Dollar Account
A USD-denominated account, for members who would like to save in dollars.
Features
- Earns an annual interest rate of 0.5% that is computed and posted on account quarterly
- Earns a savers’ bonus that is computed at the end of the fiscal period (dependent on the SACCO’s profitability).
- The minimum balance is $100.00
Benefits
- Savings can be utilized as collateral for a loan.
- The account facilitates diaspora transactions for members that are based out of the country and serve to eliminate foreign exchange loss for members that have been remitting USD funds to the SACCO.
- Balances and statements are provided quarterly and on member request
Requirements
- Mandatory written instructions to have a dollar account opened
