Updated September 28, 2026 · VaultCue Editorial Team
Imagin vs M-Pesa
Imagin
M-Pesa
Higher score in this comparison
Imagin vs M-Pesa: the differences
| Compare | ImaginReviewSee alternativesSee alternatives | M-PesaReviewSee alternativesSee alternatives |
|---|---|---|
| Headline rate | 0% | 2% to 5%Higher |
| Minimum deposit | €20 | KES 1 |
| Access terms | Savings withdrawable at any time, in part or in full; Huchas is a sight current account with operational limitations, and an open imaginBank account is required to contract it | Electronic only, operated via the M-Shwari Menu on the M-PESA system; no branch access |
| Monthly fee | €0 | KES 0 |
| Deposit protection | EU DGS up to EUR 100,000 | Not confirmed |
Same on both: Rate type (Variable), Account kind (Easy access).
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Key differences
- M-Pesa scores higher overall: 8.9 vs 8.6.
- Headline rate is higher at M-Pesa: 2% to 5% vs 0%.
- Support channels: only M-Pesa offers Email, Phone, Community.
Our verdict on each
Imagin
Imagin suits expats and travelers in Spain who want free everyday banking with money parked in an easy-access pot. The appeal is the fee-free running of the account, offset by a 0% headline rate that sits near the bottom of the savings field.
M-Pesa
M-Pesa suits anyone in Kenya who wants everyday money handled on a handset, with a monthly fee of KES 0. Savings pay a variable rate of 2% to 5% from a small entry point. The trade-off is a digital-only service with a single currency and no branch access.
Score breakdown
| Area | Imagin | M-Pesa |
|---|---|---|
| Cost | 8.8Monthly fee of €0, free SEPA transfers and a currency conversion fee of 0%, so running costs sit at the floor of €0. | Not confirmed |
| Offer | 8.3The 0% headline on an easy access account ranks 458 of 473, so little interest is on offer. | 9.0HigherFree ATM withdrawals within KES 100, savings opening from KES 1 and support across email, chat and phone. |
| Trust | Not confirmed | 8.8 |
How they place
| Ranking | Imagin | M-Pesa |
|---|---|---|
| Savings accounts | 555 of 1420 | 416 of 1420 |
| Online banks | 186 of 402 | 128 of 402 |
Availability and regulation
| Country | Imagin | M-Pesa |
|---|---|---|
| Spain | Banco de España 2100 | Not confirmed |
Additional countries for Imagin: 1. Additional countries for M-Pesa: 1.
If neither fits
AU Small Finance Bank has headline rate at 6.75%, against 0% for Imagin and 2% to 5% for M-Pesa.
AU Small Finance Bank reviewWhat we checked
Imagin
- imagin.com: 11 facts, checked September 26, 2026
M-Pesa
- safaricom.co.ke: 11 facts, checked September 26, 2026
Every fact side by side
| Fact | Imagin | M-Pesa |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | imaginersGen, S.A. | Safaricom PLC |
| Headquarters | Spain | Kenya |
| Founded | Not confirmed | 2007 |
| Support channels | Chat, Help centre | Email, Chat, Phone, Help centre, CommunityCovers more |
Everyday accounts
| Fact | Imagin | M-Pesa |
|---|---|---|
| Currency conversion fee | 0% | Not confirmed |
| Currencies | Not confirmed | 1 |
| Audience | Expats, Travelers | Expats, Teen, Business |
| Features | Free ATM, Joint account, Digital onlyCovers more | Digital only |
| Local account details | IBAN | Not confirmed |
| Free ATM withdrawals | Not confirmed | KES 100 |
| Transfer fee | Free SEPA transfers (0 EUR) | Free to KES 100, then KES 7-108 |
Money transfer
| Fact | Imagin | M-Pesa |
|---|---|---|
| Payout methods | Not confirmed | Bank, Cash pickup, Wallet |
| Fee to send 1,000 | Not confirmed | KES 13 |
Where each stands against the rest
| Fact | Imagin | M-Pesa | Median |
|---|---|---|---|
| Headline rate | 0%lowest quarter | 2% to 5%above the median | 3.25% |
Median across 658 listed accounts.
Pros and cons
Imagin
Pros
- Monthly fee of €0 on the savings account, matching a site median of €0
- Free SEPA transfers (0 EUR) and a currency conversion fee of 0% on the travel card
- EU DGS up to EUR 100,000 under the EU scheme
Cons
- A 0% headline rate that ranks 458 of 473
- variable rate, so the return on savings can move
- Support runs on chat and help centre only
M-Pesa
Pros
- A monthly fee of KES 0, so there is no ongoing charge for keeping the account
- Savings pay a variable rate of 2% to 5% and open from a minimum deposit of KES 1
- Money sent out reaches bank, cash pickup and wallet
Cons
- Money moves in a single market, since the account holds 1 currency
- Branch counters are not among its listed features, which cover digital only, and access runs through the M-Shwari menu on the M-PESA system
- Transfer fees run Free to KES 100, then KES 7-108, with a common send charge of KES 13
Who each suits
Imagin
Who it suits
- Expats and travelers holding euros in Spain
- Anyone who wants a no-fee current account with a small savings pot
- People who want the free-atm, joint-account, digital-only feature set
Who should look elsewhere
- Savings hunters who want a competitive return, where AXI Card Tarjeta y Credito and Plazo ES pay more
- People who need phone support, since help runs on chat and help centre
- Anyone wanting a standalone savings account, as an open imaginBank account is required
M-Pesa
Who it suits
- People living in Kenya who pay and collect money by phone
- Teens and expats who want an account without a monthly charge
- Businesses and traders who receive and pay out through a wallet
Who should look elsewhere
- Skrill, if you need to hold and convert money in several currencies
- PayPal Colombia, if your payments need to reach an international audience
- Plazo ES, if you are weighing savings products and want terms other than a variable variable rate
Current offers
Imagin
Current offer
Bonus
Get up to EUR 750 for joining imagin (salary domiciliation): Up to EUR 250: EUR 250 if salary from EUR 1,500 or more; EUR 150 if salary between EUR 900 and EUR 1,499.99
Salary must be direct-debited within the first 4 months of becoming a customer and the account kept open for at least 48 months; not valid if the customer already used a salary/pension/sole-trader domiciliation offer since 1 January 2022 or if the salary comes from another CaixaBank account; valid throughout the Spanish territory
Source, checked September 26, 2026
Country by country
| Country | Imagin | M-Pesa |
|---|---|---|
| Kenya | No | Yes |
| Spain | Yes | No |
Questions about each
Imagin
What interest does the Imagin savings account pay?+
The headline rate is 0% and the rate type is variable. That places it 458 across 473 brands ranked on headline rate, so the balance is there for convenience rather than growth.
Is my money protected at Imagin?+
Deposits are covered under EU DGS up to EUR 100,000, the EU guarantee scheme. The provider is listed with Banco de España under licence 2100, so the balance sits inside a supervised scheme in Spain.
M-Pesa
What does M-Pesa cost to keep each month?+
The monthly fee is KES 0, so there is no charge for holding the account. Sending money is charged separately, with transfer fees running Free to KES 100, then KES 7-108 and a common send charge of KES 13. Cash machine withdrawals are free within an allowance of KES 100.
Is there a minimum deposit needed to start?+
Savings start from a minimum deposit of KES 1, so the entry point is low. The monthly fee is KES 0, which means no ongoing charge to keep the account open, and the account kind is easy access for easy access to the balance.
Other options to compare
Related by the facts
Imagin
M-Pesa