August 21 2016 0comment

ISSUE 03 – 2016

JUNIOR SAVINGS ACCOUNT

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This account is designed to provide a facility for members to save for their children and help introduce them into the saving habit early in life. Starting your child on a savings plan early can help set him/her up for a secure financial future.

Features

¨ Account is run and managed on behalf of the child by the parent or guardian until they reach 18 years.

¨ Annual interest of 6% is earned on amounts of Kshs. 5,000 and above.

¨ Opening and minimum operating balance Kshs 5OO

¨ Minimum monthly contribution amount is Kshs.500.

¨ Withdrawal from the account is permitted every four months provided the balance is not less than Kshs 500

¨ Can be used as collateral for school fees loan

¨ No ledger fees.

 

SCHOLAR ACCOUNT

The Scholar Account is designed for students above 18 years and in tertiary learning.

Features

¨ The student manages his/her own account

¨ No ledger or maintenance fee

Annual interest of 6% is earned on amounts of

Kshs. 5,000 and above.

 

Car Loan

Featured below: Member Peter Njuguna Karanja, a beneficiary of Finnlemm Car Loan, receiving car keys from the Sacco Credit Manager-Mr. Morgan Kwalia

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