1.Fixed Term Deposits

• Issued by all banks.
• Secure in nature.
• Interest between 3% and 7% depending on duration.
• Tenure 30 days and above.
• Tax at 15% on income.
• Interest negotiable.
• Kshs 1,000,000 would earn a net of Kshs 4,958 in highest rate deposit.
• The more solid the bank, the lower the interest rate.

2.Call Deposit.

• You can put money in the bank on call. This means you can ask for your money anytime.
• Interest rates are low, ranging between 2% and 5%.
• Tax is 15% on income.
• Usually as secure as the bank.