Umba Savings Account Product Details

Rates available from as of November 2023

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Umba

Savings Account

Interest Rate

(per year)

Min Interest Earning Balance

Ksh

Interest Payout

Monthly

Withdrawal Limit

Anytime

No account fees

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‍Account Fees

‍‍Withdrawal fees: 0
Maintenance fees: 0
Statement fees: 0‍

Account Details:‍

Minimum Opening balance: 0
Interest Payout: Monthly
Withdrawal frequency: No Limit
Currency options: KES
Account opening process: APP‍

Documentation Requirement:‍

National ID

‍

Money254 Review

Pros:

Competitive Interest Rate with Monthly Payouts: The Umba Savings Account offers a steady 5% annual interest rate on deposits, paid out monthly. This regular payout schedule allows account holders to benefit from compound interest, enhancing the growth of their savings over time.
No Minimum Balance and No Withdrawal Limits: The account requires no minimum balance to maintain, making it accessible for a wide range of savers. Additionally, there are no restrictions on the number of withdrawals, offering flexibility and easy access to funds when needed.

Cons:

Lower Interest Rate Compared to Fixed Deposits: While the 5% interest rate is competitive for a standard savings account, it is lower than the rates offered by fixed deposit accounts like the Umba Fixed Deposit Account, which can offer up to 16% per annum. This might make it less attractive for savers looking for higher returns.

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