Monthly Income Savings Account

Description

The Monthly Income Savings Account is an account designed to provide a monthly interest payout, while giving optimal returns on the capital invested. It can operate in one of two ways:

(1) Lump Sum Investment

You can put in a lump sum investment and immediately start earning a monthly interest payment, depending on prevailing rates. At the moment the interest rate is 2% per month. This will be useful if, for example, you have received a lump sum payout (retirement, retrenchment etc) which you would like to preserve while at the same time getting a monthly payout with which you can sustain yourself.

(2) Accumulation Investment

You can use this account to put in monthly savings which earn interest, then at a certain point in time in the future you can then opt to start getting monthly payouts from the capital built up. This will be useful if, for example, you are currently employed but are preparing for exit at some point. It can also be a retirement plan for an MSME operator who would want to provide for when they are no longer able to earn, or when profits are thinner.

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