Monthly Savings

What is the Monthly Savings Account?

The Monthly Savings account is an excellent tool for ensuring that you put aside something every month and accumulate wealth over the years. It is an account where you commit to put in a fixed amount of savings every month. The monthly savings account earns interest at the highest rate, and is for long term savings only.

The Monthly Savings Account is compulsory for all full members of the SMEAZ SACCOS, who are obligated to save a fixed amount every month. The minimum amount of savings that you can make every month is US$20 but you can opt for any amount higher than that, subject to your capacity. Monthly savings cannot be withdrawn ordinarily, but under special circumstances they can be withdrawn subject to a 90-day notice period.

Non-members can also opt to voluntarily run Monthly Savings accounts. There must be a commitment to keep saving on a monthly basis and to keep the money in the account for at least one year.

Who can/should operate a Monthly Savings Account?

Both members and non-members are eligible to operate Monthly Savings accounts. There is no restriction on the amount that one can put into monthly savings. You can also put in ad-hoc lump-sum deposits whenever you wish to add to your savings.

Anyone wishing to build up long term savings is free to open and run a Monthly Savings Account. You can even set up this account for your children/dependents to ensure they have money saved up for the future. The account primarily enables you to put away money and because of the strict withdrawal conditions, it helps you ensure that you do not dip into your long term savings unnecessarily.

How much interest does it earn, and what are the charges?

The Monthly Savings account earns interest at the top tier, and interest rates are available on the Terms and Conditions page. Currently that rate stands at 2% per month. Interest on the Monthly Savings account is credited to your account on a monthly basis, so the interest earned is compounded over the course of the year.

There are no charges applied on the Monthly Savings account. The only charges that may apply would be bank charges on withdrawal of savings, if you terminate the account. There are no monthly fees or any other fees that are applied.

Can I get loans, if I have a Monthly Savings Account?

Yes it is possible to get loans based on the savings held in your Monthly Savings account.

If you are a full member of the SMEAZ SACCOS, then you are eligible to loans of up to six times the amount that you hold in savings. Such a loan will however be dependent on your repayment capacity, as well as other standard loan requirements which include collateral secuirty (movable or non-movable assets accepted), and/or guarantees from other members.

If you are a non-member, you will be able to get loans, but only up to the limit of the savings held in your Monthly Savings account. Should you require a loan above this limit, you would need to have other members or non-members provide their savings as security for the loan, in addition to pledging collateral security.

How can I get started?

To get started, click on the Sign Up button below. You will receive an e-mail with instructions on how you can make your first deposit once you have done the registration. Should you require additional information, use the Whatsapp contact button at the top of the page to get hold of a Member Consultant who can guide you through the process.


You can get hold of us on Whatsapp for further details.


The SMEAZ SACCOS is a regulated body registered under the Ministry of Women Affairs, Community & SME Development. Its funds and operations are controlled and overseen by strong independent committees drawn from its membership. Our products are safe, and tailored to meet your requirements as an SME.

Quick Contact

If you have any questions or need help, feel free to contact us.

+263 8677 240480

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57 Jason Moyo Avenue (Cnr First Street),
Harare, Zimbabwe