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Shares are valued at $5.00 each and may be purchased weekly, fortnightly or monthly via payroll deductions or cash over the counter purchases. Shares are insured up to $85,000.00 at no cost to members. Share savings provide excellent yearly dividends.
Shares can be used as security for loans. Members’ loans are considered on a dollar-to-dollar basis. That is, where the member has a share capital of $1,000.00; they may be considered for a loan of $2,000.00.
Members are encouraged to purchase shares to increase their borrowing capacity. Members receive a dividend each year on their average share savings and a rebate on loan balances. Share purchases increase loan access.
The Deposit Savings Account is a savings account. Funds placed in this account are available to members who wish to access cash at any time. Interest of 2% is accumulated quarterly on this account.
No Box Deposit. Security of Deposited Funds. On maturity, the sum may be transferred to shares for a 2:1 loan consideration only on the sum deposited. If the account is broken before 6 months, no interest is paid.
On maturity of this account, the member may transfer the amount saved to shares and be eligible for a loan rate of 2:1.
The account should not be broken before 3 months have elapsed. On maturity of this account, the member may transfer the amount saved to shares and be eligible for a 2:1 loan consideration only on the amount saved.
If the account is broken before 6 months, no interest will be paid. On maturity, members may transfer the sum saved to shares and be eligible for a 2:1 loan consideration only on the amount saved.
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$1,000.00 – $49,999.00 – 1.25% per annum
$50,000.00 – $99,999.00 – 1.50% per annum
$100,000.00 – $249,999.00 – 1.75% per annum
$250,000.00 and over – 2.00% per annum
All Fixed Deposits are guaranteed.
An annual interest rate of 2% is earned on Deposit Savings Account. This account facilitates easy access, and approval is not required for withdrawals.
Deposit and withdraw from the account at any time.
Interest paid on deposit account quarterly.
