Premium savings account
This is a high-interest-bearing account opened for a specific period at a fixed rate of interest.
Features
- The account has competitive annual tiered interest rates of 9% -11% depending on the period, which is calculated and paid at maturity.
- 6 months - 9% interest
- 9 months – 10% interest
- 12 months – 11% interest
- Minimum fixable amount
- Individual - 1,000,000/=
- Group - 5,000,000/=
- Interest is paid only on matured deposits.
- Certificate issued on placement.
- Fixed deposits broken before maturity will earn 7.5% as a free savings account
Benefits
- A good individual investment avenue with guaranteed returns.
- Different term periods to suit members’ needs.
- Accrues interest that forms part of the savings balance.
- Earns Saver's bonus at the end of the financial year (dependent on SACCO’s profitability)
Requirements
- Filled in premium savings account form
