We all have Dreams and Goals we desire to achieve. Some of the Dreams will need financial backing to come alive.
We understand the need to make savings towards achieving a certain Goal, Say; Building your dream Home, Buying your dream car, purchasing a plot of land, Getting married, starting a business, upgrading your smartphone and many more. The Y-Save Target Account is designed to meet this need.
This account works like a fixed deposit account. It helps members put aside money for a specific period; this can be short, medium and long term. Should someone withdraw money from his account before the stipulated period, then a member would forfeit all the interest that this account would have accumulated.
Categories of Target Account
Short Term Target: A member can open this Account for a minimum period of 3 months and a maximum period of 1 year. This account earns an interest of 7.5% PA. Upon withdrawal, a member can renew the Account for a specified period.
Medium-Term Target: A member can open this Account for a minimum period of 13 months and a maximum period of 5 years. This account earns an interest of 8% PA and the interest compounding itself annually until the expiry period. Upon withdrawal, a member can renew the Account for a specified period.
Long Term Target: A member can open this Account for a minimum period over 5 years to an indefinite maximum period depending on how long one would like to have money on this account. This account earns an interest of 11.5% PA and the interest compounding itself annually until the expiry period.
The Benefits Include:
- The target account helps members save up towards short and long term goals.
- The target account enables a member save up for emergencies using the target short account.
- Members’ savings grow with an interest of 7.5% to 11.5% PA
- There are Unrestricted free deposits
- No minimum deposit amount.