This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. The funds saved on the M-Shwari Lock Savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and twelve months. Customers can make micro deposit into this.
The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.
What are the requirements of opening a Lock Savings Account?
What are the benefits of opening a Lock Savings Account?
What interest will be payable on the M-Shwari Lock Savings Account?
M-Shwari lock savings interest is earned daily but paid out monthly into the lock savings account.
Customers Savings Amount | Lock Savings Interest Rate |
Kshs. 1 – 20, 000 | 3% p.a. |
Kshs. 20, 001 – 50, 000 | 5% p.a. |
≥ Kshs. 50, 001 | 6% p.a. |
How does one access the Lock Savings Account Menu?
How do I Open and Save into Lock Savings Account?
Next time you save, go to the Lock Savings option under M-Shwari,
How will I know that my money in M-Shwari Lock Savings has matured?
Upon maturity, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.
Can a customer withdraw their funds before maturity date?
However, a customer will receive the requested money after 48hours. A customer has the option to withdraw the entire amount – Break Lock or make a partial withdrawal of the funds- Partial Break
What are the requirements for a customer to have a Timiza Account? Be a registered…
Absa Bank launched Timiza, a mobile banking App that allows people to apply for loans…
1. Fuliza Fuliza is an on-going overdraft service available for Safaricom’s M-PESA customers for them…
1. Mobile Loan Family Bank mobile loan allows both their customers’ and non-customers to access…
The Great Generational Wealth Transfer is happening now. Approximately $1 trillion in personal wealth will…
Generational wealth doesn't have to be unreachable if you invest thoughtfully and properly prepare your…