FTACTL Savings
Ika Ni Yabaki Investment
- This is a savings account
- Members can choose to deduct a certain amount every fortnight for this account (apart from loan and share deduction).
- The savings account can only be withdrawn once a year, which will be on January every year.
- January-June The savings account is added with a 6% interest and 3% if you join in july – Sept 3%.
- The main purpose for this savings is to meet members needs during the start of the school year.
Compulsory Savings
- Members must have Compulsory Savings apart from shares to ensure that members funds are always available to secure Emergency Loans and specific loans such as Bucibucini, Se Na Duruka, and Education Loans.
- All members shall have a minimum Compulsory Savings of $500.
- Upon Withdrawal, members shall receive this $500 and all additional interest.
Na I Vavakada Investment
- This is a savings account.
- Members can choose to deduct a certain amount every fortnight for this account (apart from loan and share deduction) or make a whole sum investment.
- The savings account can only be withdrawn after two years.
- After 2 years Members can keep Vavakada fund as long as they want and get annual interest of 6.5%.
No. of Years | Interest Rate |
2 years | 6.5% |
3 years | 7 % |
4 – 5 years | 7.5% |
6 years + | 8% |
Na I Lololo Investment
- Special Interest Rate for Retired FTA Members.
- This is directed towards retired members and information to those that are about to retire.
- Automatic FTACTL member with subs paid by FTACTL to RFTA.
- Minimum amount for reinvestment should be $2000 and <$1mil.
- Dividends reinvested shall be added to principal amount invested.
- 25% loan against amount invested, with 5 % interest.
No. of Years | Interest Rate |
2 – 3 years | 6% |
4 – 5 years | 7% |
6 – 8 years | 8% |
