Target Savings account
This is a special purpose account that offers members an opportunity to save for their desires/dreams without liquidity stress
Features
- Earns interest of 7.5% credited quarterly
- Earns savers bonus
- No Minimum balance is required
- Voluntary account
- This account earns 7.5% interest computed and credited quarterly, based on daily balance.
- Allows for withdraws any time at a 2000/= charge levied on the amount requested
- Not encumbered with any loans, unless when risk weighting of the total loan is high.
Benefits
- Allows members to save for different needs like
- School fees
- Purchase of Assets
- Vacation, Holiday, and Festival plan
- Funeral expenses among others.
- Allows for members to open a single joint account
- Can be used to settle final Loan Pay off or net off loans if requested by the member
- Savings are conveniently accumulated through payroll deductions and direct banking
- Allows payments directly to 3rd Parties say Hotels, Schools, Universities, Funeral service companies, Assets sellers Etc
Requirements
- Fully completed account opening application form
