A checking account, also known as a current account is a bank account, particularly a deposit account that allows bank members to deposit and withdraw money without notice.
Checking/current account is the most common type of bank account in Kenya. This particular type of account has been designed to manage an individual’s income and daily expenditure.
A current account is an account that you use to pay bills, receive salary and pay for products and services using a debit card.
A savings account is a type of deposit account that is provided by financial institutions inclusive of banks that allows members to deposit and store their money while earning interest at a specific rate.
The interest earned in a savings account is usually calculated annually based on the account balance.
A Fixed Deposit Account is a type of deposit account in financial institutions mainly banks whereby members deposit money which is then locked for a specific period of time.
The period for locking the funds varies but usually from a few months to several years. During the locked period, the deposited money earns a fixed interest rate. Interest rates in fixed deposit accounts are often higher compared to savings accounts.
A Money Market Account is also a deposit account offered by financial institutions whereby members are allowed to deposit money and earn interest. This is usually categorized under capital wealth fund as it offers higher interest rates compared to savings and fixed deposit accounts.
When it comes to MMA, they usually require a higher minimum balance to maintain, the interest rate is calculated monthly and you are allowed to withdraw your money at any time but the processing period is often 3 days.
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