How to calculate how much interest your savings earn on Koa
How to Use the Koa Interest Calculator
So, you might be new to Koa or you have been using the app for a while and you’re wondering, “How does my money gain interest?” This article will help you determine that. We will show you how to use the interest calculator to work out the accumulated interest your savings will earn over time.
We can start by covering the basics. Koa is a savings and investment app that enables you to save for multiple goals easily on your phone. You can deposit as little as 100 shillings and earn up to 10%* interest on your savings. This is all possible because we are licensed by the CMA and we have partnered with Britam Asset Managers to invest your money in the Britam Money Market Fund.
We have created a calculator to help you determine how much interest your money will earn over a certain period.
It’s tutorial time! 😄
- Click on this link to access your interest calculator.
This should be the webpage that opens on your computer.
2. Download the file to your computer.
You can do this by selecting file tab in the top left corner of your toolbar. Hover over the ‘download’ option and then select Microsoft Excel (.xlsx) format.
3. Open the document and you are ready to start calculating.
Let’s use Jane as our example. Jane has downloaded the Koa app and she intends to save Kshs 1,000 weekly for a year.
- To find out how much interest she will make at the end of the year, she starts by entering the amount she will be saving (Kshs 1000) in the highlighted cell. As shown below.
- She then picks the how often she will be depositing money into her Koa account.
- Since she is planning on saving for 1 year, she inputs a duration of 12 months in the highlighted cell.
- Jane then selects the ‘weekly’ interest compounded option in the highlighted cell and presses ENTER.
- And just like that, Jane is able to see how much she will have saved in a year and the amount of interest she will have accumulated.
Access your interest calculator here.
Happy saving everyone! 🎉🎉