Savings

• Compulsory Savings (Thrift)
• Target Savings
• Fixed Deposit
• Save To Own

1. COMPULSORY SAVINGS (THRIFT)

This is a compulsory savings that must be contributed by all members of Liberty Hub Multipurpose Cooperative Society Limited as a condition of membership and to access credit (loans) otherwise face the risk of no access to any benefit from the cooperative for non-performance. Compulsory saving is a saving that a member is compelled to make on regular basis; it is a membership saving and must be saved on a daily, weekly or monthly basis. The minimum monthly savings has been set as per class 1-3 of our membership at N1,000-N10,000. It is the only type of savings that is eligible for dividend payment while other types of savings earn only interest. This compulsory saving is collected to lend to members. If members fail to save on time they will get penalized based on the saving policies of the cooperative. Unless the member quits from membership, he or she should save on regular basis. If a member wants to withdraw from the Liberty Hub Multipurpose Cooperative Society Limited, he or she will have the right to take this compulsory saving. Withdrawal is only permitted 6 months from joining the cooperative. Terms and Conditions Apply.

2. TARGET SAVINGS

As the name implies, it is a voluntary savings, not for access to loans but for the sake of saving. These are not an obligatory part of accessing credit services. They are provided by both the borrowers and non-borrowers who can deposit or withdraw according to their needs. The voluntary savings are best fit for people who don’t receive constant cash flow like farmers, traders and other self-employed persons who get incomes when they sell off their product or receive contract proceeds. They can make voluntary saving during harvest time, receipt of contract payment and transfer monthly to their compulsory saving accounts. Members can save the full amount for the coming year’s compulsory savings in advance with the cooperative by depositing 12 months’ worth of saving in a voluntary account. Following that, the member can give a standing order instruction to Liberty Hub Multipurpose Cooperative Society Limited for each month on the appropriate day to withdraw the amount of one month’s compulsory saving from the voluntary saving account and deposit it in the compulsory saving account. This maintains the fundamental function of the cooperative and allows individuals with seasonal incomes to be members. This ensures regular flow of cash to the Liberty Hub Multipurpose Cooperative Society Limited and promotes member’s participation. This kind of saving can be withdrawn at any time when the owner needs it. Liberty Hub Multipurpose Cooperative Society Limited may or may not provide savings interest for this voluntary savings. Members are highly advised to save on voluntary savings for small capital investment into their businesses. All that is needed is to save towards whatever goal a member has set for him/herself. This type of savings may earn interest but not eligible for dividend payment. Terms and Conditions Apply.

3. FIXED DEPOSIT

A fixed deposit is an investment and a form of savings that earns you higher interest rate. This kind of savings account is where a member saves to meet a particular goal. It is a savings focused at achieving a goal e.g. school fees, rent, car purchase, vacation, land acquisition, wedding ceremony, burial, house buying etc. The fixed deposit account allows a member to deposit once and withdraw the money after a period of time. The time ranges from 3 months onwards. This type of savings earns higher interest rate which is varied by the cooperative from time to time but is not eligible for dividend payment. Terms and Conditions Apply.

4. SAVE TO OWN

People want to be able to bank the way they log into their Facebook accounts. Save to Own is an online financial services platform that can be used by anyone regardless of age, profession or tech savviness, with features such as savings and investments, which helps you lock away funds for a set period of time with reasonably higher interest rates of up to 15% per annum while being able to gain access to short term quick loans and long term mortgage finance loans for home ownership. Savers will also have the option to choose from a list of investments available on the platform where they can move their funds into for higher returns on investments. The funds can be moved back and forth between investments only within the platform, but cannot be cashed out of the savings and investments account for the period of time the funds are locked in. “Save to Own” is truly a savings and investments account. Terms and Conditions Apply.