Free savings

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