Lock in a guaranteed interest rate on a lump sum for a set term — one of the safest ways to grow idle cash in Kenya. Compare live rates from our listed banks below.
Select 2–4 products below to compare them side by side.
There are no fixed deposits products listed in this category yet. Check back soon as we add more options.
Back to Compare CategoriesA fixed deposit (also called a term deposit) is a bank account where you deposit a lump sum of money for an agreed term — commonly 30, 60, 91, 180, or 365 days — in exchange for a fixed interest rate that's locked in for that entire period. Unlike a regular savings account, you generally can't add to or withdraw from the deposit before it matures without incurring a penalty. In return, banks typically pay a higher interest rate on fixed deposits than on ordinary savings accounts.
Fixed deposits suit savers who have a lump sum they won't need in the short term and want a predictable, guaranteed return rather than the daily-fluctuating rate of a money market fund. Because the rate is locked in upfront, you know exactly how much interest you'll earn by the time the deposit matures — useful for planning around a specific goal, like school fees or a down payment. Deposits held with licensed banks are also protected by the Kenya Deposit Insurance Corporation (KDIC) up to KES 500,000 per depositor per institution, adding a layer of security that riskier investments don't offer.
All three are common ways for Kenyans to grow savings, but they work differently. A fixed deposit locks your money at a guaranteed rate for a set term — ideal if you want certainty and won't need the funds early. A money market fund is more flexible: your money isn't locked in, the daily rate can move up or down, and you can typically withdraw within a few business days. A SACCO savings account usually requires membership, pays an annual dividend rather than a fixed rate, and often comes with borrowing privileges based on your savings. If you want guaranteed returns and won't touch the money early, a fixed deposit is usually the better fit; if you want flexibility, a money market fund often makes more sense.
A fixed deposit account is a bank account where you deposit a lump sum for an agreed term — commonly 30 to 365 days — and earn a fixed interest rate for that period. You generally cannot withdraw before the term ends without a penalty.
Most banks let you open a fixed deposit account online, via mobile banking, or by visiting a branch. You'll usually need a valid ID, a KRA PIN, proof of address, and the minimum deposit amount required by that bank, which varies by institution.
Withdrawing early typically means forfeiting some or all of the interest you would have earned, and some banks charge an additional penalty fee. Check the specific terms with your bank before committing funds you might need early.
Deposits held with licensed banks in Kenya are protected by the Kenya Deposit Insurance Corporation (KDIC) up to KES 500,000 per depositor per institution. Amounts above that threshold aren't covered by KDIC, so it's worth spreading larger sums across more than one institution.
Yes. Interest earned on bank deposits in Kenya is subject to withholding tax, currently 15% for individual residents, deducted automatically by the bank before the interest is credited to you.
It depends on current rates and how long you're willing to lock your money away. Fixed deposits offer a guaranteed rate for the full term, while money market fund returns move daily with the market — sometimes higher, sometimes lower. If predictability matters more to you than flexibility, a fixed deposit is usually the safer bet.
This information is for general guidance only and isn't financial advice. Rates, minimums, and terms vary by institution and can change — always confirm current details with the institution directly before making a decision. Read our full disclaimer.