Fundsworth Savers Account (FUNDSA) is a unique savings account targeted at individuals and artisans desirous of putting some funds aside for future use or as a fallback resource in case of unbudgeted cash outflow.
FUNDSA affords the participant the benefit of earning returns on cash which hitherto was dropped in a jar/box at home or simply put "under the pillow".
Features of Fundsworth Savers Account (FSA)
- Minimum amount - N100,000.00
- Frequency of Savings - Weekly/Monthly
- Tenor - 12 months
- Interest Rate - Up to 11.0% p.a. (payable quarterly)
- Minimum lock-in period - 6 months
- 80% of account balance can be taken as loan after 3 months of savings
A FUNDSA customer will have the discretion to choose frequency of savings to the account, this could be either weekly (for artisans and traders) or monthly (for salary earners) and organizations. The minimum monthly amount to be saved by customers of FUNDSA is N100,000.00.
Withdrawals (part or whole) can be made from FUNDSA after regularly saving for a minimum period of six (6) months. Termination before maturity date shall attract a surcharge of 50% on earned interest.
FUNDSA customers can borrow up to 80% of their savings balance after three (3) months of savings at a concessionary interest rate and pledge their account balance as collateral for the loan. A customer can have more than one FUNDSA at a time.
