Umba Savings Account Product Details

Rates available from as of November 2023
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Savings Account
Interest Rate
(per year)
Min Interest Earning Balance
Interest Payout
Withdrawal Limit
No account fees
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Account Fees

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

Account Details:

  • Minimum Opening balance: 0
  • Interest Payout: Monthly
  • Withdrawal frequency: No Limit
  • Currency options: KES
  • Account opening process: APP

Documentation Requirement:

  • National ID

Money254 Review


  1. Competitive Interest Rate with Monthly Payouts: The Umba Savings Account offers a steady 5% annual interest rate on deposits, paid out monthly. This regular payout schedule allows account holders to benefit from compound interest, enhancing the growth of their savings over time​​​​​​.
  2. No Minimum Balance and No Withdrawal Limits: The account requires no minimum balance to maintain, making it accessible for a wide range of savers. Additionally, there are no restrictions on the number of withdrawals, offering flexibility and easy access to funds when needed​​​​​​.


  1. Lower Interest Rate Compared to Fixed Deposits: While the 5% interest rate is competitive for a standard savings account, it is lower than the rates offered by fixed deposit accounts like the Umba Fixed Deposit Account, which can offer up to 16% per annum. This might make it less attractive for savers looking for higher returns.

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