Absolutely, the best SAVINGS PRODUCT available. The interest earned on a SAVE & PROSPER ACCOUNT is much more higher than our other savings products. Further, it has several other benefits when compared with the traditional FIXED DEPOSIT accounts offered by other financial institutions. These include:
- Pays the highest interest rate, quarterly.
- Deposits can be made at any time. You also earn interest on those deposits made during the interest earning period.
- Withdrawals without penalty are allowed once a month’s notice has been given. Withdrawal of interest earned in the preceding period can be done without notice.
Account Overview:
Interest rate: 2.75% per annum
Minimum balance to open an account: $250,000.00
Minimum balance to maintain this account: $100,000.00
How interest is calculated: On the whole number of $500.00 of the principal balance on a daily basis
When is interest credited: Every quarter, precisely on the 15th of March, June, September and December of each year.
Withdrawals: One month’s notice in writing is required to withdraw from this account. A penalty equivalent to a months’ interest on the amount withdrawn will be charged against the interest to be earned for that quarter, if no notice is given.
Account closure: All accounts must be in operation for at least one year before closure.