Savings and Investment Packs
Ambitions Savings Plan
The Ambitious Savings Plan is a traditional savings account backed by a current account that allows customers to save towards an ambition e.g. school fees, rent, purchase of a car, building, etc.
Customers issue a standing order instruction from their current account to the ambitious savings account for a 12-month duration. At the end of the 12-month period and a 12 regular payments, the customer can benefit from a facility to finance a project (ambition). The loan amount is up to twice the amount accumulated.
Realize your ambition
Earn attractive interest on your deposits
Access a loan
Affordable and flexible repayment
Loans competitively priced
FEATURES
savings
The account should be backed by a current account
Customer should have saved for 12 consecutive months to be eligible for a facility
Standing order amount is determined by the customer (minimum amount is GHS25)
Withdrawals are not allowed on the account
Savings account cannot be terminated before repayment of loan
Customer can change the amount of their standing order only after repayment of loan.
Loan
The loan amount is equivalent to twice the amount saved and with a maximum Debt to Service Ratio (DSR) of 45% (whichever is lower).
Maximum loan amount is GHS 250,000
Maximum loan duration is 60 months
The customer can start another Ambitious Savings Plan while benefiting from the loan.
Ambition Insurance will be taken to insure against disability or death.
1 passport size picture proof of identity (Voters’ ID, Drivers’ license, etc…)
Proof of address (Utility bill, tenancy agreement, directional map, etc…)
Letter of Undertaking and/or Scheme agreement
Last three pay slips and/or six months’ bank statements (when applying for a loan for the first time)
Copies must be supported by originals for verification.
Currency Swap
Is a currency trade with one currency converted into another and “swapped” back on a pre-determined date in the future.
Effective cash management tool
Gives customer the ability to bring forward or delay exiting transactions
Considerations against
Depending on the interest rate differential, there could be a change to the transaction
Margin/collateral requirement
Treasury Bills
Short term investment with a maximum investment period of 365 days.
- Funds can be invested at an agreed duration eg 91, 182, 362 days, etc
- Part or all of the investment may be withdrawn (at a discount) before maturity
- Roll-over option (with or without interest)
- Third-party investment is allowed.
- The minimum amount to invest is GHS100.00
Fixed Deposits
Placement of funds for a fixed period of time at an agreed rate.
- Maturities range from 30 days to 365 days
- Minimum deposit amount of GHS 5000
- Funds deposited are accessible only on maturity
- Third-party investment is allowed.
- Minimum deposit amount of GHS10,001
Call Accounts
Placement of funds with no specified maturity period
- Investor/depositor can terminate arrangement by giving due notice based on an agreed notice period
- Minimum deposit amount of GHS 10,000
- Part or the full amount deposited accessible any day on notice.
