Retirement savings account
This is a member pension account specially designed to encourage a savings culture amongst members and to enable them to plan for their retirement.
Features
- Funds are only accessed by the member after retirement.
- A competitive interest rate of 9% per annum computed quarterly, based on an average period balance
- Earns Savers' bonus at the end of the year.
- No Minimum balance is required
- Members can make periodical remittances to their accounts.
Benefits
- Offer safe savings options as members plan for their retirement
- Accumulated interest forms part of the savings balance.
- Savings are conveniently accumulated through payroll deductions and direct banking.
- Allows for payments directly to 3rd Parties if arranged
Requirements
- Recommended minimum savings is 5% of net pay
- Funds are accessed once all obligations to the SACCO are met
