Savings Accounts
SHARES
This is a portion of member`s equity in the Sacco
- • Individuals Kes. 25,000 min.
- • Groups Kes. 25,000 min.
- • Corporate Kes. 50,000 min.
- • Earns Dividends annually
- • Dividends shall be automatically capitalized for any member holding less than the Minimum Share Capital
- • Non Refundable (Can only be transferred to an existing member) ALPHA
ALPHA DEPOSIT
Continuous monthly savings by members
- Individuals Kes. 25,000 min.
- Minimum Monthly contributions; Individuals Kes. 1,000- , Groups Kes. 5,000/- , Corporates Kes 10,000/-
- Earns interest annually
- Interest Rebates shall be automatically capitalized for any member holding less than the Minimum Share Capital
- It’s the loans multiplier & allows members to access deposit based loans
- Can be contributed through standing order, check off, mobile banking, bank transfer or direct deposit
- Can only be accessed upon membership withdrawal
PRIME ACCOUNT
This is a Transactional account like a bank’s current account.
- Allow salary processing, cheque clearing, loan, External & Internal transfers
- No ledger fees or monthly charges · Minimum Kes 500
- Amounts above Kes.15,000/- Earns an interest of 2%
- Maximum of Kes. 400,000- per day over the counter
- Funds access channels includes; SACCO LINK ATMs, Stima Sacco check book and Mobile banking
- Statements can be viewed online via the web portal
- Dormancy after 6 months
MSINGI BORA ACCOUNT
Saving plan for children to help members accumulate savings for paying school fees
- Minimum monthly savings of Kes. 500/-
- Account minimum balance of Kes.500/-
- Contract term between 5 – 18 Years
- Projected savings insured against the principle member death and permanent disability
- • After 3 years member qualifies for a self-guarantee school fees loan of up to 75% of the Msingi bora savings
- • Interest of 5% p.a. paid at the end of the contract
- • Premature termination of the contract;
- Forfeiting the interest earned and pay 2% early withdrawal charges
- Refund all premiums paid to the insurance
- Dormancy after 6 months
JUNIOR STAR
Children short term savings
- Minimum monthly savings of kes. 500/-
- Minimum account balance Kes 500/-
- Withdrawal can be done once after every 4 months
- • Early withdrawal charges: 500/- for amounts less than 10,000
- 5% for amounts greater than 10,000/ or capped at 2000/- whichever is lesser
- Not to be considered when the amount is being utilised to pay off an outstanding loan.
- Not to be considered when the amount is being transferred internally to any of the members Savings Account with the exemption of Prime Account.
- No ledger fees or monthly charges · Minimum monthly balance 500/- · Dormancy after 6 months
TWIGA SAVINGS ACCOUNT
This is a portion of member`s equity in the Sacco
- Minimum monthly savings Kes.1000/-
- Balance above 6,000/- earn interest of 3% p.a
- No monthly charges
- First withdrawal can be done after 6 months, after which can be made every 3 months
- Early withdrawal charges are as follows; 500/- for amounts less than 10,000.
- 5% for amounts greater than 10,000/ or capped at 2000/- whichever is lesser.
- Not to be considered when the amount is being utilised to pay off an outstanding loan.
- Not to be considered when the amount is being transferred internally to any of the members Savings Account with the exemption of Prime Account.
- Minimum monthly balance 500/-
- Dormancy after 6 months
FIXED DEPOSITE RATES
latest FDR rates as at Quater 1 2019
Amount (Kshs) | CALL | 3MONTHS | 6MONTHS | 12MONTHS |
5000-49999 | 5.00% | 5.00% | 5.00% | 5.00% |
50,000-399,999 | 5.25% | 5.25% | 5.25% | 5.50% |
400,000-999,999 | 5.50% | 5.50% | 5.50% | 6.00% |
1m-2,999,999 | 5.75% | 5.75% | 6.00% | 6.50% |
3m-4,999,999 | 6.00% | 6.00% | 6.50% | 7.00% |
5m-9,999,999 | 7.00% | 6.25% | 7.00% | 7.50% |
10m-24.9m | 7.00% | 6.50% | 7.50% | 8.00% |
25m-49.9m | 7.00% | 7.50% | 8.00% | 8.50% |
50m-99.9m | 7.00% | 8.00% | 8.50% | 8.75% |
100m and above | 7.00% | 8.50% | 8.75% | 9.00% |