How to read this table
The headline "Yield" is the trailing 12-month effective yield published by the fund. The "After tax" column applies the 15% withholding tax that KRA deducts on interest before it reaches your account, that's the number that matters when you compare to your savings account or SACCO.
How to choose
- Yield first, but watch the gap: A 0.5% gap (e.g. 14% vs 13.5%) on KES 1M = KES 5,000/year. Worth picking the higher one if everything else is similar.
- Fee matters less than you think: Most are 1.4-1.6%. The fee is already baked into the published yield, so don't double-count it.
- Withdrawal speed: T+1 vs T+3 matters if this is your emergency fund. T+1 means you can withdraw and it lands the next working day.
- Convenience: If your salary lands at NCBA, NCBA MMF tops up directly from the app. Saves friction.
MMF vs alternatives
| Vehicle | Yield | Liquidity | Risk |
|---|---|---|---|
| MMF (top fund) | 11-14% gross | T+1 to T+3 | Very low (regulated) |
| SACCO BOSA | 8-14% (dividends) | Locked till exit | Low (SASRA-regulated) |
| 91-day Treasury Bill | 13-16% | Hold to maturity (91 days) | Sovereign (very low) |
| Treasury Bond (10-yr) | 14-18% | Secondary market only | Sovereign + duration |
| Bank fixed deposit | 6-10% | Hold to maturity | Bank credit risk |
| Savings account | 3-7% | Instant | Bank credit risk |
Tax
15% withholding tax is deducted by the fund manager on your behalf. You don't need to file separately for MMF interest, the certificate of withholding is your record. Add it to your annual return as informational.