SBM Bank Kenya is offering customers a better way to grow their savings with its Platinum Saver Account, which comes with an attractive 8.5% annual interest rate, effective as of February 2026.
The Platinum Saver account is designed to help customers grow their wealth faster through the power of compounding, where savings earn interest, and that interest continues to earn more over time.
The account is designed to support a wide range of personal goals, whether short- or medium-term, making it suitable for individuals saving for milestones such as a first car, school fees, career development, business expansion, or even agricultural investments.
It also provides a practical option for those looking to build a reliable emergency fund.
With consistent saving and the added advantage of compounding through SBM Bank, these goals become easier to achieve over time as savings steadily grow.
Features of the SBM Platinum Saver Account
One of the standout features of the Platinum Saver Account is the option to save in multiple currencies, including the US Dollar (USD), British Pound (GBP), and Euro.
Below is a summary of the key features and benefits of the account:
| Feature | Details |
|---|---|
| Interest Rate | 11% per annum |
| Minimum Operating Balance | KSh 100,000.00 |
| Withdrawal Restrictions | Limited to one per quarter |
| Interest Credit Frequency | Monthly |
| Reduced Interest Rate | 4% p.a. if balance falls below KES 100,000 |
| Additional Interest Condition | 4% p.a. if more than one withdrawal per quarter |
In addition, SBM Bank has upgraded its Pebble Savings Account to match the Platinum Saver’s interest rate and currency options.
This move allows parents and guardians to save for their children’s future.
Minimum Interest-Earning Balances
The interest you earn on your SBM Platinum Saver Account depends on your account balance and currency. Here’s how it works:
- Ksh Account: Balances above Ksh 100,000 earn 8.5% p.a., while balances below Ksh 100,000 earn 4% p.a.
- USD Account: Balances over $1,000 earn 4% p.a., and balances under $1,000 earn 3% p.a.
- GBP Account: Balances above £1,000 earn 3.5% p.a., while balances below £1,000 earn 2.5% p.a.
- EUR Account: Balances over €1,000 earn 3% p.a., and balances below €1,000 earn 2% p.a.
Also Read: SBM Bank Introduces Busara App to Teach Children Money Management Lessons
How to Open an Account
To open an SBM Platinum Saver Account, visit any SBM Bank Kenya branch and complete the account opening form. You will need to provide:
- Original Kenyan national ID and a copy, or a valid passport with a copy
- For immigrants: a valid VISA, an Alien Certificate, a work permit, a dependent/student/internship/research pass, or a certificate of permanent residence
- KRA PIN
- One recent passport-size color photograph
- Completed FATCA forms if applicable
- Fully filled and signed Common Reporting Standard (CRS) forms, which include questions about U.S. citizenship
The bank notes that the starting balance for a KSh account is KSh100,000, while for USD, GBP, and EUR accounts, it’s 1,000 in each currency.
However, you can open the account with any amount and gradually grow your balance to meet or exceed the recommended minimum, giving you access to the highest available interest rates.
Also Read: SBM Bank Launches New Insurance Service to Simplify Access
How to Deposit Money into Your SBM Platinum Saver Account
- Visit an SBM (K) Branch:
Go to any SBM Bank Kenya branch to deposit cash over the counter. Additional documentation on the source of funds may be required. - M-Pesa Paybill:
- Go to Lipa na M-Pesa > Paybill > Enter Business Number: 552800
- Enter your 13-digit account number as the account number
- Enter the amount you wish to deposit
- Enter your M-Pesa PIN to complete the transfer
- Real-Time Gross Settlement (RTGS) / EFT:
- You can transfer funds from an SBM (K) account or any other bank account via RTGS or EFT.
