Targeted Savings Account

The Targeted Savings account is an account whereby you are saving for a particular purchase in future, so 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.

Interest rate is between 1% and 2% per month depending on tenure (how long the period is) and amount.

As a saver on the Targeted Savings account, you may also be eligible for a loan towards the asset purchase, depending on your earnings capacity. This can be discussed at the point of commencement of savings.

You can participate in the Targeted Savings account as a non-member (i.e. ordinary customer) or as a member of the SACCOS.

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