BUSINESS » Mshwari Lock Savings Account – How to Save and Earn Interest
Mshwari lock savings account allows Mshwari customers on MPesa to save for a defined purpose and for a specified period of time and earn interest on the money locked when the period selected ends.
You can save in the Mshwari lock account and select when you want your savings to mature, usually between one and six months.
You can save from as little as 500 shillings and earn an interest which is calculated daily and paid out at maturity.
There are no monthly fees charged on the saving account.
However, balance and mini-statement inquiry will each charge you 1 shilling per request.
See also: How to Apply and Repay M-Shwari Loan
The interest on the locked savings is constant and earned daily but paid out monthly according to the table below:
You must be an Mshwari customer in order to use this service. Here is how to join MShwari:
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 their funds before the maturity date?
Yes. However, you will receive the requested money after 48hours 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 Mswari Menu, select Check Balance and complete with your MPesa PIN.
You will receive a message with your account balance.