Bank Fees Eat Up Your Savings? Open a No-Fee Savings Account!

Posted on January 24, 2018 | By Judith Musyoki no-fee savings account

Deep in our heads, we understand that savings account must be about saving… But what are those annoying discharges that drain our savings accounts on a monthly basis? They are maintenance fees… You must have felt their thievish manners while trying to set some cash aside for an important event or a long-desired vacation.

But you know what? You don’t actually have to pay for the privilege to save. An online no-fee savings account can cope with your savings goals no worse than a premium bank account. And even yield MORE money due to higher interest rates. We’ll tell how to make your money work harder for you with an absolutely free online savings account in Kenya.

Why is online savings account better?

Both brick-and-mortar and online banking institutions offer fee-free savings accounts. However, online-only savings accounts usually have much higher rates. So if you want a high APY (annual percentage yield) and don’t want maintenance fees, online accounts are your best bet.

You may consider looking for a fee-free high-interest savings account at your local SACCOs. They are not-for-profit financial institutions that offer prominent service and highest interest rates for their members.

Online savings accounts have another exciting advantage. You can manage and control them online using a mobile app. The MOMBO App enables you to enrol and start saving in a few finger taps.

But the list of benefits doesn’t stop here. With MOMBO SACCO savings account, you get access to a loan equal to a 5-fold amount of your savings. This makes this account an all-purpose wallet to support any of your life events. Expected and unexpected.

Benefits of a no-fee savings account by MOMBO SACCO

  • Firstly, no maintenance fees. You can have a peace of mind. You won’t ever experience any unpleasant discharges from your savings account.
  • Convenient access to your savings data from your smartphone, laptop or tablet via MOMBO App.
  • It pays you 6% interest. You can withdraw your accrued yield twice a year, in January and July.
  • The borrowing feature becomes available after 3 months of membership. You can borrow as much as 5 times your savings at the 12% rate.
  • For a loan, you don’t need a collateral (property or money used as a guarantee) for approval. Members guarantee each other with their savings.
  • For a member, qualifying for a loan is a simple and quick procedure. It takes as long as 10 minutes for short-term (6 months) emergency loans. Long-term (4 years) loans get approved in one week.

How to open a savings account at MOMBO Sacco?

  • This cooperative is only for Kenyan salaried employees, entrepreneurs, civil servants or farmers. You can enrol in MOMBO Sacco by making a request through the MOMBO App.
  • To become a member, you’ll need to pass several checks to prove you are credit worthy. Usually, it takes from a couple of hours to 3 working days to get your membership approved. Membership includes buying shares for the amount of KES 10,000.
  • After approval, you can start making deposits (minimum KES 3,000 a month) to your savings account.

Consistent monthly payments are a great way to automate your saving process and also ensure you save more than just leftovers.

Before you open an account, decide which features are crucial to you. A high-interest, loans, no fees, or a mobile app for an easy access to your account? Make sure you choose the best online savings account with the maximum set of benefits and without hidden fees. To open the fee-free savings account, please, download the MOMBO App or enrol right on this website.