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Browsing: fixed deposit
Central Bank of Kenya (CBK) data shows fixed deposit accounts gained Sh64.8 billion in the quarter ending June, 2021.
While the decision to keep one’s finances away for a rainy day is laudable, the big question remains, what returns can an ardent saver expect from choosing a fixed deposit over an ordinary savings account?
“The best way to safeguard one’s investment from unprecedented and volatile market movement is by investing in a fixed deposit account. With the unprecedented Covid-19 Pandemic that swept the globe over the past eighteen months, fixed deposit accounts have grown in popularity in Kenya,” said Maisha Microfinance chief executive Ireneus Gichana.
Understanding how a fixed deposit account works
A fixed deposit account is like a savings account; however, the key differentiator is that fixed deposit accounts accrue higher interest based on the duration agreed upon between the individual and the bank.
This means that an individual …