Thursday, January 23, 2025

How you can make more money from your savings without starting a business

How you can make more money from your savings without starting a business

While you’re building your career and dreaming about your future, there will probably come a time when a little extra money could go a long way.

When this time, most people turn to businesses ready to face the uncertainties and risks involved in entrepreneurship to grow wealth.

However, building wealth takes time, effort, and discipline. There are smart ways how people can build wealth and one of them is through a savings account, where you just let your money work for you.

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A savings account is a bank or credit union account that allows you to save money and earn interest. You can use a savings account to save for short-term, medium-term, or long-term goals.

With a savings account, you can maintain your savings in a liquid state, meaning you can access your funds whenever you want, while also putting some space between your savings and your daily spending needs.

Another advantage of a savings account is that minimal risks are involved. Unlike in other investments where investors lose money daily, weekly, monthly, or even years, savings accounts don’t lose money.

How to access, apply, repay mobile loans and save with Timiza

Your money will only go up and not down until you decide to take the money out. Key to note is that the amount of money earned in a savings account varies depending on the amount and the service provider.

Savings account rates are not a big flashy number like you might earn in the stock market, but at least it’s steady and reliable.

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Various financial institutions in Kenya offer savings accounts promising good returns. A good example is the Timiza Goal Savings account.

Through this product, Timiza, a wallet solution that offers easy banking and instant loans, allows customers to earn the highest interest of 9 percent on their savings.

The interest rate earned per annum is paid quarterly into the customer’s account. What’s more is that no withdrawal, maintenance, or statement fees are required to open the account.

All one is required to have is a National Identity card and accept the platform’s terms and conditions. The minimum opening balance is Ksh100 meaning the service is affordable to Kenyans of all financial classes.

Withdrawals are limited to once per month meaning customers can only make three withdrawals per quarter.

Withdrawals from the Timiza account to M-Pesa attract charges of Ksh32, with the platform providing 1 free M-Pesa withdrawal per quarter.

Timiza is operated entirely from a mobile phone by dialing *848# or through the Timiza mobile app, which can be downloaded from the Google Play store or IOS app store.

 

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