Compare savings & fixed deposit rates in Malawi

By the Rateweb editorial team · How we rate · Product details checked 2 Aug 2026

Compare interest on savings accounts and fixed deposits from banks in Malawi. Only deal with licensed deposit-taking institutions. Rates shown are indicative — confirm the current rate with the provider before opening.

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6 results
Locked term

National Bank of Malawi Fixed Term Deposit

A term deposit from Malawi's largest bank for money you can genuinely leave alone, with short-term deposit and call options for shorter horizons. National Bank of Malawi is on the Reserve Bank of Malawi's licensed-bank register and deposits are covered by the Deposit Insurance Corporation.
★★★★☆
4.2/5 · How we rate
None typical on a term deposit — confirm any early-withdrawal penalty instead
Monthly Fee
Listed on the Reserve Bank of Malawi register of licensed commercial banks; deposits covered by the Deposit Insurance Corporation
Licence
Kwacha savings with a known end date, such as school fees or a planned purchase
Best For
bank
Type
Pros
  • Fixing the term generally buys a better rate than an instant-access savings account
  • Short-term deposit and call accounts sit alongside it if you need the money sooner
  • Deposits at licensed Malawian banks are covered by the Deposit Insurance Corporation
Cons
  • Your money is locked; breaking the term usually costs you interest
  • Rates are quoted in branch rather than published, so you must shop the same term at two or three banks
  • With Malawian inflation, a nominal rate can still leave you worse off in real terms — ask what it is before fixing
Fees, eligibility & documents
Fees
Account feeNot disclosed online; term deposits typically carry no monthly fee — confirm
Early withdrawalPenalty or forfeited interest is standard — get the exact terms in writing
Eligibility
  • Malawian resident aged 18 or over
  • A minimum opening deposit applies — the amount is quoted in branch
  • Existing or new National Bank relationship
Documents needed
  • National ID or valid passport
  • Proof of residential address
  • Source-of-funds evidence for larger deposits
Visit National Bank of Malawi

National Bank of Malawi Fiesta Save Account

A named savings account within National Bank of Malawi's deposit range, alongside the standard Savings, Special Savers and Student Serve accounts. Useful as a first savings home if you already bank with National.
★★★★☆
4.0/5 · How we rate
Not published online — request the savings tariff
Monthly Fee
Listed on the Reserve Bank of Malawi register of licensed commercial banks; deposits covered by the Deposit Insurance Corporation
Licence
Keeping savings separate from your current account at the same bank
Best For
bank
Type
Pros
  • Sits in the same banking relationship, so transfers between current and savings are immediate
  • Part of a range that includes Special Savers and a student account, so you can move products as circumstances change
  • Covered by the Deposit Insurance Corporation as a deposit at a licensed bank
Cons
  • Instant-access savings rates in Malawi are typically well below inflation — treat this as a safety buffer, not growth
  • No published rate or minimum balance, so it cannot be compared like for like online
  • Easy access makes it easy to raid; a term deposit enforces the discipline better
Fees, eligibility & documents
Fees
Monthly account feeNot disclosed online — ask for the savings tariff schedule
Withdrawal chargesSome savings accounts limit free withdrawals; confirm the number before opening
Eligibility
  • Malawian resident aged 18 or over
  • Minimum opening balance quoted in branch
  • Identity verification at a service centre
Documents needed
  • National ID or valid passport
  • Proof of residential address
  • Passport photographs
Visit National Bank of Malawi
Notice account

NBS Bank Classic Investment Account

A notice savings account from NBS Bank, described by the bank as letting customers save and earn interest, with a Recurring Deposit alternative if you need unlimited monthly withdrawals. NBS Bank is on the Reserve Bank of Malawi's licensed-bank register.
★★★★☆
4.1/5 · How we rate
Not published on the product page; NBS lists charges in its tariffs section
Monthly Fee
Listed on the Reserve Bank of Malawi register of licensed commercial banks; deposits covered by the Deposit Insurance Corporation
Licence
Savers willing to give notice in exchange for a better rate than instant access
Best For
bank
Type
Pros
  • A notice structure usually earns more than an instant-access savings account
  • NBS also offers a Recurring Deposit with unlimited monthly withdrawals if you need flexibility
  • The bank publishes a tariffs section, so charges are at least findable
Cons
  • Notice periods mean the money is not there the day you need it
  • The notice period and rate are not stated on the product page — you must ask
  • "Good interest" is the bank's own marketing language, not a verified rate
Fees, eligibility & documents
Fees
Account feeNot stated on the product page; check nbs.mw tariffs
Early access before notice expiresLikely to cost interest — confirm the penalty in writing
Eligibility
  • Malawian resident aged 18 or over
  • Minimum opening deposit set by the bank
  • Branch identity verification
Documents needed
  • National ID or valid passport
  • Proof of residential address
  • Passport photographs
Visit NBS Bank

