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I&M Fikisha Goalz Savings Account
Plan Right . Save Smart . Achieve More
I&M Fikisha Goalz Savings Account
An account that enables you Plan Right, Save Smart and Achieve your set financial goals while earning an interest of 8% p.a. on your savings.
Features
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Free
To open and operate
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Self-account opening
Through I&M Bank On The Go (OTG) App
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Multiple Goal Saving Accounts
Save for multiple goals independently
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Account charge
Nill
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Start amount
As little as Kes 1,000 savings per month
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Automatic Standing Instructions from your I&M Bank Transaction Account
Free
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Interest
Earn interest at 8% p.a. on monthly average balances from kes 1000. Interest paid out monthly.
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Tracking
Track the progress of your goal any time
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Withdrawals
Two withdrawals allowed per month. Interest for a given month forfeited if more than 2 withdrawals are made in the month.
Fikisha Goalz Savings Account FAQ's
This a lifestyle solution that gives savings a purpose, enabling one to plan right, save smart and achieve more. The account is developed with the customer in mind and will help one track their progress towards achieving their goals while being rewarded with competitive interest rates.
One can create a goal or open the account and operate it via I&M Bank’s OTG (both App and Web).
With the solution, one is able to Plan Right, Save Smart and Achieve set future goals while earning competitive interest rates. Additionally, the Bank offers free Bank to Mpesa and Airtel Money transfers, enabling the customer to maximize on the gains by not incurring transfer costs. The interest earned is paid out monthly, enabling one to plan and manage one’s finances better. You can top up your savings through multiple ways, including Mpesa and bank account transfers. Equally, you can make up to 2 withdrawals in a month without losing any earned interest, giving you the required flexibility.
Interest is earned at the rate of 8% p.a. for monthly average balances above kes 1,000. Earned interest is paid out monthly.
The account is competitively flexible, allowing up to 2 withdrawals within a month beyond which, earned interest will be forfeited.
No prior notification is required to make a withdrawal.
The account enables you to add funds as desired on the go, any time for more interest returns. One can add funds through Mpesa, Airtel Money, inbound Pesalink, RTGS, EFTs, internal transfers and standing instructions (SI).
Earned interest is paid out at end of every month. The net interest , if not withdrawn, will form part of account balance to be used in the interest computation in the subsequent cycle.
One can overfund their account to exceed their set target. The goal tracker will show the corresponding achievement as a percentage (%) of set target. Similarly, an underfunded account will show on the tracker so you can plan to save more to achieve your goal.
There are no charges on the interest earned. However, earned interest is subject to Fifteen percent (15%) withholding tax.
We appreciate that one may have several goals to achieve and hence once can open multiple Goals accounts.
One can add funds as and when desired through Mpesa/Airtel Money and bank account transfers. One can also set standing instructions (SIs) for automated transfers from personal transaction account to the Goals Account at desired frequency (daily, weekly, monthly, quarterly).
There is no limit in the amount one can set to achieve. We have however set current maximum tenor to within 24 months. This may be reviewed for longer tenors.
The product allows you to amend the Name, Image, Amount and Tenor for goals created.
The account allows premature closures however, accrued interest is forfeited for the month account is closed.
Account closure will be customer induced or will follow the current Bank procedure for unfunded accounts.
Customer can issue instructions to the Bank to close a specific Goalz account. Periodically, the Bank will also review accounts due for closure as per policy on unfunded accounts.
Interested?
Click the button below to download the I&M Bank On The Go (OTG) App to open an account