Savings

1. Shares Account

The Share account establishes one’s DWASCO SACCO membership that, in turn, grants them access to other DWASCO SACCO products and services, including loans. SACCOs differ from other financial institution in the fact that every account holder is an owner of the institution, and we are proud of that! 

Overview

  • Long-term savings instrument.
  • It is mandatory account for all members excluding minors (Golden Youth account holders). 
  • It’s the account that institutes one to be a DWASCO SACCO member
  • Minimum holding absolute value is MK11, 000, which a member can pay at once or in bits within three months. However, for those have not satisfied the MK11, 000 conditions within three months, DWASCO SACCO still regarded as members though they cannot access major loan facilities.
  • A member is required to be contributing a minimum of MK5, 000 per month into their shares account to bring in a growth during the course of their membership.
  • Attracts dividends at the end of financial year when the SACCO posts surplus.

Advantages

  • Long-term savings instrument.
  • It brings in ownership of DWASCO SACCO institution to the members
  • It attracts dividends when the Sacco posts a surplus at the end of the accounting period.
  • It enables the member to acquire a loan for it acts as the first collateral. The general principle is that a member can borrow up to times two of their shares in the Sacco.
  • It helps one to be saving for the future. 
  • To some it can act as a self-made retirement package.

How to Open an Account

To have Shares Account, you must be a member. . Find out about membership eligibility through the following link https://dwascosacco.com/membership . If you are eligible, you can download, print and fill a membership application form and take it to the nearest DWASCO SACCO service Centre. Call +265- 996-572-401 (Monday-Friday, 8 a.m. to 4 p.m.) when you need assistance.

  • Ordinary Savings

DWASCO SACCO takes a simple approach to saving. We offer our members an account with a low minimum balance requirement of only MK500. Ordinary Savings Account is one of the basic accounts, which one gets upon registering as a member. By default, all DWASCO SACCO members except minors, are entitled to this account since it the one through which they do cash withdrawals. Thus, members cash out dividends, loan disbursements and the like via Ordinary Savings Account. Not all financial emergencies call for a loan. Accumulated periodic savings in this account can be used emergency and other short-term financial needs.

Overview

  • Suitable for short-term savings.
  • It is mandatory account for all members excluding minors (Golden Youth account holders). 
  • Minimum book balance requirement is MK500.
  • Members can make a deposit or withdrawal transaction whenever they want to.
  • Funds withdrawable through Teller counter and Mobile money wallet via Mobile Banking facility.
  • Allows for arranged automatic contribution through payroll deduction.
  • DWASCO SACCO encourages its members to be periodically saving a little something into Ordinary Savings Account as a personal emergency wallet.

How to Open an Account

To open Ordinary Savings Account, you must be a member. . Find out about membership eligibility through the following link https://dwascosacco.com/membership . If you are eligible, you can download, print and fill a membership application form and take it to the nearest DWASCO SACCO service Centre. Call +265- 996-572-401 (Monday-Friday, 8 a.m. to 4 p.m.) when you need assistance.

  • Nkhokwe Yanga Savings

Nkhokwe Yanga Savings is a savings account that helps you to save on a monthly basis. You can save a certain amount every month for a fixed number of months. During the saving period, your deposits will earn interest on the outstanding balance including interest each month. This account will help you in saving for huge upcoming expenses like building a house, vehicle purchase, wedding event just to mention a few.

Overview

  • Save from as low as MK5,000
  • Commit a monthly contribution of MK5,000 as a minimum
  • The member specifies the saving duration 
  • Earns 11% interest per annum, compounded on monthly basis 
  • Premature termination on the contract requires the member to give a three-day notice and all the interest due for that incomplete month is forfeited.

How to Open an Account

To open Nkhokwe Yanga Savings Account, you must be a member. . Find out about membership eligibility through the following link https://dwascosacco.com/membership . If you are eligible, you can download, print and fill a membership application form and take it to the nearest DWASCO SACCO service Centre. Existing members may fill out a Subsequent Action form to open new products. Call +265- 996-572-401 (Monday-Friday, 8 a.m. to 4 p.m.) when you need assistance.

  • Golden Youth Savings

Personal finance and money management are essential skills to teach your son or daughter at an early age. At DWASCO SACCO, you can focus on financial education to your child as early as nursery school by opening a golden Youth Savings Account, the account that grows with you. There is no minimum balance requirement and account is subjected to no charges.

At age 16, the account qualifies for Mobile Banking facility, which the holder can subscribe to upon request. Teach your children about their SACCO account by helping them make deposits, withdraw money and look up their account information. It is a benefit to the younger generation for the parents’ DWASCO SACCO membership.

Overview

  • No minimum balance required
  • Zero monthly charges
  • Zero over-the-counter cash withdrawal charges
  • Parent or guardian joint on account required until age 18
  • Access to Mobile Banking for age 16 and above upon
  • FREE eStatements 

How to Open an Account

To open a Golden Youth Savings Account, the parent/ guardian must be a member. Find out about membership eligibility through the following link https://dwascosacco.com/membership . If you are eligible, you can download, print and fill a membership application form and take it to the nearest DWASCO SACCO service Centre. Existing members may fill out a Subsequent Action form to open new products. Call +265- 996-572-401 (Monday-Friday, 8 a.m. to 4 p.m.) when you need assistance.