The New Year is here and many have their resolutions ready to steer up their development agenda. But have you ever thought of how you can achieve you dream goal without having to depend on your salary alone.
Savings and Credit Cooperative Societies (Saccos) to be useful in achieving your new year goals, even as early as three months –all you need to do is subscribe for a given product of your choice and enjoy the following benefits.
Low interest rates on loans
Unlike banks, loans offered by Saccos have low interest rates which can prove beneficial to achieving your yearly goals. Most Saccos charge between 10-13% interest per annum, as compared to banks which offer loans with interest range of 15 % and above.
High returns on deposits
Saccos allow members to open savings account with minimum monthly savings of up to Kshs 200, which in turn earn interest, as opposed to banks which requires minimum savings of up to Kshs 50,000 to earn interest.
Savings societies offer different opportunities to members, who are able to borrow loans at low interest rate, and use the amount in realizing their investment plans. Such plans that have been realized by Saccos include, buying land, building houses, school fees funding among others.
Build a cash reserve
Saving money a bank has always been difficult for some individuals, as it is prone to uncontrolled withdrawals, but having money in a Sacco proves to be a successful way of improving your cash reserve. You cannot withdraw money from a society without observing the period terms.
Lower insurance premiums
Saccos offer low insurance premiums on all insurance products they offer.
Exciting partner discounts
Sacco members or partners enjoy discounts on loan repayments and product/services offered.