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Save ‘coins’ and earn interest with MTN mobile money

MTN Mobile Money is by far the most used mobile financial platform in Ghana. Personally, I don’t think I can go 24 to 48 hours without using MTN mobile money. Either I’m sending money, credit, paying bills or paying for items purchased online and I know for sure that most Ghanaians also do same.

Saving money is one of the best but most difficult things to do especially saving at home. I have broken my savings box many times than I can count so it has never really worked out for me at home. Yes, you have probably started saying “then save at the bank”, no need to yell please I can hear you. But come to think of it, have you ever gone to the bank just to save GH¢1.00 before? Did you just say oh no? Exactly my point because we don’t usually do that and that is what prompts the decision to start saving at home. If you really want to save money as low as GH¢1.00 or even GH¢0.50 at your own pace and still make an interest, read on!

Back in 2017, MTN MoMo in collaboration with Fidelity Bank launched a money saving platform called Yello Save. It is a money saving account that can be created by any MTN Mobile Money user. This is way better than saving at home because no one saves at home and makes an interest but with this Yello Save, you will be making 8% (previously 12%) interest per annum on whatever amount you saved but if you make 3 or more withdrawals in a month, you will earn a flat interest of 3% on your remaining balance per annum. The initial amount of money needed to create an MTN Yello Save account is GH¢2.00 ( previously GH¢5.00). After creating this account, you can save any amount of money you want including GH¢0.20.( Now you understand why I said ‘coins’ in the title of this post)

How to create MTN Yello Save account

You must have MTN mobile money account before you can register for Yello Save. The first thing to do is to dial the MTN mobile money short code *170# and choose option 5 which says Financial Services. Move on to select option 2 for savings and then on the next menu list, select option 1 for Yello save. Make sure you select ‘Register’ from the next options and follow the other options to complete the registration. In the subsequent options, you would be asked to select the pace at which you want to save your money as to whether you will be saving daily, weekly or monthly and also the regular amount you will be able to save during those timelines.

After the registration, you are good to go! If you want to carry out any activity on your Yello save account, just use the first four steps you used in creating the account. After those steps you will be presented with a menu list with the following options; Deposit, Withdraw, Check Balance, Update Savings Plan, Change Pin, Ministatement and Terms & Conditions. Go on and do whatever you want to do with your Yello save account.

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