Which is the best bank savings account? Which one do you use? What are the rates & terms?
Alternatively, you can suggest best money market accounts. Mulling over CIC…
Before you suggest a sacco, I prefer bank over sacco due to privacy, effecient processes, formalised and regulated enivornment ( No ekeza or Gakuyo) and for me access to credit is easier & with the rate cap rates are almost similar with the saccos
Saving is for peasants.
#mbirrionaires borrow to invest.
Talk to someone at equity bank
What do they do with proceeds from the investments?
They go on Sponsoring sprees
Postbank.The 15%Withholding tax applies to all other banks but not PostBank.
In this economy???
Bonds and Savings are the thing right now.
he means “your” economy, lanes my fren,lanes
Very few people are on my lanes. First and foremost.
but it is important to remember that You have to get bigger profit from investment than You pay interest rate and commision for a loan. And every peasant knows that it is a little bit difficult
For me i feel savings is not the best way to go as your money will not generate income and if they generate income,it will be less than desirable returns.Its better starting small and start investing in money market funds like the oldmutual,cic or icea market funds as they have returns of between 8 to 14% annually or better yet if you want to eliminate the risk factor you can invest in treasury bills or in a fixed deposit account
How true is this? And what are the interest rates for fixed deposit?
Witholding tax by law only applies to banks regulated by the Central Bank of Kenya. Postbank is NOT regulated by the Central Bank of Kenya. Fixed Deposit rates vary as they have ones for 3,6,9 and 1 year
PostBank Savings is 10 percent and there are no monthly fees or witholding tax(which applies to money market funds btw).