Savings Accounts
List of Products
SACCO Deposit Account
This is a locked savings account for members long term savings and investment requirements. It may be used by members as security for loans. It’s a non-withdrawable savings account which is also a multiplier account for loans. Members are required to deposit a minimum K200 or more on a monthly basis.
Features:
- Unlimited deposit through mobile.
- Free standing orders from current account.
- Competitive interest rates for up to 10% p.a
Education Saving
- This is a saving account that allows members to save money towards meeting the cost for education for themselves and their loved ones.
Features
– First withdrawal can be done after Six (6) months after which it can be made every Three (3)
months
– Minimum monthly savings of K500.
– No monthly charges
– Minimum book balance of K500.
*Charges will be applied for withdrawals of more than 3 times after Six (6) months.
Benefits:
– Balance above K6000 earns interest of 10% p.a if no withdrawal is made for
Six(6) months.
– Withdraws allowed within 24 hours of notice
Holiday Savings
This product is ideal for couples or lovers planning for special
occasion.
Features
– First withdrawal can be done after Six (6) months after which it can be made every
Three (3) months
– Minimum monthly savings of K500.
– No monthly charges
Church Savings Account
Description: This account allows church organizations to ensure their surplus cash is not kept idle but earns interest.
Features: Initial deposit of K5000 and monthly minimum savings of K1000 should be made. Four withdrawals per year are permitted.
Benefits: For minimum balance above K20,000 in a year, the account earns interest of up to 10%.
Targeted Asset
Description: Members wishing to purchase targeted high value assets at a future time may accumulate savings for this purpose.
Features: A minimum of K3000 should initially be deposited and thereafter monthly savings of K500 should be made.
Benefits: Interest 12% p.a. is payable on a minimum balance of K20,000.
Village Banking/ SILC Savings Account
Description: A Savings Accounts product targeting Village Banking groups and other savings groups like SILCs.
Features: An initial deposit of K10,000 must be made and thereafter, monthly Savings of K1,000 must be done.
Benefits: These groups will access loans up to Five(5) times of their
savings. If no loans are obtained, savings will earn interest of 12% p.a.