Targeted Savings Account
Overview
The Targeted Savings account is an account whereby you are saving for a particular purchase in future. It is a simple but effective way to ensure you meet your short to medium term financial goals. For example you may want to save towards buying a home appliance in the next six months, so you deposit money monthly until the sixth month, when you get your money plus interest paid back. Many people use "ma round" and other informal means to achieve this, and while this may work, there are real risks attached to that. There have been cases of young men entrusting their lobola money to their fiances only for that money to be spirited away!
Our Targeted Savings Account gives you a safe, convenient way to achieve these goals, while allowing you to sleep comfortably at night knowing that you will get your money when you need it.
Targeted Savings Account Features
The Targeted Savings Account is a fit-for-purpose account which offers the following:
- Interest rate is between 1% and 2% per month depending on tenure (how long the period is) and amount (see Terms and Conditions page for details).
- Details are agreed upfront at inception, so we are clear about your expectations.
You can participate in the Targeted Savings account as a non-member (i.e. ordinary customer) or as a member of the SACCOS.
Added benefits for Members
For members who are also savers on the Targeted Savings account, you can also get a loan towards the asset purchase or whatever you are saving for. The loan will be dependent on your repayment capacity as well as your monthly savings balance. You can speak to your Member Consultant about structuring the most appropriate Targeted Savings account for your needs.
You can get hold of us on Whatsapp for further details.
