Savings and Credit Cooperative Societies (SACCOS) typically offer various types of accounts to their members. The specific account types may vary between different SACCOS.
Types of accounts in SACCOs include:
1. Savings Accounts: These are basic accounts offered by SACCOS for example at www.rg.co.ke , allowing members to deposit and save money. Interest may be earned on the deposited amount, encouraging members to save. Once you save, you can take a loan which is three times your savings.
2. Current Accounts: Current accounts are designed for frequent transactions. They allow members to deposit and withdraw funds as needed, often with limited or no interest on the balance.
3. Fixed Deposit Accounts: SACCOS may offer fixed deposit accounts where members can deposit a lump sum for a fixed period of time, typically earning a higher interest rate compared to regular savings accounts. Withdrawals from fixed deposit accounts are usually subject to specific conditions or penalties.
4. Loan Accounts: SACCOS provide loan facilities to their members, and loan accounts are created specifically to manage loan transactions. Members can apply for loans and repay them through these accounts.
5. Investment Accounts: Some SACCOS offer investment accounts to members who are interested in participating in the cooperative’s investment activities. These accounts may provide opportunities for members to invest in specific projects or ventures undertaken by the SACCOS.
6. Special Purpose Accounts: SACCOS may create special purpose accounts for specific purposes such as education, health, housing, or other targeted savings goals. These accounts allow members to save money specifically for these purposes.
It’s important to note that the availability and names of these accounts may vary depending on the SACCOS. Therefore, it is advisable to contact a specific SACCOS to understand the types of accounts they offer and the associated terms and conditions.