Interest on Savings Account

Since enactment of the new law that capped interest rates, my bank Diamond Trust Bank does not offer interest for monies in savings account. This means that there is no difference between having your money in savings or a current account. @Okiya et al. is this legal?

First I would like you to confirm with them whether your account has been moved from savings to current. Some banks are doing that bila customers permission

I did. It is still a savings account. Just call them useme unataka kufungua savings account. Ask them what interest rate you’ll enjoy 0719–031-219

DTB is a very stupid bank. Their customer service is super lousy. I would not be surprised if they charged you interest for earning interest.

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I think wewe ndio umecalculate mbaya. You will still get 7% but based on the minimum balance

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@The_Virus what I meant by banks moving accounts from savings to current without your permission is like what @Luther12 has posted

I have not calculated anything. It is what they have told me and from @Luther12 post it looks like this is a thing

Yes. Your account must have been moved to current account as I told you earlier. That’s what banks are doing now. & If you go to them and say you want to open a fixed deposit account with peasant money, they refuse.

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:D:D

peasant money ndio gani jamaneni. si nadhani pesa zote ziko equal everywhere?

:D:D

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What I mean is they want people who will fix huge amounts. @The_Virus DTB chini ya 100k hupewi fixed deposit account.

Lakini kama wamekubore, just withdraw the money and invest in treasury bills. Uzuri wa Tbills you get all your returns on day 1 of investment and you can use the cash for urgent needs. Sio kungoja maturity like fixed deposit

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I want to try TBills how hectic is the process.

Investment is easy. But you need to open a CDS account with CBK. which takes very long before your account can be opened.

Mhhh thanks I will start the process soon,tentatively what dictates sale of TBills by CBK,or rather are they always up for sale

Actually, you can open a CDS account in 1 business day. Instead of opening by visiting CBK. Just tell you bank that you need to open one. You will need KRA PIN plus copy of ID. The bank forwards this to CBK in the same day and on the next day or a max of 2days you will have a CDS account

Yes,on paper they say it takes one day but practically it takes many days

I transferred all my savings into a Fixed deposit account pale Coop Bank. They offer 7% interest but lazima ukatwe withholding tax ya 15%. Same with Equity Bank. Faulu Bank ndio wanaoffer 8.5%. So I think its better you transfer your monies into FDI account…some of these so-called savings account have been converted into current accounts as somebody posted above.

CBK Tbills give 10%. Peleka pesa huko. Plus you get paid your interest on day 1

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