Unit Trusts are increasingly popular with Ugandans looking for professionally managed investments, but one of the first questions investors ask is simple:
What are the current Unit Trust interest rates in Uganda?
There is no single Unit Trust interest rate.
Different Unit Trust funds invest in different assets, follow different strategies and report their performance in different ways. Returns can also change as interest rates, government-security yields and broader market conditions change.
As of July 2026, UGX Unit Trusts available through Level Africa are showing headline rates and returns ranging from 12.06% to 15.27%, based on the latest available fund information.
Level Africa provides access to Unit Trust opportunities from fund managers including SanlamAllianz, Old Mutual, ICEA and Cornerstone.
This guide compares the latest available rates and returns, explains what the numbers mean and shows what else you should consider before choosing a Unit Trust.
Current Unit Trust Interest Rates in Uganda
Here are the latest available rates and returns for selected Unit Trusts available through Level Africa.
| Unit Trust | Latest Rate / Return | Currency | Minimum Investment |
|---|---|---|---|
| Cornerstone Income Fund (UGX) | 15.27% Effective Annual Yield | UGX | UGX 100,000 |
| Old Mutual Umbrella Trust Fund | 12.98% July Yield | UGX | UGX 100,000 |
| Old Mutual Money Market Fund | 12.66% July Yield | UGX | UGX 100,000 |
| ICEA Money Market Fund | 12.10% 1-Month Return | UGX | UGX 100,000 |
| SanlamAllianz Income Fund (SIF) | 12.06% Last 30-Day Average Rate | UGX | UGX 100,000 |
| SanlamAllianz Dollar Fund | 5.31% Annual Return | USD | USD 1,000 |
Last updated: July 2026
The figures above are not necessarily calculated on exactly the same basis.
For example, Cornerstone reports an effective annual yield, Old Mutual reports a July yield, ICEA reports performance over different periods, while the figures displayed for the SanlamAllianz funds on Level Africa are presented as a last 30-day average rate or annual return.
This distinction matters when comparing funds.
The latest Cornerstone UGX fact sheet reports a 15.27% effective annual yield for July 2026 and a UGX 100,000 minimum investment.
Old Mutual’s July 2026 fact sheets report a 12.98% July yield for the Umbrella Trust Fund and 12.66% for the Money Market Fund, with UGX 100,000 minimum investments for both funds.
ICEA’s Money Market Fund reported 12.1% for the one-month period in its July 2026 fund-performance chart.
Which Unit Trust Has the Highest Interest Rate in Uganda?
Among the UGX funds compared above, the Cornerstone Income Fund has the highest headline figure for July 2026 at an effective annual yield of 15.27%.
It is followed by:
- Cornerstone Income Fund — 15.27%
- Old Mutual Umbrella Trust Fund — 12.98%
- Old Mutual Money Market Fund — 12.66%
- ICEA Money Market Fund — 12.10%
- SanlamAllianz Income Fund — 12.06%
However, this should not be interpreted as a ranking of the best Unit Trusts in Uganda.
The funds do not necessarily use the same investment strategy, risk profile or performance-reporting methodology.
A fund with the highest current yield may not necessarily be the most suitable fund for a particular investor.
Returns can also change.
What Does a Unit Trust Interest Rate Mean?
People commonly ask for Unit Trust interest rates, but Unit Trusts do not necessarily work like savings accounts or fixed deposits offering a permanently fixed interest rate.
A Unit Trust pools money from multiple investors.
The fund manager then invests that money according to the fund’s investment strategy.
Depending on the fund, its portfolio may contain investments such as:
- Treasury Bills
- Treasury Bonds
- Fixed deposits
- Corporate bonds
- Cash deposits
- Other money-market or fixed-income securities
The performance of those investments contributes to the returns generated by the fund.
That means the return available from a Unit Trust can change over time.
Unit Trust Return vs Interest Rate
Although the phrases are often used interchangeably, there is an important difference.
An interest rate generally describes the percentage interest paid on a financial product.
A Unit Trust return or yield reflects the performance or income generated by the fund over a particular period or using a particular calculation methodology.
This is why investors should look beyond the percentage itself.
For example:
15.27% Effective Annual Yield
is not necessarily directly comparable with:
12.10% 1-Month Return
without understanding how each fund manager calculated and presented those figures.
