How To Take Advantage Of Stima Sacco’s Savings Accounts

by Business Watch Team
Stima Sacco

There is no other option for securing your future financially than through savings. Kenya’s savings culture is still low compared to our neighbors in Uganda and Tanzania. We are at 13 percent while our neighbors are above 20 percent.

Taking advantage of saving avenues such as Saccos is the best thing that can happen to anyone thinking of being financially secure in the future.

Stima Sacco’s Savings Accounts provide opportunities for individuals and corporate bodies to accumulate regular savings. The Stima Sacco offers both medium and long-term savings accounts to members.

Prior to opening a savings account, the individual requesting the account shall have been admitted as a member of the Stima Sacco. Contributions can be through check-off, standing orders, mobile banking, direct deposits, or bank transfers.

Upon successful completion of membership registration, 3 mandatory accounts are created;

Share Capital- Amount of shares available

Alpha Deposit – Non-withdrawable Savings Account which is also Multiplier Account for loans

Prime Account – Transactional/Current Account

Shares Savings Account

A Shares Savings Account is an excellent account for long-term saving with attractive dividends. The shares are non-refundable but can be transferred to existing members.

Each member needs to have share capital depending on their category. A member may purchase shares by installment.

Minimum Shares

Individuals Kes. 25,000/=

Groups Kes. 25,000/=

Corporate Kes. 50,000/=

Dividends shall be automatically capitalized for any member holding less than the Minimum Share Capital.

Alpha Deposits Savings Accounts

These are the continuous monthly savings that members make to the Sacco throughout their membership. Alpha Savings earn interest annually and allow members to access deposit-based loans.

Minimum monthly contributions

Individuals Kes. 1,000/=

Groups Kes. 5,000/=

Corporates Kes 10,000/=

It can be contributed through standing orders, check off, mobile banking, bank transfer, or direct deposit. At the same time, it can only be accessed upon membership withdrawal.

5Interest Rebates shall be automatically capitalized for any member holding less than the Minimum Share Capital.

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