Umba Fixed Deposit Account Product Details

Rates available from as of November 2023

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Umba

Fixed Deposit Account

Interest Rate

(per year)

Min Interest Earning Balance

Ksh

5000

Interest Payout

At Maturity

Withdrawal Limit

Anytime

No account fees

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Account Fees

‍‍Withdrawal fees: 0
Maintenance fees: 0
Statement fees: 0

Interest Tiers:

30 days Fixed - 12%
90 days Fixed - 13%
180 days Fixed - 14%
270 days Fixed - 15%
More than 360 days - 16%‍

Account Details:‍

Minimum Opening balance: 5000
Interest Payout: At Maturity
Withdrawal frequency: No Limit
Currency options: KES
Account opening process: APP‍

Documentation Requirement:‍

National ID

‍

Looking to explore regular Deposit Accounts? Check out the Umba standard Deposit Account here.

Money254 Review

Pros:

High Interest Rates: The Umba Fixed Deposit Account offers attractive interest rates ranging from 12% to 16% per annum, depending on the term length. This rate is competitive and can significantly enhance savings growth, especially for longer-term deposits.
No Account Fees and Flexible Withdrawals: The account has the advantage of no maintenance, withdrawal, or statement fees, reducing the cost of holding the account. Additionally, it offers flexibility with no limits on withdrawal frequency, providing convenient access to funds when needed.

Cons:

Minimum Deposit Requirement: The account requires a minimum deposit of Ksh 5,000 to start earning interest, which might be a barrier for individuals with lower savings.
Interest Paid at Maturity: Interest is only paid at the end of the deposit period, which could be a disadvantage for those who prefer more frequent interest payments or need periodic income from their savings.

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