Explore Savings Accounts
Start saving for tomorrow's dreams today with accounts tailored to every stage of life. Ready to invest? We also offer loans for your needs.
Regular Savings Account
Upon becoming a member, you automatically sign up for a regular savings product. In this product you commit to make a minimum monthly savings deposit (amount resolved by AGM). All other deposits, withdrawals, loan repayments, and purchases of investment units flow through this account. This is your gateway for all funds received by FIC and through which you receive all benefits. Have questions?
- Minimum: Resolved by AGM from time to time
- Interest: Competitive rates approved by AGM
- Gateway for all member transactions
Time Deposit Savings
Lock in your savings for a fixed term and enjoy higher interest rates than regular accounts. In this account your deposit is fixed for an agreed predetermined period and interest rate. Ideal for members with lump-sum funds they wish to grow without touching for a defined period.
- Minimum Period: 3 months
- Maximum Period: 12 months
- Interest Rate: Fixed at opening per Board policy
- Negotiable minimum threshold
Target Savings Account
Save for a particular specified purpose with targeted withdrawals. Whether it's for a holiday, vehicle, property deposit, or any other goal, this account helps you stay disciplined. Withdrawals are allowed once every 90 days to keep you on track toward your goal.
- Withdrawal Frequency: Once per 90 days
- Extra Withdrawal Charge: Applied for withdrawals within 90 days
- Penalty fees: As determined by Board
Investment Units
These are non-withdrawable savings made with FIC for long-term investment purposes. You give instructions in writing to transfer your ordinary savings into investment units. This product attracts a guaranteed return on investment as shall be approved by the AGM from time to time. Perfect for members thinking long-term.
- Non-withdrawable for duration
- Guaranteed return as approved by AGM
- Written instruction required to transfer
- Perfect for long-term wealth accumulation
Loan Guarantee Savings
This savings product forms part of the collateral for members who secure their loans with minimum required savings. It provides security for your loan while helping you continue building your savings safety net. As a borrower, maintaining this account is essential.
- Used as loan collateral
- Minimum amounts determined by Board
- Required for loan security
- Protected interest earnings
Interest on Capital Savings
This is a mandatory savings product for all FIC members. Its primary purpose is to facilitate the payment of interest on capital that has been mobilized from members. This account helps distribute returns fairly across the membership base and ensures transparent capital management.
- Required account for all members
- Receives interest on capital mobilized
- Transparent capital management tool
- Automatic deposits per Board decisions
Save for Investment Units
Build toward long-term wealth with this non-withdrawable savings product designed specifically for purchasing investment units. During the year, you make regular deposits into this account, and by December 31st, these funds automatically convert into investment units. This account earns returns over and above ordinary savings.
- Converts to Investment Units by Dec 31st
- Earns premium returns above regular savings
- Non-withdrawable during year
- Builds long-term investment portfolio
