Mshwari lock savings account allows Mshwari customers with active M-Pesa accounts 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 make small deposits to this account frequently and watch it grow.
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 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
Interest Rates Earned on Mshwari Lock Savings Account
The interest on the locked savings is constant and earned daily but paid out monthly according to the table below:
| Customer Savings Amount | Lock Savings Interest Rate |
|---|---|
| Ksh. 1 – 20,000 | 3% p.a |
| Ksh. 20,001 – 50,000 | 5% p.a |
| Over Ksh. 50,001 | 6% p.a |
How Activate Mshwari Lock Savings Account Menu
You must be an Mshwari customer in order to use this service. Here is how to join MShwari:
- Go to your M-PESA menu
- Select My Account
- Select Update Customer Menu and enter your MPesa PIN
- Then go to your M-PESA menu again and select Loans and Savings
- Next select M-Shwari
- Click on Activate account and accept the terms and conditions.
How to Open Mshwari Lock Savings Account
- Go to M-PESA or dial *334#
- Select Loans and Savings
- Select M-Shwari
- Select Lock Savings Account
- Select Open Account
- Next, choose to save from either M-PESA or From M-Shwari
- Enter Target Amount you want to reach while saving
- Enter the period between 1 to 6 months
- Enter the amount you wish to save
- Enter your M-Pesa PIN and finish
- You will receive an SMS confirming that your Lock Savings Account has been set up.
How to Deposit Money to the Lock Savings Account
- Go to M-PESA or dial *334#
- Select Loans and Savings
- Select M-Shwari
- Select Lock Savings Account
- Select Save from M-PESA
- Enter amount
- 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 their 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 Mswari Menu, select Check Balance and complete with your MPesa PIN. You will receive a message with your account balance.
I would like to save. The least amount to save is how much?
Hi Hezbon,
The initial amount you can deposit during registration is Sh. 500, but you can top up any amount as little as 1 (one) shilling into the account.
Does lock saving account has some charges?
No Mary.There are no charges levied on the M-Shwari Lock Savings account, as per M-Shwari terms.
I saved 100k, on maturity date the account was unlocked but I have not seen the interest.does come later?
What happens when the target amount surpassess the intial target
Hi, according to Safaricom, you cannot change the target amount once you have set already but you can continue saving more than the target amount.
I have save around 30k and what interest should I get,,