Free savings account
The Free savings account is a mandatory transaction account available to members and provides a quick and efficient means of getting money when needed.
Features
- Earns an annual interest of 7.5%, computed quarterly based on daily balance
- Recommended minimum savings of 5% of net pay per pp.
- Minimum savings balance of UGX 3,000,000.
- Allows for withdraws any time at a 2000/= charge levied on the amount requested
- As the main savings account for members, all dividends and bonuses are paid on this account
Benefits
- Savings are conveniently accumulated through payroll deductions and direct banking
- Serves as a loan qualification parameter
- Savings are used as a guarantee for loans
- With competitive interest rates of 7.5%, interest forms part of the savings balance.
- Earns Saver's bonus at the end of the financial year (dependent on SACCO’s profitability)
- Can be used to settle final loan pay-off or net off loans if requested by members.
- Daily balances and mini statements are available on request.
- No ledger fees are charged.
- Allows members to access bigger loans without raising more cash.
- Unlimited access to your savings, except in special cases
- Members can open a joint account
