Savings Accounts Overview

Account

Minimum Required Amount

Interest Rate

Regular Savings

$10.00 2.5%

Growth Savings

$10.00 2.5%

Insurance Savings

$10.00 2.5%

Youth Savings

$5.00 2.5%

12 Month Savings

$10.00 2.75%

Christmas Savings

$10.00 2.75%

Special Notes: The growth savings is a product that is usually attached as a savings component to loans. A portion of the repayment amount is allocated to the member’s savings account and the funds on this account cannot be withdrawn until the loan is fully repaid. It is used with the intention to encourage members to save as they are usually surprised at the amount of money they have accumulated at the end of the loan.

The insurance savings started out as a product for bus drivers to save for their bus insurance due every year as an alternative to taking a loan annually for this purpose.

The 12 months savings commence at any time during the year but must be held fixed without any withdrawals until 1 year after. For example Jan – Dec or May to April. Any withdrawals requested before the maturity date will result in the account being closed by transferring the funds to the related regular savings account that bears the normal interest.

The same methodology applies as the 12 months. However, the savings begin from January 1st to February 28th (29th) and this product closes off on 15th November where interest is applied and the entire balance is transferred to the member’s savings account.

Term Deposits

Term

Deposit Amount

Interest Per Annum

6 Months

$500.00 – $5,000.00

2.75%

12 Months

$500.00 – $5,000.00 3.00%

12 Months

$5,000.01 & above 3.25%

24 Months

$10,000.00 to $50,0000.00 3.50%

24 Months

$50,000.01 & above 4.00%