This account is for members who want to save for the holidays and be prepared for January without going broke. In Kenya, it is a one-of-a-kind savings account. Members have 12 months, or the equivalent of one year, to save gradually in preparation for their holiday plans in December. A mavuno account can be opened by anyone over the age of 18 who has a regular savings account. The account pays a 4% annual interest rate, guaranteeing that you earn while you save. At the end of each fiscal year, interest is credited.
It’s a withdrawable account by definition, and it matures in December, just in time for the holidays. If a member wishes to roll over to a new fixed-term, they must provide written instructions. If no instructions are supplied, the money will be automatically rolled over for the same duration.
The mavuno savings account is unique in that it is a savings account that allows you to save for that rainy day or that special occasion while still generating money.