The reporting period and methodology should always be considered when comparing Unit Trust performance.
Cornerstone Income Fund (UGX)
15.27% Effective Annual Yield
The Cornerstone Shilling Income Fund reported an average effective annual yield of 15.27% as of July 2026.
Minimum investment: UGX 100,000
Currency: UGX
Effective annual yield: 15.27%
Recommended investment term: 1 year
Risk profile: Low to medium
Management fee: 2% per annum
Total Expense Ratio: 2.6%
Benchmark: 91-day Treasury Bill + 1%
The fund aims to deliver a combination of current income and long-term capital appreciation through a diversified portfolio of fixed-income investments.
These can include Treasury Bills, government bonds, fixed deposits, call deposits, corporate bonds, commercial paper and other approved interest-bearing securities.
How Has the Cornerstone Income Fund Performed?
The July 2026 fact sheet shows the fund’s effective annual yield moving as follows:
| Month | Effective Annual Yield |
|---|---|
| January 2026 | 16.71% |
| February 2026 | 15.63% |
| March 2026 | 15.49% |
| April 2026 | 15.25% |
| May 2026 | 15.11% |
| June 2026 | 15.05% |
| July 2026 | 15.27% |
The July yield of 15.27% compared with a benchmark of 11.38% and commercial-bank time deposits of 10.72% in the fund’s comparison.
As of 31 July 2026, the portfolio allocation was approximately:
92.92% Bonds
5.49% Call/Fixed Deposits
1.58% Cash & Cash Equivalents
The significant bond allocation helps explain why this fund should not simply be treated as identical to a money-market fund.
Old Mutual Umbrella Trust Fund
12.98% July Yield
The Old Mutual Umbrella Trust Fund reported a 12.98% July yield in its July 2026 fact sheet.
Minimum investment: UGX 100,000
Minimum top-up: UGX 100,000
Currency: UGX
July yield: 12.98%
Risk profile: Low
Management fee: 2%
The fund seeks to maximise current income while preserving capital.
Its portfolio can include Treasury Bills, Treasury Bonds, corporate bonds, fixed deposits and other fixed-income securities.
Old Mutual describes it as suitable for medium- to long-term investing, with immediate liquidity stated as T+2 in the July fact sheet.
Old Mutual Umbrella Trust Fund Performance
| Period | Return |
|---|---|
| July 2026 | 12.98% |
| Quarter-to-Date | 12.81% |
| Year-to-Date | 12.83% |
| Since Inception | 11.97% |
The fund’s reported benchmark for July was 8.90%.
The fact sheet reports a fund size of approximately UGX 4.033 trillion.
Old Mutual Money Market Fund
12.66% July Yield
The Old Mutual Money Market Fund reported a 12.66% July yield in July 2026.
Minimum investment: UGX 100,000
Minimum top-up: UGX 100,000
Currency: UGX
July yield: 12.66%
Risk profile: Medium
Management fee: 2%
Benchmark: Uganda 91-day Treasury Bill
The fund is designed to generate current income while maintaining liquidity and protecting investor capital.
It can invest in interest-bearing securities including Treasury Bonds, Treasury Bills, corporate notes, fixed deposits and cash-on-call deposits.
Old Mutual Money Market Fund Performance
| Period | Return |
|---|---|
| July 2026 | 12.66% |
| Quarter-to-Date | 12.91% |
| Year-to-Date | 12.39% |
| Since Inception | 11.19% |
Its July benchmark was 10.01%.
The July fact sheet reports a fund size of approximately UGX 45.655 billion.
Old Mutual also describes the fund as an investment vehicle for short-term investments and states that it provides T+2 liquidity.
ICEA Money Market Fund
12.10% 1-Month Return
The ICEA LION Money Market Fund reported 12.1% performance over the one-month period in its July 2026 fact sheet.
Minimum investment: UGX 100,000
Minimum top-up: UGX 50,000
Currency: UGX
Management fee: 2%
Initial fee: 0%
Benchmark: 91-day Treasury Bill
The fund’s stated objective is to achieve optimal returns while preserving capital.
