This archive report was first published on 1 August 2019.
As I embarked on my saving journey, I quickly realized that my local bank wasn't meeting my short-term needs. I began to explore alternative options, including Saccos and money market funds.
After careful consideration, I decided to open an account with Cytonn Money Market Fund (CMMF), which offered me a higher interest rate than my bank and Sacco. I was impressed by the ease of depositing funds, which could be done through a USSD code, mobile app, or website.
One of the features that stood out to me was the lack of withdrawal charges when transferring funds from my CMMF account to my bank or M-Pesa. The interest earned was also compounded, meaning I would earn more if I left my savings there for a longer period.
While I'm still waiting to see if CMMF will integrate with my insurance company and school, allowing for direct payments, I'm already enjoying the benefits of this smart savings option.
Published on August 1, 2019 by Tuko.co.ke.
