Credit Bank pays most for savers; Citibank offers cheapest loan today
Credit Bank leads bank savings at 12.68%, which after the 15% withholding tax still beats the top money market fund. Cytonn Money Market Fund tops MMFs at 9.39% net while the MMF industry average is 7.62% net. Borrowers can still find much lower offers than the CBK lending average — Citibank N.A. Kenya lists the cheapest loan at 10.36% while the industry average is 15.99% and the CBR is 8.75%.
Top MMF
9.39%
Cytonn
Top bank savings
12.68%
Credit Bank
Cheapest loan
10.36%
Citibank N.A. Kenya
Most expensive loan
20.00%
Commercial International Bank Kenya
For savers
If you have KES 100,000 to park and want the highest after-tax return with low fuss, put it in Credit Bank's 12.68% savings (remember tax) or use a top MMF like Cytonn for easy access.
For borrowers
If you need a loan, aim for offers near Citibank's 10.36%; for a KES 1,000,000 loan each 1% of rate equals KES 10,000 per year, so negotiate or refinance any rate above the 15.99% industry average.