Our Collective Savings Account is an account for groups of people coming together to pool resources for Investment purposes through overdraft and mortgages.
- Minimum monthly deposit of UGX 250,000.
- Maximum monthly withdraw of 50% of funds held in a given month.
- Tiered interest based on account balance to accrue daily and applied semi-annually
- Ugx 250,000– 5,000,000 : 4%p.a.
- Ugx5,000,001 -30,000,000: 6 %p.a
- Ugx30 ,000,000: 7% p.a.
- Penalty of Ugx 50,000 for not meeting minimum monthly deposit.
- Lending up to a threshold of 150% of funds held (individual beneficiaries and collective).
- Access to third party withdraw voucher.
- Members interest is credited on individual accounts.
Fees and Charges.
- Interest to be waived for withdraws above restrictions.
- Penalty of UGX 50,000 for not meeting minimum monthly deposit.
- Risk grading to be basis for pricing.
- No monthly charges.
Requirements to borrow.
- Minimum savings period of 6 months and personal guarantees of signatories or trustees.
- Cash cover account acts as security.
- Borrowing to be done through account separate from savings account.
Requirements to open an account.
- Certified copies of registration for the entity.
- Resolution or Authority to open account with Housing Finance Bank.
- List of designated beneficiaries.
- Duly-filled Application form.
- Copies of Valid Identification of Signatories (NID).
- 2 passport size photographs per signatory