Saving with TOKENStoWEALTH Cooperative Multipurpose Society
Members are encouraged to save as much as they can afford on a regular basis. The savings scheme is administered as follows:
- There are 2 types of savings plan – High-Yield Term Deposit and Regular Thrift Savings;
- A member can do a term deposit (one-time cash lodgement) at an unmatched interest rate of 21% per annum and a minimum tenure of one year. This deposit can be increased at any time or rolled over at the end of tenure with applicable interest rate. This deposit cannot be withdrawn/liquidated before expiration of tenure, except the member is ready to lose accrued interest. If this happens, only the amount deposited would be paid to the member. All funds committed for term deposit are invested in high-yield markets;
- Members shall be encouraged to make regular thrift savings, minimum of which shall not be below N5,000 (Five Thousand Naira) per month;
- The amount of the regular thrift savings can be changed after a specified period, and also in the case that the member took a loan where a reduction in thrift savings can be accommodated;
- Members shall only be entitled to dividends if they participate in Regular Thrift Savings;
- Dividends on regular thrift savings shall be paid at the end of every financial year. The rate of dividends payable shall be determined after the surplus has been ascertained and necessary reserves created.