We use the daily balance method. First we calculate a daily periodic rate, then we apply it to the principal (the deposit balance).
The daily periodic rate is calculated by dividing the interest rate by 365 days, or 366 days in leap years. TnCs apply.
This includes our primary 4-tier savings accounts – Bronze, Silver, Gold and Platinum.
Each of these accounts earn you competitive interest rates, enables you to access and secure affordable loans, and most importantly provides 100% insurance on your savings at no extra cost.
You can only have one account a time of which you can upgrade or down grade at your convenience.
Set as many goals as you like. MOMBO will save based on date, amount, and priority.
You can stop saving at any time and start again when you’re ready. You’re in control.
Choose a saving plan of your choice based on the monthly minimum. You can change anytime.
The Goal Savings Account is a part of Mombo Sacco’s savings products. It is specifically designed to help individuals and groups save for their financial goals. To access the Goal Savings Account, you can log in to the Mombo Sacco app and navigate to the “Savings” section. From there, you should be able to find the Goal Savings Account and open it to start saving towards your specific goals. Profit rate ranges from 6% to 10% which is earned daily but paid quarterly. You can have multiple accounts at a time with different maturation periods.
Apart from saving individually, any way you like, MOMBO Sacco offers you the M-Chama feature that allows you save with a group of people in the MOMBO tribe.
You can also add those who don’t have a MOMBO account to join the MOMBO tribe and start saving as a group.
M-Chama builds the accountability, community and the systems you need to save more and co-guarantee each other when necessary.
Deposits in your saving accounts are 100% insured at no extra cost to you.
Build your foundation in savings to get more with our other features.
Download the MOMBO App and experience endless possibilities.
