BUSINESSNews

Absa Bank increases interest rate on Digital Savings by 1 percent


Absa Bank Kenya has increased the interest rate on deposits on its Digital Savings account to 10% per annum, up from 9% per annum.

The increase will be effective from December 12, 2023, and valid until March 2024.

The Bank aims to empower its customers by offering an attractive interest rate through its Digital Savings Account, fostering a culture of savings while maximizing returns with the new rate. This service is available for Kenyans and the diaspora, allowing individuals to open an account digitally via the app or website 24/7.

The initiative reflects the Bank’s dedication to promoting financial well-being and fostering a savings-oriented mindset among its customers. It also aligns with Absa’s broader strategy of leveraging digital innovation to offer convenient, secure, and rewarding financial solutions.

The move by Absa Bank Kenya comes amid the bank’s ongoing rollout of a campaign dubbed Every Kind of Financial Solution for Every Kind of You that seeks to celebrate Kenyans’ resilience and educate them on appropriate measures to improve their personal financial wellness as well as enhance their capacity to access necessary funds to achieve their goals. 

The Bank is committed to fostering financial wellness among Kenyans by providing solutions, tools, and advice. These resources aim to help individuals navigate different aspects of their lives, understand the implications of financial decisions on their future, and cushion them during challenging economic times. 

This initiative aligns with the industry’s financial literacy campaign, aimed at fostering a culture of savings among the youth and to all Kenyans where they can open their savings account online. 

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