Money market fund (UCITS)
Money market UCITS invest in very short-term debt instruments (Treasury bills, commercial paper). They offer an alternative to the passbook with better taxation (15% vs 30%) and comparable or higher returns.
Key characteristics
Annual yield
2.4-3.2%
Entry ticket
1 000 MAD
Horizon
Very short term (<1 year)
Risk
1/5
Liquidity
Immediate
How it works
Buy fund units via a management company (Wafa Gestion, BMCE Capital Gestion, CDG Capital Gestion, etc.). Net asset value evolves daily. Resell anytime, liquidity within 2 business days.
Advantages
- Optimized taxation (15% vs 30%)
- Higher yield than passbooks
- Quick liquidity (2 days)
- Accessible entry ticket (1,000 MAD)
Disadvantages
- Annual management fees (0.3 to 0.8%)
- Capital not formally guaranteed (but very stable)
- Requires securities account
2026 taxation
Capital gains subject to 15% TPPRF (Tax on Fixed Income Investment Profits). Discharge withholding.
For whom?
Precautionary savings for profiles with high marginal tax rate. Alternative to passbook for amounts above 50,000 MAD.
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