SAVINGS ACCOUNT

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 behavioural 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 fallback in case of unforeseen Expenses.
• Savings Account acts as a financial fallback 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.