Savings

Savings

Secure your future with Mwamba Imara Sacco’s high-yield savings accounts. Save consistently and watch your money grow with competitive interest rates and guaranteed safety.

About Savings

We offer a variety of savings accounts to meet the unique needs of our members. Whether you’re saving for long-term goals or specific purposes, our accounts provide attractive interest rates and easy access to your funds, ensuring your financial future is secure.

  • Non-Withdrawable Savings Account Minimum Balance: N/A Monthly Charges: 0 Withdrawal Charges: N/A Withdrawal Interval: N/A Loan Qualification: Available after 3 withdrawals Interest: As discussed in AGM (e.g., 7% in 2021, 8% in 2022) Ideal for members looking to maximize long-term savings with high interest rates.
  • Solid Foundation Account Minimum Balance: Ksh. 1,000 Monthly Charges: 0 Withdrawal Charges: 0 Withdrawal Interval: 4 months Loan Qualification: N/A Interest: 4% per annum A flexible savings option that allows you to build a solid financial foundation.
  • Solid Junior Account Minimum Balance: Ksh. 1,000 Monthly Charges: 0 Withdrawal Charges: 0 Withdrawal Interval: 4 months Loan Qualification: N/A Interest: 4% per annum Tailored for minors, this account helps parents save for their children’s future.
  • Holiday Package Account Minimum Balance: N/A Monthly Charges: 0 Withdrawal Charges: 0 Withdrawal Interval: 6 months Loan Qualification: N/A Interest: N/A A special account designed for those saving for holiday expenses, offering ease and convenience.

Key Features

Save with us and watch your savings grow.

High Interest Rates

Earn handsome interest on your savings, with non-withdrawable accounts earning as much as 7% in 2021 and 8% in 2022.

No Monthly Fees

Save more with zero monthly charges across all our savings accounts.

Flexible Withdrawals

Access your savings with defined withdrawal intervals that suit your needs.

Minimum Balance

Each account has different minimum balance requirements, with options starting as low as Ksh. 1,000.

Loan Qualification

Some savings accounts qualify you for loans after a set number of withdrawals, giving you extra financial flexibility.

How to open an account

Opening a savings account with Mwamba Imara Sacco is quick and simple:

Step 1: Choose the savings account that best suits your financial goals.
Step 2: Visit our offices with your identification documents.
Step 3: Start saving and watch your money grow with competitive interest rates.

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Frequently Asked Questions

Got a question about how we’re organised, applying to work for us, or looking for financial or shareholder information?

To become a member, complete and sign the membership form. Attach the following documents:

  • Copy of ID or Passport
  • Two passport-size photos
  • KRA PIN copy
  • Make the initial payment

The initial payment is Ksh 3,000, broken down as follows:

  • Ksh 1,000 – Registration fee
  • Ksh 1,000 – Share capital
  • Ksh 1,000 – Savings account

The minimum monthly savings is Ksh 1,000.

Use Paybill number 198683, and the account number is your membership number.

No, there is no penalty.

Your savings are 100% safe and confidential.

You need to save for 6 consecutive months to qualify.

Yes.

  • Non-withdrawable savings earn 8% p.a (2022) and 5.14% p.a (2023).
  • Withdrawable savings earn 4% p.a, calculated monthly.

Submit an official withdrawal letter to the management. This can be handwritten or sent via email.

You need:

  • Fully filled and signed loan form
  • Copy of your ID
  • Loan application fee
  • Signed by guarantors or self-guaranteed

After a one-month grace period, repayment can be made over 1 to 48 months.

Use Paybill number 198683, and the account number is your membership number.

The interest rate is 12% p.a on a reducing balance.

BBF is a fund that provides financial assistance for the burial of a member’s nuclear or biological family.

  • You must be an active member of Mwamba Imara Sacco.
  • Contribute the annual BBF amount.
  • Nuclear Family: Ksh 2,400 per year
  • Nuclear Family + Biological Parents: Ksh 3,600 per year
  • For a member whose spouse is also a member, an additional Ksh 1,200 per year covers in-laws.

Sacco Houses are groups formed within the Sacco by members with a common agenda, such as bonding or guarantorship.

First, become an active Sacco member, then join a House through a recommendation from other members.

  • You get to know other Sacco members better.
  • Participate in activities that generate income within the House.
  • Receive education from the Sacco marketing officer.

We are located in Makupa, along Kenyatta Avenue, off Mtwafi Road, opposite Co-operative Bank Makupa Branch, near Makupa Police Station.

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Whether you’re seeking affordable loans, high-interest savings accounts, or investment opportunities, we are here to help you achieve your financial goals.

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Mwamba Imara Sacco Ltd. Designed by Sn0w8irD @ 2024.
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