First Capital Bank Malawi Fixed Deposit Account

First Capital Bank Malawi's term deposit, sitting alongside its ordinary Savings Account. Worth quoting against National Bank and NBS for the same term, since Malawian deposit rates move and no bank publishes them.
★★★★☆
4.0/5 · How we rate
Not published online — request the tariff guide
Monthly Fee
Listed on the Reserve Bank of Malawi register of licensed commercial banks; deposits covered by the Deposit Insurance Corporation
Licence
Getting a second or third quote before you fix a term deposit
Best For
bank
Type
Pros
  • Gives you a genuine alternative quote rather than accepting your main bank's first offer
  • Foreign-currency and investment accounts available if you need to hold something other than kwacha
  • Deposit Insurance Corporation cover applies as with any licensed Malawian bank
Cons
  • No published rates, so comparison means phoning or visiting each bank
  • Locked term with the usual early-withdrawal penalty
  • Smaller branch network makes servicing the account less convenient outside the main cities
Fees, eligibility & documents
Fees
Account feeNot disclosed online — ask for the deposit tariff
Early withdrawalExpect forfeited interest; get the exact terms before you commit
Eligibility
  • Malawian resident aged 18 or over
  • Minimum deposit set by the bank and quoted on application
  • Identity verification in branch
Documents needed
  • National ID or valid passport
  • Proof of residential address
  • Source-of-funds evidence for larger deposits
Visit First Capital Bank Malawi
Microfinance deposit

FINCA Malawi Phindu Savings

A savings account from FINCA Malawi, a deposit-taking microfinance institution which states on its own website that it is regulated by the Reserve Bank of Malawi. Aimed at customers a commercial bank may not serve well.
★★★★☆
3.9/5 · How we rate
Not published online — ask at a FINCA branch
Monthly Fee
FINCA Malawi states on its own website that it is regulated by the Reserve Bank of Malawi
Licence
Small savers and micro-entrepreneurs outside the commercial banking mainstream
Best For
mfi
Type
Pros
  • Designed around small, frequent deposits rather than large minimum balances
  • Sits next to FINCA's group and business lending, so saving and borrowing live in one relationship
  • Pamodzi Savings and a Fixed Deposit are also offered if Phindu does not fit
Cons
  • A microfinance institution is not a licensed bank; do not assume identical deposit protection — ask directly whether your balance is insured
  • No rate, fee or minimum-balance information is published on the website
  • Branch network is narrower than the commercial banks'
Fees, eligibility & documents
Fees
Account feeNot disclosed online — confirm at a branch
Withdrawal chargesNot published; ask how many free withdrawals you get each month
Eligibility
  • Malawian resident aged 18 or over
  • Identity verification at a FINCA branch
  • Minimum opening deposit set by FINCA
Documents needed
  • National ID or valid passport
  • Proof of residential address
  • Passport photograph
Visit FINCA Malawi
Mobile-only

Old Mutual Malawi Phuka Digital Savings

A digital savings product from Old Mutual Malawi that the company says needs only a mobile phone and an Airtel Money account, which makes it reachable without a bank branch. Old Mutual describes it as offering competitive returns; the actual return is not published.
★★★★☆
3.8/5 · How we rate
Not published online — check in the Old Mutual channel before depositing
Monthly Fee
Not verified during this research — confirm Old Mutual Malawi's regulatory status before investing
Licence
Savers with Airtel Money but no convenient bank branch
Best For
digital
Type
Pros
  • Opens and runs from a mobile phone via Airtel Money, with no branch visit
  • Lowers the practical barrier to saving for people outside the banked population
  • Backed by a large pan-African financial services group
Cons
  • "Competitive returns" is marketing language — insist on the actual rate before you deposit
  • This is an investment product, not an insured bank deposit; the protections differ and were not verified here
  • Tied to Airtel Money, so you also carry that wallet's charges and outage risk
Fees, eligibility & documents
Fees
Product chargesNot published on the website — request the fee disclosure
Airtel Money transaction costsDeposits and withdrawals move over Airtel Money and attract its own charges
Eligibility
  • A mobile phone and a registered Airtel Money account
  • Malawian resident aged 18 or over
Documents needed
  • National ID (already held against your Airtel Money registration)
  • Registered Airtel Money wallet
Visit Old Mutual Malawi

Ratings are Rateweb's editorial opinion. Product details can change — always confirm with the provider before applying. Rateweb may earn a commission on some applications. This is general information, not financial advice.

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