Old Mutual vs Madison Money Market Fund 2026: Yields Compared

Updated 1 November 2026

Old Mutual vs Madison money market fund: on the managers’ latest published figures, Madison’s fund yields slightly more (10.46% effective annual yield against Old Mutual’s 10.29%), while Old Mutual’s fund is more than four times larger by assets. The yield gap of 0.17 percentage points is small enough that it can flip from week to week, so fund size, access and minimums matter as much as the headline rate.

Updated November 2026. Yields from oldmutual.co.ke/fund-prices (as at 30 October 2026) and madison.co.ke (shown on 1 November 2026, undated on the page). Fund sizes from the Capital Markets Authority (CMA) quarterly collective investment schemes report, as at 30 June 2026.

Old Mutual vs Madison money market fund at a glance

Both managers say their yields are net of management fees and gross of withholding tax.

Yield: Madison ahead by a small margin

Madison’s effective annual yield of 10.46% is 0.17 points above Old Mutual’s 10.29%. On KSh 100,000 held for a year, that difference is worth about KSh 170 before tax. Money market yields move daily as the managers roll over Treasury bills, bank deposits and other short-term paper, so a lead this small is not a reason on its own to switch. Note too that Madison’s page does not show the date of its figure, while Old Mutual dates its prices.

Use the money market fund calculator to see what each yield means for your balance over time.

Size: Old Mutual is much bigger

CMA’s report puts Old Mutual’s money market fund at KSh 28.78 billion, the third largest shilling fund in Kenya behind SanlamAllianz and CIC. Madison’s fund holds KSh 6.31 billion. A bigger fund is not automatically safer, since all funds must follow CMA’s investment limits and hold assets with an independent custodian, but larger funds can usually meet heavy withdrawals more easily.

Access and minimums

Madison publishes clear terms: KSh 5,000 to open, KSh 1,000 for top-ups, no entry or exit fees and withdrawals paid the next working day. Old Mutual’s fund prices page does not list its minimums or payout times, so check the fund documents or ask the manager before investing. Our fund profiles cover how to open an account: Old Mutual Money Market Fund and Madison Money Market Fund.

Tax

Interest earned in a Kenyan money market fund is subject to withholding tax, which the manager deducts before paying you. Because both managers quote yields gross of withholding tax, your take-home return is lower than the headline figure for either fund.

Which should you pick?

• Chasing the highest current yield: Madison, by a small margin on the latest figures.
• Preferring a large, established fund: Old Mutual, the third largest MMF by assets.
• Wanting published, simple terms: Madison spells out its minimums, fees and payout time.
• Already insured or banking with one group: keeping accounts together can make admin easier.

Compare other funds side by side on our CIC, Britam and SanlamAllianz fund pages.

Frequently asked questions

Which pays more, Old Mutual or Madison money market fund?

On the latest published figures, Madison: an effective annual yield of 10.46% against Old Mutual’s 10.29% (as at 30 October 2026). The gap is small and can change.

What is the minimum investment for Madison Money Market Fund?

Madison lists KSh 5,000 as the initial minimum and KSh 1,000 as the minimum top-up.

How big is the Old Mutual Money Market Fund?

KSh 28.78 billion as at 30 June 2026, according to CMA’s quarterly report, or 6.3% of all money market fund assets.

Are these yields after tax?

No. Both managers say yields are net of management fees but gross of withholding tax.