SAVINGS PRODUCTS

1. Voluntary Savings Account

Ideal for day-to-day savings with no charges on deposits and withdrawals.

• Monthly Ledger Fee: UGX 500
• SMS Notification Fee: UGX 200
• Minimum Balance: UGX 10,000
• Interest: 3% annually (monthly calculation)

2. Compulsory Savings Account

Mandatory for loan customers, involves saving a percentage of the loan amount.

• 10% savings for micro loans only.
• 20% savings for all other loan product.
• Interest: 3% annually (monthly calculation)

3. Fixed Deposit Savings Account

Save a fixed amount for 3 to 12 months and earn high returns.

• Interest: 8% annually

4. Free Savings Account

Functions like a fixed savings account with occasional deposits.

• One withdrawal allowed per year.
• Interest: 6% annually (distributed monthly)

5. Minor/Junior Savings Account

Designed for individuals below 18 years or school students.

• No charges on deposits or withdrawals.
• Monthly Ledger Fee: UGX 500

6. School Fees Collection Account

For schools to collect fees from the Sacco.