Timiza Target Savings Account and Interest Earned

Timiza is a wallet solution from ABSA Bank PLC that enables users to get instant loans, send money, pay bills, buy airtime and apply for insurance. Timiza app and the USSD *848# also allow you to save towards a target by opening a Savings Account and earn an annual interest on your savings, paid quarterly.

You can save as little as Ksh 50 in your Timiza Savings Account, but you will earn interest on balances from Ksh 100.

You have the flexibility of moving funds between your Timiza account and the Savings Account through *848# or the Timiza Mobile app.

You can also fund your savings account through M-PESA paybill or STK push functionality.

When you open a savings account, you can set a savings goal, describe what you would want to save towards, and period to serve as a reminder to keep you motivated on your savings journey.

Features of the Savings Account

• No minimum balance is required on the Timiza Savings account.
• Interest of 6% per annum is earned from amounts of Ksh 100 and above.
• Interest is earned daily, accrued monthly, and paid quarterly to your savings account.
• Withdrawing once ends the goal, and all saved funds are credited to the Timiza account within 24 hours.
• Interest rates quoted for the Timiza savings account are annual – per annum but are calculated daily.
• Withholding tax (WHT) of 15% will apply on the interest paid out.

Note: The interest structure and product set-up may be reviewed from time to time.

See also: Mshwari Lock Savings Account  – How to Save and Earn Interest

How to Open Timiza Target Savings Account

This applies to customers already registered on Timiza. If you’ve never used the Timiza App or USSD before, to access Timiza services, you need to register first by dialing *848# or by downloading the Timiza Mobile App and following the instructions.

Here’s how to open the savings account in the mobile app and set your savings goal:

1. Log in to the app and tap on Get ahead with a Savings account.
2. To create a savings goal, tap the Plus (+) sign.
3. Add savings goal details by describing what you are saving for, the target amount, and target date (3 months, ^ months, 9 months or a year).
4. Select how often you want to save (Weekly, Monthly or Open)
5. Enter the initial amount you would like to deposit and proceed to complete the contribution.

Remember: Your target amount and date cannot be changed once your goal has successfully been created.

See also: How to Repay Timiza Loan Through M-Pesa