of encouraging Kenyans, particularly the youth, to embrace a savings habit, which is recognised as critical in achieving financial freedom. 

The revamp of the Absa Digital Savings Account comes at a time when Absa Kenya is running a campaign dubbed “Every Kind of Banking Solution to Every Kind of You” which seeks to offer customers a wholesome banking experience. This new rate is currently valid until March 2024. 

You can interact with the Absa Digital Savings Calculator here.