Young (Toto) savers account
This savings account allows members' children to save/ own an account before the age of 18.
Features
- Limited to full members’ children only.
- Funds are only accessed by the parent or with the parent’s written permission
- Earns an annual interest rate of 7.5% that is computed and posted on the account quarterly
- The minimum account balance is 150,000/=
- A 2,000 administrative charge is levied on the requested withdrawal amount
Benefits
- Members can deposit any time on their children’s account
- Allows members to save for:
- School fees
- A child’s upkeep, etc.
- Promotes savings culture among children.
- Accrues interest that forms part of the savings balance.
- Account holders are guaranteed future financial literacy seminars arranged by the SACCO
Requirements
- Fully completed account opening application form with the child’s and parents’ personal details
- Minimum initial opening deposit UGX 100,000/= broken down into 1 share, registration fee, and initial savings
