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Absa Bank Kenya PLC

Timiza Goal Savings Account

Bank savings account · Regulated by the CMA

What is this?

A mobile wallet savings run by Absa. It pays a fixed 6% a year, paid every quarter.

The details that matter for this kind of plan

Interest rate6% per year, paid quarterly into your wallet/account.
Channel feesDeposits and withdrawals via M-Pesa attract M-Pesa charges as per the Timiza tariff guide.

What does it cost you?

Absa Bank Kenya PLC does not publish what it charges. We looked for one charge and found no figure for any of them:

  • · The bank does not publish a monthly account fee for Timiza; the Timiza tariff guide lists transaction charges only.

What if you stop paying?

Nothing is due. Your savings stay in the wallet and earn interest.

What if you need the money early?

You can withdraw any time to M-Pesa. Mobile money charges apply.

Who this suits

It could work for you if

You bank by phone and want a simple set rate.

Think twice if

You want a branch account or a debit card.

How openly does this company explain its charges?

EWon't tell you what it costs3 of 10 answered
  • What do they charge you every year?
    No yearly charge is printed in the sources we checked.
  • What is taken off the money you pay in?
    They do not say how much of each payment is taken before it is invested.
  • What does it cost to get out early?
    No exit penalty is printed in the sources we checked.
  • What is the smallest amount you can start with?
    They do not publish a minimum. You have to ask an agent.
  • How long is your money tied up?
    They do not say how long you are tied in.
  • Is the advertised return before or after their charges?
    This product does not advertise a return.
  • Do they warn you the return is not guaranteed?
    This kind of product does not advertise a return.
  • Do they tell you what you get back if you stop early?
    You get whatever your money is worth on the day. There is no schedule.
  • Do they list what is not covered?
    This is not insurance, so there is nothing to exclude.
  • Are all their charges published?
    No. 1 charge is mentioned without a figure.
  • Do they say who regulates them?
    Yes — the CMA. That is who you complain to.

This grades how openly things are explained, not whether the plan is good or bad. See how we work it out.

Talk to them

  • If something goes wrong, the CMA is who supervises them.

Compared with the others

There are 23 other plans of this kind on the board. See all 24 side by side — what each one leaves you with, and which of them will not say.

What the documents actually say

Every figure above was read out of a document. These are the sentences, word for word, so you can check them rather than take our word for it.

Where we got this