Non-members
Overview
Whilst the SMEAZ SACCOS is primarily a vehicle for members of the SME Association of Zimbabwe, we also recognise that there may be other non-members who would be looking for a way in which to save money, and earn interest on those savings, or to manage their savings groups (round/mukando) professionally. We therefore allow non-members to participate on a limited basis in the products that we offer.
Our savings products are designed to suit the pockets of small savers and investors of all types, whether in business or not. They can also cater for larger and longer term savings investment needs. We also assist groups (mukando/round) to manage their funds professionally and ensure that the group functions as it should.
Note that non-members are not able to participate in business products or to get loans directly from the SACCOS. They can, however access loans against their savings (emergency loans) and in the case of group savings, loans can be given to members of the group against guarantees from other members.
Types of Savings Accounts
Non-member savings generally fall into two categories: individual and group savings.
Individual Savings
You can save on your own for various things ranging from simple pleasures like saving for a year-end holiday to building your nest-egg or saving for retirement. We offer savings accounts that allow you to plan for things like paying children's school fees, buying a car or house, saving for lobola or anything else that requires you to build up a pool of money over time. Our inflation-beating interest rates ensure your money grows at a pace faster than inflation, and we do not deduct monthly fees from your savings, nor do we charge you for withdrawing from the fund.
We also allow you to borrow against your savings, in the event that you are on the monthly savings account. Note that borrowing against savings will be at the standard interest rates applicable to loans.
Group Savings
The group savings accounts (mukando/round) are accounts where a group of people come together to contribute towards a common pool which is then either used to issue loans to individuals within the group, or is paid out at an agreed time such as at the end of the year to buy groceries. Group savings accounts can be set up with each member of the group having their own account, which is recognised as being part of the group and therefore eligible for benefits in line with the group's constitution.
Note that every group must come up with its Constitution which must be documented and presented to SMEAZ SACCOS for registration. Accounts within the group are then managed in line with the group's Constitution.
Group savings terms and conditions are negotiated individually for each group. Administration fees may be applied on certain types of group accounts. Where loans are to be issued to group members, processing fees will also apply.
Advantages for groups include:
Professional management of group funds.
Enforcement of group rules on all members
Ability to leverage on the SMEAZ SACCOS infrastructure (systems and processes) to enhance group security and performance
Group members get individual statements and access to their accounts
Requirements to join
There are no joining fees or shares purchases for one to join as a non-member. You can open an account by simply signing up for any of the savings products. You can get further details or assistance from our WhatsApp helpdesk. The minimum savings amount that you can deposit is US$20. Follow the instructions in the blue box on the right to join.
Frequently Asked Questions
What are the fees and charges on the savings accounts? We do not charge any fees or charges on savings accounts. Savings accounts only earn interest.
What is the notice period required if I want to get my money back? Notice periods are dependent on the type of savings account, as well as the amounts involved. Monthly savings accounts have notice periods of 90 days, while accounts like the Fixed Deposits and Targeted Savings mature on agreed dates. There are tiered notice periods depending on amounts as well. We generally are able to pay out small amounts (less than $1 000) within seven days, and higher amounts within up to one month.
What is the interest rate earned on savings accounts? Interest rates are dependent on the duration of the savings. Interest is calculated and accrued on a monthly basis. The monthly savings accounts earn the highest rates of interest, at 2% per month. Fixed deposits of between 6 months and 1 year earn interest at 1% per month, while those of between three months and six months earn at 0.5% per month. Ordinary savings and savings accounts with less than three months' tenure do not earn interest.
Sign Up
Non-members are not required to pay a joining fee, nor to purchase shares or have regular fixed savings. They also do not need to be paid-up members of the SME Association of Zimbabwe.
However you are expected to maintain a minimum account balance of US$20.
You can get hold of us on Whatsapp for further details.
