The Free savings account is a mandatory transaction account available to members and provides a quick and efficient means of getting money when needed.
- As the main savings account for members, all dividends are paid on this account
- Earns an annual interest rate of 7.5% that is computed on quarterly minimum balance based on average period balance
- Minimum savings of 5% of net pay.
- Minimum savings balance of UGX 3,000,000.
- Allows for withdraws any time at a 2,000/= charge levied on amount requested
- Not encumbered with any loans, unless when risk weighting of total loans is high or when member has suggested so e.g. repayment of Emergency Loan
- Available for members who are registered and approved associates of the SACCO.
- Savings are conveniently accumulated through payroll deductions and direct banking
- Serves as a Loan qualification parameter and savings are used as guarantee for loans
- Competitive interest rates of 7.5%, interest forms part of the savings balance.
- Can be used to settle final Loan pay off or net off loans if requested by member.
- Daily balances and mini statements available on request.
- No ledger fees charged.
- Allows members to access bigger loans without raising more cash.
- Unlimited access to your savings, except in special cases
- Members able to open a joint account
Equivalent to application of membership