Savings Account
S1 ShareSaver Account
The ShareSaver Account is our primary savings account. All members are required to have this account upon application for membership.
| Account Name | ShareSaver Account (S1) |
|---|---|
| Compulsory Minimum Savings per fortnight | K50 |
| Restriction(s) | No withdrawals allowed on principal, except additional interest (conditions apply) |
| Additional deposit over the counter allowed | Yes |
| Withdrawal limit | Not applicable |
| Interest Type | Fixed |
| Interest Rate | 5.25% per annum |
| Interest Crediting Frequency | 6 monthly (30.6 and 31.12 each year) |
| Fees - Account Opening Fees | K1.00 (membership joining fee) |
| Re-joining | K100 (Re-joining member fee) |
| Fees - Account keeping fees | Nil |
Additional Information
- This account is used to calculate a member’s savings secure personal loan eligibility.
- Upon PPSSLS making a net surplus at the end of the year, an additional interest is credited to this savings account in addition to the interest rate indicated above.
- Retiring members can now choose to remain as a member of the Society with this account. (Conditions apply)