Savings

Deposits/Savings

Msilikali SACCO offers a wide range of savings products at competitive interest rates to meet the diverse needs of its members. For more information on savings interest rates and charges click here

Personal Savings

These are savings accounts available to all MSACCO members upon joining the
SACCO, designed to promote a saving culture.

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1. Member Ordinary Savings

  • This is a mandatory savings account opened upon joining the SACCO.
  • The savings are contributed monthly and are withdrawable anytime at any MSACCO Branch and Mobile banking wallet.
  • MSACCO offers competitive interest rates on savings for the product.

    • 2. Festive Savings

  • This is an optional deposit account which offers MSACCO members an opportunity to save for the festive season.
  • The savings offer opportunities for members not to borrow to finance Xmas and New Year Celebrations, also comes handy to cover procurement of farm inputs, also school fees
  • Funds are only withdrawable between 10th December and 15th January of each year.
  • MSACCO offers competitive interest rates on savings for the product.

    • 3. Fixed Deposits

  • This is an optional short-term or long-term deposit offered to both MSACCO members, with a fixed duration ranging from 30 days up to 12 months.
  • Minimum saving is MK100,000.00.
  • MSACCO offers a competitive interest rate on savings depending on amount and period.

    • 4. Retirement Savings

  • Coming soon ...

    • Group Savings

    These are non-personal savings accounts operated by two or more individuals
    on behalf of a group, cooperative or entity.

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    1. Welfare savings account

  • These are smart, safe, convenient and trusted ways of managing welfare funds for organizations and community groups.
  • A competitive annual interest rate of 7% is offered on this product.

    • 2. Mathu savings account

  • This is a savings account designed for Women’s groups, commonly known as Village Savings & Loans groups (VSL) or Village Banks or Cooperatives to help them effectively manage and grow their finances.
  • A competitive annual interest rate of 7% is offered on this product.

    • Youth Savings

    These are savings accounts available to newborns, students in Secondary schools, Universities designed to empower youth in savings.

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    1. Future wallet

  • This is a savings account offered to students in secondary schools, universities, and colleges.
  • Designed to instill a culture of saving among the youth.
  • Designed to promote a culture of managing their own finances.
  • The savings account offers a competitive interest on savings.
  • Students further can access funds 24/7 through mobile banking platform

    • 2. Mwana Account

  • This product provides MSACCO members with an opportunity to save for their children's future.
  • It is designed for children between the ages of 1 and 18 years.
  • The account can only be accessed or transacted by the child upon reaching 18 years of age.

    • Shares

    These are long-term savings, contributed monthly by every member and stands as the main source of financing for the SACCO.

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    1. Redeemable Shares

  • These shares are only accessible on cessation of membership, death or incapacitation in line with MSACCO Bylaws.
  • These shares earn a return in form of dividend when declared by MSACCO Annual General Meeting

    • Become a member of Msilikali SACCO

    Join Msilikali SACCO today and enjoy the benefits.

    Join MSACCO