The Y-Save Savings Account is a compulsory Account for all members with a compulsory monthly deposit of UGX 100,000; Deposits on this account attract the interest of 7.5% PA compounding annually when the member’s total savings are over UGX 500,000.
A member can only have one withdrawal every three months from this account as long as the members’ balance is in excess of UGX 4,000,000.
Every extra withdrawal attracts a penalty. When the member fails to make a monthly deposit they forfeited the interest that they would have earned in that month.
The Benefits Include:
- The savings Account has greatly helped the Y-Save members grow a saving culture and brought about a behavioral change in how they manage their finances.
- The member’s savings grow with an interest of 7.5% PA.
- The Savings Account helps the member save for the future.
- The savings Account helps the member have a financial fall back in case of unforeseen Expenses.
- Savings Account acts as a financial fall back for the members in case of a loss of all sources of income.
- Your savings can act as security when acquiring a loan with Y-Save.