REGULAR SAVINGS OVERVIEW
We understand the need to set funds aside and we can help do that. Whether you are saving for a rainy day, towards buying your own home, school fees, car or an anticipated vacation we can find the right savings account for you.You work hard for your money, Let your money work for you.
Start saving towards your financial goals with our Savings Account. This is a regular monthly source deduction. Extra regular contribution may be made into ones account. Interest on our Regular Savings Account is paid on a quarterly basis and your interest is calculated on a compound basis so your savings grows faster.
The Union provides opportunity for members to save. With a minimum of Ghc 30.00, a member can save. The Union pays an average of 3.75% per quarter on the minimum balance in the quarter on savings of members.
Members can save for their dream homes, school fees, businesses etc. Whatever the saving goals are, members can work towards it. Minimum deductions are made from the institution’s payroll and members can always pay extra monies into their account.
PROTECTION FOR YOUR SAVINGS
Credit Unions in Ghana are covered by the Deposit Protection Scheme (stabilization fund) which is administered by the CUA. This is a scheme that can provide compensation to depositors if the credit institution is forced to go out of business. Currently, with the scheme, Credit Unions are required to reserve an average of about 0.02% of members’ total savings.
With this, members can rest assured their savings and all interests earned are secured.
- The savings balance of any one member shall not exceed 20% of the total savings of the Union or as determined by the Board of Directors from time to time.
- Savings cannot be withdrawn if they are frozen to guarantee a loan neither can savings be withdrawn if the member’s indebtedness is greater than the member’s savings.
- Interest on savings shall be determined by the Board of Directors from time to time.