Savings accounts comparator Morocco 2026
Compare 7 Moroccan savings products: rates, caps, taxation, liquidity. Estimate net gains over 1-10 years.
How it works
Enter amount and duration. We calculate the expected after-tax yield for each Moroccan savings product, considering tax exemptions.
Compared products
Bond Fund
Wafa Gestion, CDG, Attijari Finance
Investment in government and rated corporate bonds, 2-5 year horizon.
Education Savings Plan (PEE)
Attijariwafa, BP, CIH
Min 5 years, tax exempt for tuition fees.
Term Deposit
All banks
Frozen deposit 6-36 months, guaranteed fixed rate, early withdrawal penalty.
Housing Savings Plan (PEL)
All banks
Min 4 years, tax exempt if used for real estate purchase.
Money Market Fund
Wafa Gestion, CDG, BMCE Capital
Highly liquid funds invested in short-term Treasury bills.
Savings Account (Banque Populaire)
Banque Populaire
Mutual passbook aligned with BAM reference rate, 500,000 MAD cap.
Savings Passbook (Attijariwafa)
Attijariwafa Bank
Classic on-demand passbook with guaranteed capital.
This is only an indicative estimate
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How does this comparator calculate your savings yield?
This comparator pits 7 savings products available in Morocco in 2026 against each other: the classic bank passbook (2.50% at Attijariwafa Bank, capped at MAD 400,000), the Banque Populaire savings account (2.75%, MAD 500,000 cap), the Housing Savings Plan PEL (2.75%), the Education Savings Plan PEE (3.00%), the money market fund (3.25%), the term deposit (3.60%) and the bond fund (4.80%). Enter an amount and a duration from 1 to 30 years; the tool displays each product's final amount, net gain and tax withheld, ranked from most to least profitable.
The calculation uses annual compound interest: capital × (1 + rate)^years. On taxed products (passbooks, term deposits, funds), a 20% withholding is deducted from interest — a 3.60% headline term-deposit rate is therefore worth about 2.88% net. Two products escape taxation under conditions: the PEL (exempt if kept at least 4 years and used for a property purchase) and the PEE (exempt after a 5-year minimum when the funds pay tuition fees).
The rates used are the averages observed in 2026 and are assumed constant over the whole term — a reliable assumption for passbooks and term deposits (guaranteed rates), but indicative for funds, whose value fluctuates and whose capital is not guaranteed. The comparator does not model deposit caps (MAD 400,000 on the Attijariwafa passbook, MAD 500,000 at Banque Populaire, MAD 400,000 for the PEL, MAD 300,000 for the PEE): beyond those amounts, spread your savings across several vehicles.
Savings in Morocco frequently asked questions
What is the most profitable savings product in Morocco in 2026?
On MAD 100,000 invested for 5 years, the bond fund (4.80%) generates about MAD 21,100 of net gain after the 20% withholding, versus about MAD 10,500 for a 2.50% bank passbook — more than double. In exchange, fund capital is not guaranteed. The best guaranteed and tax-exempt product remains the PEE at 3.00%: nearly MAD 15,900 net on the same example.
How is savings interest taxed in Morocco?
The comparator applies the 20% withholding tax on interest from passbooks, term deposits and funds — the regime for savers who provide their tax ID to the bank; otherwise a 30% discharge withholding applies. The PEL and PEE are income-tax exempt when their conditions are met: minimum 4 years and a property purchase for the PEL, minimum 5 years and tuition fees for the PEE.
Does a 3% PEE earn more than a 3.60% term deposit?
Yes, thanks to the tax exemption: on MAD 100,000 over 5 years, the exempt PEE yields nearly MAD 15,900 net versus about MAD 15,500 for the term deposit after the 20% withholding. A rate taxed at 20% loses one fifth of its return: 3.60% gross is only worth about 2.88% net. Condition: keep the PEE at least 5 years and use it for tuition fees.
Are my savings guaranteed if my bank fails?
Bank deposits (passbooks, savings accounts, term deposits) are covered up to MAD 80,000 per depositor and per bank by the Collective Deposit Guarantee Fund (FCGD). Above that, splitting savings across several banks multiplies the protection. Funds (UCITS) fall outside this guarantee: their value tracks the securities held, with no capital guarantee.
What are the caps on savings passbooks in Morocco?
The Attijariwafa Bank passbook is capped at MAD 400,000 and the Banque Populaire savings account at MAD 500,000. Regulated plans are tighter: MAD 400,000 for the PEL and MAD 300,000 for the PEE. Term deposits and funds have no cap — the natural vehicles beyond those amounts.
Assumptions and rates verified on August 19, 2026 — Wafir.ma
Wafir.ma is an independent comparison service — neither an ACAPS-licensed insurance broker nor a credit institution licensed by Bank Al-Maghrib. Displayed rates are indicative only.