Savings
THE SAVINGS POLICY
Here are the different types of savings:
Members Savings: This type of savings is typically offered by financial institutions to their members or account holders. It allows individuals to save money over time, earn interest, and access their funds when needed. Members savings accounts often come with features like ATM access, online banking, and periodic statements.
Youth Savings: Youth savings accounts are designed specifically for young individuals, such as children and teenagers. These accounts encourage early financial literacy and responsible money management. They may have lower minimum balance requirements and offer educational resources to help young savers learn about saving and budgeting.
Group Savings: Group savings accounts are commonly used in community-based or cooperative settings. Members of a group pool their savings together, contributing regularly to a shared account. These accounts can be used for various purposes, such as community projects, emergency funds, or collective investments.
Remember to choose a savings option that aligns with your financial goals and needs. Whether you’re saving for short-term expenses, long-term goals, or as part of a group effort, having a savings plan in place is essential for financial stability.
Members Savings
Entrance Fee: To become a member, you’ll need to pay an entrance fee of Thirty Ghana Cedis (GH₵ 30.00). This fee covers administrative costs and ensures your membership.
Youth Savings
WACCOM offers a special savings program for children from birth to 17 years old. Here are the key details:
Account Opening:
- Parents can open an account in the child’s name.
Group Savings
is a financial arrangement where multiple individuals pool their money together to save collectively. It’s a great way to achieve common financial goals and build a stronger financial base.
Requirements
- Entrance Fee: To become a member, you’ll need to pay an entrance fee of Thirty Ghana Cedis (GH₵ 30.00). This fee covers administrative costs and ensures your membership.
- Initial Shares: Additionally, you’ll be required to invest One Hundred Ghana Cedis (GH₵ 100.00) as initial shares. These shares represent your ownership in the mutual support organization.
- Initial Savings: As a new member, contribute Twenty Ghana Cedis (GH₵ 20.00) as your initial savings. These savings kickstart your participation in the group.
- Supporting Documents: Gather the following documents:
- Two Passport Pictures: Provide two recent passport-sized photos.
- Photocopy of National ID: Submit a copy of your national identification card (e.g, driver’s license or national ID card).
Managing Your Savings
- The mutual support organization actively encourages regular savings from its members. By contributing regularly, you’ll build up your savings over time.
- The organization accumulates savings from all members. However, no individual’s savings should exceed 20% of the total savings held by the society.
Youth Savings Program
WACCOM offers a special savings program for children from birth to 17 years old. Here are the key details:
- Account Opening:
- Parents can open an account in the child’s name.
- Minimum balance required: GH₵ 100.00.
- Holders must maintain a minimum share balance of GH₵ 200.00.
- Interest Rate: These accounts attract a higher interest rate (2%) compared to regular adult savings accounts.
- Withdrawals:
- You can withdraw from this account up to three times yearly.
- However, withdrawals cannot exceed 70% of your total savings for the year.
- Making more than two withdrawals in a year disqualifies you from earning interest.
- Regular Savings: Account holders are encouraged to make regular savings.
- Security for Loans: These accounts cannot be used as collateral for loans by parents.
- End-of-Year Package: Youth account holders are entitled to an end-of-year package determined by the Manager.
- Transition at 18 Years: Upon reaching 18 years old, the child ceases to be a member of the youth savings program.
- Voting Rights: Holders of such accounts do not have voting rights during elections.
Remember, this program aims to instill financial discipline and savings habits in young members!
Requirements
- Entrance Fee: To be eligible all members will need to pay an entrance fee of Thirty Ghana Cedis (GH₵ 30.00) each. This fee covers administrative costs and ensures your membership.
- Initial Shares: Additionally, you’ll be required to invest One Hundred Ghana Cedis (GH₵ 100.00) as initial shares. These shares represent your ownership in the mutual support organization.
- Initial Savings: As new members, contribute Twenty Ghana Cedis (GH₵ 20.00) each as your initial savings. These savings kickstart your participation in the group.
- Supporting Documents: Gather the following documents:
- Two Passport Pictures: Provide two recent passport-sized photos.
- Photocopy of National ID: Submit a copy of your national identification card (e.g, driver’s license or national ID card).
Managing Your Savings
- The mutual support organization actively encourages regular savings from its members. By contributing regularly, you’ll build up your savings over time.
- The organization accumulates savings from all members. However, no individual’s savings should exceed 20% of the total savings held by the society.
