Executorship Savings account
This account is specially designed to aggregate all Members' savings to allow access to the named estate manager or execute the will of a member as if he/she is still alive. It forms part of the member's estate
Features
- The balance on this account is a net of all assets and liabilities held at the time of death with the SACCO.
- Earns 7.5% interest, and is credited quarterly
- Access to this account is per the last written instructions or declarations left by a member during his life.
Benefits
- Facilitates deceased members' legacy
- Offers safe savings management options for members.
- Allows members to name or transfer membership to their beneficiaries.
- The statement is available to the named next of kin on request
- Allows members to have their assets held for the minors till the age of 18.
- Allows payments directly to 3rd parties if arranged
- Payments to 3rd parties should be encouraged on the presentation of bills, and bank slips.
Requirements
- Completed beneficiary forms must have been filled in to clearly show:
- Names of beneficiaries
- Proper identifications of Trustees and beneficiaries
- Beneficiaries’ colored passport photo(s)
- Percentage distributions and contacts to each of the named beneficiaries or Trustees.
- Proper identifications of named next of kin should be filled by members during their life.
We also offer:
Loans
We offer a variety of loan options to help our members finance their personal and business needs.
Savings Accounts
Our savings accounts are designed to help our members save money for the future.
Insurance
As an added essential insurance service, is to promote the members’ welfare.