ICEA Money Market Fund Performance
| Period | Fund Performance |
|---|---|
| 1 Month | 12.1% |
| 3 Months | 12.2% |
| 1 Year | 13.4% |
| 3 Years | 12.8% |
| Since Inception | 12.1% |
The corresponding benchmark figures shown in the July fact sheet were 10.4%, 10.8%, 11.1%, 10.6% and 10.6%, respectively.
The fund had approximately UGX 797 billion under management.
Its July portfolio chart shows approximately:
44% Bonds
34% Treasury Bills
21% Deposits
0% Cash
SanlamAllianz Income Fund (SIF)
12.06% Last 30-Day Average Rate
The SanlamAllianz Income Fund is another UGX Unit Trust available through Level Africa.
Latest Level Africa rate: 12.06%
Reporting basis: Last 30-day average rate
Minimum investment: UGX 100,000
Currency: UGX
The fund is positioned on Level Africa for investors considering shorter- to medium-term investing and those looking for an investment option for funds that may need to remain accessible.
Because the 12.06% figure is presented as a last 30-day average rate, investors should not assume that it is calculated on exactly the same basis as the effective annual yields or other performance figures shown by other fund managers.
SanlamAllianz Dollar Fund
5.31% Annual Return
For investors looking for a USD-denominated Unit Trust, Level Africa also provides access to the SanlamAllianz Dollar Fund.
Annual return: 5.31%
Minimum investment: USD 1,000
Currency: USD
The fund is positioned for longer-term investing and investors looking for USD-denominated investment exposure.
It is important not to simply compare the Dollar Fund’s 5.31% return against a UGX fund generating 12% or 15% and conclude that the UGX investment is automatically better.
They are investments denominated in different currencies.
Currency exposure is therefore another factor investors should consider alongside the headline return.
Which Unit Trust Should You Choose?
The Unit Trust offering the highest rate today isn’t automatically the right investment for everyone.
Consider at least five things.
1. Your Investment Goal
What are you investing for?
You may be building an emergency fund, saving toward a future expense, preserving capital or investing for longer-term wealth creation.
Different funds may suit different objectives.
2. How Long You Want to Invest
Some Unit Trusts are designed primarily for shorter-term investing.
Others have portfolios and strategies more appropriate for medium- or longer-term investors.
For example, Old Mutual describes its Money Market Fund as suitable for short-term investments, while its Umbrella Trust Fund is positioned for medium- to long-term investments.
3. Access to Your Money
Liquidity matters if you may need your money before your planned investment period ends.
Check the redemption and processing terms of the specific fund before investing.
4. Risk
Unit Trusts can have different risk profiles because their underlying investments differ.
A portfolio concentrated in longer-term bonds, for example, behaves differently from a fund concentrated in shorter-term money-market instruments.
5. Currency
Level Africa provides access to both UGX and USD-denominated Unit Trust opportunities.
The appropriate currency may depend on your goals, where your future expenses will occur and the type of exposure you want.
Does a Higher Unit Trust Rate Mean a Better Fund?
Not necessarily.
Consider two hypothetical funds:
Fund A: 15%
Fund B: 12%
Looking only at the headline number makes Fund A appear better.
But Fund B could have different liquidity, risk, currency exposure, investment strategy or minimum investment requirements.
The better comparison is:
Return + Risk + Liquidity + Currency + Investment Period + Investment Strategy
The headline rate is useful.
It isn’t the whole investment decision.
What Affects Unit Trust Interest Rates in Uganda?
The latest fund fact sheets also show why Unit Trust returns don’t remain static.
Treasury Bill Rates
Money-market funds can hold Treasury Bills.
When short-term government-security yields move, the returns available to fund managers from new investments can also change.
ICEA’s July 2026 fact sheet, for example, reported declines in the 91-day, 182-day and 364-day Treasury Bill yields during the period.
Treasury Bond Yields
Income funds can hold significant amounts of government bonds.
The Cornerstone UGX Income Fund had 92.92% of its portfolio in bonds at the end of July 2026.
Changes in bond yields and prices can therefore affect fund performance.
Interest Rates
Prevailing interest rates affect the returns available from fixed deposits, money-market securities and other interest-bearing investments.
Portfolio Composition
Two Unit Trusts operating in the same country can generate different returns because they own different combinations of assets.
Fund Strategy
Each fund manager decides how to allocate the fund’s portfolio within the parameters of the fund.
That strategy influences risk, liquidity and potential returns.
