The year 2024 is coming to an end and people across the world are already preparing for the new year 2025.

As it has been the norm, at every start of the year people plan on the goals they would like to achieve by the end of the year as well as the strategies they have for achieving these goals.

While some people manage to achieve their goals, a big chunk doesn’t. According to a report released by Forbes, 80 percent of resolutions made for the new year fail with only 20 percent of people achieving their set goals.

Among those who quit, Forbes revealed that most abandon their set goals as early as February.

“Every New Year, many people state a list of goals and targets they are going to achieve but 80 percent of those resolutions start failing by the beginning of February,” the report states in part.

Various factors are blamed as the drivers of New Year resolutions failure, among them lack of self-belief, fear and resistance, lack of planning, and lack of specificity among others.

Starting a business is usually a common goal that people work hard to achieve in a bid to diversify their income. However, lack of capital has hindered many people from achieving this goal.

Luckily, with the rising number of financial institutions, access to funding has become easier than before.

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While some people rely on loans to start a business, others have built their empires from just their savings thanks to the availability of savings accounts from various financiers.

Savings accounts allow your money to work for you by earning interest over time and facilitating automatic bill payments, contributing to effective financial management.

Let’s say you put Sh1,000 into a savings account earning 1% interest. After you deposit your funds, the lender essentially borrows the money and lends it to other customers. But rest assured, you can always withdraw your money at any time.

The lender charges customers a higher interest rate for products like loans and financing, in part, so that it can pay you the 1% interest on your account.

So, at the end of one year, if you deposited no extra money into your account, your balance would be Sh1,010. The more money you place in the account, the more you will gain in interest.

These accounts have over the years been a game-changer for anyone looking to start a business or make a big purchase. The interest rate earned varies depending on the lender.

If you are looking for a savings account that will earn you the highest interest, then you can consider the Timiza Goal Savings Account by Timiza, a mobile-only platform that offers easy banking and instant loans.

One of the benefits of saving through the Timiza Goal Savings Account is that customers earn the highest interest of 9 percent on the 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 is 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 Sh100 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 Timiza account to M-Pesa attracts charges of Ksh32, with the platform providing 1 free M-pesa withdrawal per quarter.