| What is a Classic Saving account? A savings product that combines attributes of both a current and a traditional savings account. You can save any amount and top up as frequently as you can, while earning interest on the funds in the account. On which channels can I apply the savings accounts? You can open a savings account from the online banking platform and mobile banking app. Can a non-customer open a savings account? No. This product is only for existing customers. You will be able to transfer funds from your current account into your saving account and vice versa Is there a fixed number of times I can fund the account? The savings account allows customers to fund the account as often as they would like. How often can I withdraw from the account? You can access funds from the account once a week without a penalty. What is the minimum opening balance? The minimum opening balance is 50,000/= What is the minimum operating balance in order to earn interest? The minimum interest earning amount is 50,000/= Are there any charges or fees for operating this account? No. There are no charges or fees levied on the account. How is interest earned on the account? Interest is earned daily based on the annual return interest rate applied on the account. There will be a tiered- rate earnings based of amount saved. This is accessible on the Bank website. Do I get charged for transferring between my savings and current accounts? No, there will be no funds transfer charges between one’s savings and current account and vice versa. Can I use the Classic Saving account to perform other transactions? No. This account will only be used for the purpose of holding funds as the client’s savings and interest. In what currencies can I open the Classic Saving Account? The Classic Saving Account is currently only available in Ugandan Shilling (UGX) | What is a fixed deposit account? An interest-bearing savings account that offers a fixed rate for the agreed period and does not allow partial withdrawal of funds before maturity date. On which channels can I apply the Fixed Deposit accounts? You can open a savings account from the online banking platform and mobile banking app. Can I add my deposit amount during the term of the deposit? No. The deposit amount is fixed during the investment period. What happens if I withdraw funds before the maturity date? If you withdraw funds before the maturity date, a lower interest rate based on your amount and period till withdrawal will be applied. Can I withdraw part of the deposit when I need cash? No. Partial withdrawal is not possible for this product. Withdrawal is only done for the full amount. What interest rate is paid for this account? Interest rates are tiered based on the amount and period of the deposit. This is accessible on the Bank’s website. What happened when the deposit matures? Upon maturity of the deposit, the principal amount and interest earned are transferred to your preferred account and the fixed deposit account closed. You also have the option to roll-over the deposit for a period of your choosing. Is there a minimum amount for this product? Yes, minimum opening balance of 5,000,000/= Are there any charges or fees for operating this account? No. There are no charges or fees levied on the account. What is the minimum period that I can have a fixed deposit account? The minimum interest earning period is 3 Month. What are the terms available for the fixed deposit product? The fixed deposit account can range from 1-12 months in term length. Can I use the fixed deposit account to perform other transactions? No. This account will only be used for the purpose of the fixed deposit. In what currencies can I open the Foxed Deposit Account? The Digital Fixed Deposit Account is currently only available in Ugandan Shilling (UGX) | What is the Goal Account? The Goal Account is a savings account on the digital channels which allows customers to easily save towards their short-term & long-term goals. The customer can save any amount and top up as frequently as you can, while earning competitive interest on the funds in the account. Is there a penalty for not hitting the target amount or date? No, the set target date or amounts are simply to encourage the customer to save and to visualize their progress toward a clear goal. There is no penalty or charge levied on the customer. Can I see the goals information by visiting the branches? No, the goal information and saving progress are private information that only the customer can see by logging into their app to view. The branch teams only have access to the bank account transactions and balances like any other bank account without the goals information. On which channels can I apply the savings accounts? You can open a Goal account from the online banking platform and mobile banking app. Can a non-customer open a savings account? No. This product is only for existing customers. You will be able to transfer funds from your transactional account into your saving account and upon closing of the account, the funds will be return back to the customer’s transactional account used when opening the account. Is there a fixed number of times I can fund the account? The savings account allows customers to fund the account as often as they would like. The customer can set up standing instructions to transfer funds from their transactional account regularly or they can also transfer funds manually. How often can I withdraw from the account? You can access funds from the account once every six months without a penalty. What is the minimum opening balance? The minimum opening balance is 100,000/=. What is the minimum operating balance to earn interest? The minimum interest earning amount is 100,000/=. Are there any charges or fees for operating this account? No. There are no charges or fees levied on the account. Do I get charged for transferring between my savings and current accounts? No, there will be no funds transfer charges between one’s savings and current account and vice versa. Can I use the Goal account to perform other transactions? No. This account will only be used for the purpose of holding funds as the client’s savings and interest. In what currencies can I open the Classic Saving Account? The Goal Account is currently only available in Uganda Shilling (UGX) | What is a call deposit account? A short-term Term Deposit account that pays interest starting from a shorter minimum time compared to the Fixed Deposit Account and allows for partial withdrawal. On which channels can I open a Digital Call Deposit account? You can open a savings account from the online banking platform and mobile banking app. Can I add my deposit amount during the term of the deposit? No. You can only deposit into a call deposit when opening the account. You can however hold several call deposits at the same time. Can I withdraw part of the deposit when I need cash? Partial withdrawal is possible for this product. If you withdraw funds from the Call Deposit, there is no penalty charged, and the interest rate charged will not be adjusted. You receive all interest earned to the date of withdrawal. What interest rate is paid for this account? Interest rates are tiered based on the amount of the deposit. This is accessible on the Bank’s website. Is there a minimum amount for this product? Yes, minimum opening balance of 1000,000/= Are there any charges or fees for operating this account? No. There are no charges or fees levied on the account. What are the terms available for the Call deposit product? The call deposit account does not have a fixed minimum term and can run up to 12 months. Can I use the Call deposit account to perform other transactions? No. This account will only be used for the purpose of the call deposit. In what currencies can I open the Call Deposit Account? The Digital Call Deposit Account is currently only available in Uganda Shilling (UGX) |
