Mshwari Lock Savings Account – How to Save and Earn Interest

Mshwari lock savings account is a mobie money wallet that enables Mshwari customers with active M-Pesa accounts to save for a defined purpose over a specified period. They earn interest on the locked money when the chosen period ends. You can frequently make small deposits to this account and watch your savings grow.

You can save in the Mshwari lock account and choose your savings maturity date, typically between one and six months.

The savings account does not have a monthly fee. However, balance and mini-statement inquiries incur a fee of 1 shilling each, per request.

Also, saving with this account will help improve your M-Shwari loan limit.

Benefits of Saving with M-Shwari Lock Savings Account

When you save with M-Shwari lock savings account, you are entitled to the following benefits:

• Deposits made in the lock savings account will earn higher interest than savings on M-Shwari.
• There are no minimum savings.
• There are no monthly charges on your savings.
• When you lock the funds, the interest rate will remain constant during the investment period.
• The interest on your funds is calculated daily and paid out at maturity.
• You can lock your money from one month to 6 months depending on your needs.
• Has no maximum target hence you can deposit any amount. However,M-Pesa daily limits apply.

Interest Rates Earned on M-shwari Lock Savings Account

The interest on the locked savings is constant and earned daily but paid out monthly according to the table below:

How to Activate Mshwari Lock Savings Account

You need to activate M-Shwari on your phone before accessing its services. Here’s how to activate  it:

1. Go to your M-PESA menu
2. Select My Account
3. Select Update Customer Menu and enter your MPesa PIN
4. Then go to your M-PESA menu again and select Loans and Savings
5. Next, select M-Shwari
6. Click on Activate account and accept the terms and conditions.

See also: How to Apply and Repay M-Shwari Loan

How to Open Mshwari Lock Savings Account

1. Go to M-PESA or dial *334#
2. Select Loans and Savings
3. Select M-Shwari
4. Select Lock Savings Account
5. Select Open Account
6. Next, choose to save from either M-PESA or From M-Shwari
7. Enter the Target Amount you want to reach while saving
8. Enter the period between 1 to 6 months
9. Enter the amount you wish to save
10. Enter your M-Pesa PIN and finish
11. You will receive an SMS confirming that your Lock Savings Account has been set up.

How to Deposit Money to the Lock Savings Account

1. Go to M-PESA or dial *334#
2. Select Loans and Savings
3. Select M-Shwari
4. Select Lock Savings Account
5. Select Save from M-PESA
6. Enter amount
7. Enter your  M-PESA PIN to complete your transaction.

Frequently Asked Questions on Mshwari Lock Savings Account

1. 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.

2. Can I withdraw the funds before the maturity date?

Yes. However, you will receive the requested money after 48 hours at normal M-Shwari interest rates rather than the lock savings interest rates.

3. What is the minimum amount I can top up on my M-Shwari Lock Savings Account?

You can top up as little as 1 shilling.

4. What is the minimum amount I need in the account to earn interest?

The minimum amount is Kshs 1000.

5. How do I check the Lock Savings Account balance?

Select Lock Savings Account from the M-Shwari Menu, select Check Balance and complete with your MPesa PIN. You will receive a message with your account balance.

6. How many times can I save into my M-Shwari Lock Savings Account?

You can save as many times as possible

Read also:

1. KCB Savings Accounts, Features and Requirements
2. How to Repay Timiza Loan Through M-Pesa
3. Stawika Loan App: Download, Apply & Repay Easily
4. Top 15 Loan Apps in Kenya for Quick and Easy Loans