Key takeaways
- MTN Yello Save lets you save directly from your MoMo wallet and earn interest of up to 8% annually.
- You can register by dialling *170# and depositing a minimum of GHS 2.
- Making three or more withdrawals in a month reduces the interest rate to a flat 3% annually.
If you’re an MTN MoMo user, Yello Save lets you save, earn interest, and withdraw your money anytime—just like you’ll do with traditional banks.
Sounds easy, right? Here’s a guide on how to get started.
What is MTN Yello Save?
Yello Save is a mobile savings service offered by Fidelity Bank in partnership with MTN Ghana. It allows MTN MoMo users to save conveniently and also earn interest on the savings.
It operates like a digital savings account linked to your MoMo wallet. You can deposit, withdraw, and earn an annual interest of up to 8% on your account balance. The interest is paid out monthly.
Here are the interest rates for various account balances:
| Account balance | Interest rate |
| GHS 1 – GHS 1,000 | 5% |
| GHS 1,001 – GHS 5,000 | 6% |
| GHS 5,000 – GHS15,000 | 7% |
| Above GHS 15,000 | 8% |
Note: Interest rates are subject to change by Fidelity Bank based on prevailing markets.
How to register for MTN Yello Save?
Registering for MTN Yello Save is straightforward. Here’s how to get started:
- Dial *170#.
- Select Financial Services.
- Select Savings.
- Choose Yello Save.
- Select Register.
- Select Next to read the Terms and Conditions.
- Select Register to accept the Terms and Conditions.
- Choose a four-digit PIN.
Note: You’ll need your Yello Save PIN to withdraw and access your account, so be sure to remember it. It can be the same or different from your MTN MoMo PIN.
- Enter your MTN MoMo PIN to confirm payment of GHC 2 as your initial deposit.
- Choose option 1 to approve the transaction.
- You should receive an SMS confirming your registration.
That’s all. MTN will send another notification confirming your initial GHS 2.00 deposit.
How to deposit money on MTN Yello Save?
After registering, saving money with Yello Save is easy:
- Dial *170#.
- Select Financial Services.
- Select Savings.
- Select Yello Save.
- Select Deposit.
- Enter the amount to be deposited.
- Enter your MTN MoMo PIN to authorise payment.
- Choose option 1 to approve the transaction.
- You’ll receive an SMS confirming your deposit.
Voila, you’ll start earning interest on your deposit immediately.
Alternatively, you can create a daily, weekly, or monthly savings plan. This allows automatic deduction from your MoMo account without a deposit.
To do this, follow steps 1 to 4 above, then:
- Select Savings Plan.
- Select Create Savings Plan.
- Choose the preferred period for deposits.
- Enter the amount you want to save.
- Select Confirm and continue.
- Enter your Yello Save PIN.
- Enter your MTN MoMo PIN to approve your savings plan.
That’s it. MTN would automatically deduct funds from your MoMo wallet at your set interval to credit your Yello Save account.
How to withdraw money from MTN Yello Save?
Although Yello Save is designed to encourage saving, you can withdraw your money whenever you need it:
- Dial *170#.
- Select Financial Services.
- Select Savings.
- Select Yello Save.
- Select Withdraw.
- Enter the amount you want to withdraw.
- Enter your your Yello save PIN.
- Wait for the confirmation message.
It’s that simple—save when you want, withdraw when you need.
Must-know terms for using Yello Save
Before using Yello Save, it is important to understand these terms and conditions:
- If you make 3 or more withdrawals in any month, you’ll earn a flat interest rate of 3% per annum, regardless of your account balance.
- One month’s written notice must be provided to close your account. However, you must ensure that you have no outstanding liabilities.
- Fidelity Bank reserves the right to change interest rates without giving you prior notice.
- Fidelity Bank may terminate the banking relationship at any time with reasonable notice, except in cases of suspected fraud, impersonation, or forgery.
Other MTN MoMo savings options
MTN Ghana offers other avenues for customers to save. These include:
- MTN MoMo
- SIKA Save
- Pesewa Susu.
Unfortunately, SIKA Save and Pesewa Susu are yet to be rolled out.
MTN MoMo offers interest on your wallet balance every quarter depending on your transactions and available balance.
FAQs
Should I create a savings plan on Yello Save?
Yes, you should create a savings plan on Yello Save. Making your deposits automatic can help you develop discipline and achieve your goals faster.
How do I check my MTN Yello Save balance?
To check your MTN Yello Save balance, dial *170#, navigate to Financial Services, select Savings, then Yello Save, and choose Check Balance. Enter your PIN, and you’ll receive a notification with your balance.
Does MTN Yello Save have a limit on deposits?
No, there are no limits on deposits.
Conclusion
MTN Yello Save is a convenient, secure, and rewarding way of taking charge of your financial journey.
It’s perfect for anyone who wants to build their savings without the hassle of visiting a bank. So why not give it a try? Dial *170# and start saving today.
Share your experiences and questions with us in the comments
