Bonus Savings
Bonus Savings is a “Save-As-You-Earn” account. This product gives the best returns. Members are committed to contribute 24 monthly payments. Minimum contribution is $20 per month subject to a maximum sum of $500. Members are allowed to have 2 such accounts. Interest is computed based on month-end balances.
1st year of Savings
A 10% bonus is added to the total interest accumulated for the year.
2nd year of Savings
A 20% bonus is added to total interest accumualated for the second year.
For premature withdrawal, neither interest nor bonuses shall be paid.
Example: If the Bonus Savings rate is 2.00% per annum, the effective rate of return upon maturity (after 2 years) is 2.46% per annum.
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