Money Market Fund vs Income Fund
These names can sometimes be confusing for new investors.
A Money Market Fund generally focuses more heavily on shorter-term and relatively liquid interest-bearing investments.
An Income Fund may invest across a broader range of fixed-income securities, potentially including longer-term government and corporate bonds.
The actual portfolio should always be checked because fund structures differ.
For example, the Old Mutual Money Market Fund’s July portfolio contained fixed deposits, cash/call deposits, Treasury Bills and Treasury Bonds.
Meanwhile, Cornerstone’s UGX Income Fund had more than 90% of its portfolio allocated to bonds.
Are Unit Trust Returns Guaranteed?
No.
The latest fact sheets from the fund managers explicitly warn investors that past performance does not guarantee future performance.
Investment values and income can change depending on the performance of the underlying investments.
This is another reason not to interpret a published Unit Trust yield as a guaranteed fixed rate.
How Much Do You Need to Invest in a Unit Trust in Uganda?
Several UGX Unit Trust opportunities available through Level Africa have minimum investments starting from:
UGX 100,000
These include the funds compared above from Cornerstone, Old Mutual and ICEA.
The minimum for USD-denominated funds can differ.
The SanlamAllianz Dollar Fund available through Level Africa, for example, has a minimum investment of USD 1,000.
Always check the terms of the individual fund before investing.
How to Invest in Unit Trusts Through Level Africa
Investing through Level Africa follows four main steps.
1. Create & Verify
Create your Level Africa account and complete the required account verification.
2. Fund Your Wallet
Add the amount you want to invest to your Level wallet.
3. Choose a Unit Trust
Compare available Unit Trusts based on their latest performance, currency, minimum investment, liquidity, risk and investment strategy.
4. Invest & Track
Complete your investment and track it through your Level Africa account.
Compare Unit Trusts in Uganda
Unit Trust rates are useful when deciding where to invest, but they shouldn’t be viewed in isolation.
Compare:
Current performance. Risk. Liquidity. Currency. Minimum investment. Investment strategy. Investment period.
And remember that today’s highest-returning fund may not remain the highest-returning fund in the future.
Level Africa gives investors access to different Unit Trust opportunities in one place, including funds from Cornerstone, Old Mutual, ICEA and SanlamAllianz.
Frequently Asked Questions
What is the current Unit Trust interest rate in Uganda?
There isn’t one standard Unit Trust interest rate in Uganda. As of July 2026, the UGX Unit Trusts compared in this guide have headline rates or returns ranging from 12.06% to 15.27%, although the figures are reported using different methodologies and periods.
Which Unit Trust has the highest interest rate in Uganda?
Among the UGX funds compared on this page, the Cornerstone Income Fund reported the highest headline figure for July 2026 at 15.27% effective annual yield. This doesn’t necessarily mean it is the best fund for every investor.
What is the Cornerstone Unit Trust interest rate?
The Cornerstone Shilling Income Fund reported an effective annual yield of 15.27% for July 2026.
What is the Old Mutual Unit Trust interest rate in Uganda?
Old Mutual’s July 2026 fact sheets reported a 12.98% July yield for the Umbrella Trust Fund and 12.66% for the Money Market Fund.
What is the ICEA Unit Trust interest rate?
The ICEA LION Money Market Fund reported 12.1% one-month performance in its July 2026 fact sheet. Its one-year performance was 13.4%.
What is the SanlamAllianz Income Fund rate?
The SanlamAllianz Income Fund is currently displayed on Level Africa with a 12.06% last 30-day average rate.
Are Unit Trust interest rates fixed?
Not necessarily. Unit Trust returns can change as the value and income generated by their underlying investments change.
Which is better: a Money Market Fund or Income Fund?
Neither is automatically better. Money Market Funds and Income Funds can have different investment strategies, liquidity characteristics, risk profiles and expected investment periods. The appropriate choice depends on your investment objective.
Can I lose money in a Unit Trust?
Unit Trusts are investments and are subject to investment risks. Fund managers’ fact sheets warn that the value of investments can rise or fall and that past performance isn’t a guarantee of future results.
How much do I need to start investing in Unit Trusts?
Several UGX Unit Trust opportunities available through Level Africa start from UGX 100,000. Minimums differ by fund and currency.