Savings
Savings like no other
01
Compulsory Savings
This is a compulsory saving that must be contributed by all
members of Fieldvest Cooperative as a condition of membership and
to access credit (loans) otherwise face the risk of been expelled
from the society for non-performance. Members are compelled to
make contributions on a regular basis; it is a membership saving
and must be saved on a daily, weekly, or monthly basis.
The minimum monthly savings have been set at N5,000. 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 policy of the society.
Unless a member quits the society, he or she must save on a
regular basis. If a member wants to withdraw from Fieldvest
Cooperative Society, it is only under this condition that
compulsory savings may be withdrawn. Exit from the Cooperative is
only permitted after 12 months of joining the society.
02
Daily Savings
As the name implies, it is a voluntary saving, and it is open to
members and nonmembers. A fee is charged on this daily savings
every month which is equivalent to the first daily contribution.
It is also an obligatory part of accessing credit services from
Fieldvest Coop. They are provided by both the borrowers and
non-borrowers who can deposit or withdraw according to their
needs.
The daily savings are best fit for people who receive constant
cashflow 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 at end of market days,
receipt of contract payment and transfer monthly to their
compulsory saving accounts. This kind of saving can be withdrawn
at any time when the owner needs it. Fieldvest Cooperative society
do not provide saving interest nor eligible for dividend payment
for this voluntary savings.
03
Fixed Deposit
A fixed deposit is an investment and a form of savings that earns
you a 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 they withdraw the money after a period. The time ranges
from 3 months onwards. This type of savings earns a higher
interest rate which is varied by the cooperative from time to time
but is not eligible for dividend payment.
Be a part of this Community.