Target savings

This account offers members an opportunity to save for their desires/dreams without liquidity stress.

Features

  • This account earns 7.5%  interest computed and credited on a quarterly basis based on average period balance 
  • No Minimum balance is required
  • Not mandatory to all members
  • Savings arrangements and withdraw plans are known at the time of account opening.
  • A 0.2% administrative charge is levied on amount requested.
  • Not encumbered with any Loans, unless when risk weighting of total loan is high.
  • Available for family members who are registered and approved associates
  • No overdrafts are allowed on this account.

Benefits

  • Allows members to save for a variety of needs like:
  1. School fees
  2. Funeral expenses or Funeral Insurance
  3. Personal or family/friend’s Wedding
  4. Purchase of Assets
  5. Vacation, Holiday, Festival plans among others.
  • Can be used to settle final Loan Pay off or net off loans if requested by member
  • Savings are conveniently accumulated through payroll deductions and direct banking
  • No ledger maintenance or charges are levied on this account
  • Allows payments directly to 3rd Parties say Hotels, Schools, Universities, Funeral service companies, Assets sellers Etc.
  • Allow joint members to open a single account

Requirements

  • Fully completed account opening application form
  • Proper application of the purpose of savings