OUR CORPORATE MILESTONES:
The Society was officially registered on 20th May 1932 as “The Singapore English School Teachers’ Co-operative Thrift and Loan Society Ltd” with 6 members. By the end of the year it increased to 123. Its address was the Office of the then Inspector of Schools. Venues of Committee of Management meetings moved from place to place.
Official address was moved to the Scout Headquarters at Armenian Street. Mr L.A. Woodford, a well-known scout master took office as the Hon. Secretary.
When war broke out the number of members was 213.
During the Japanese occupation the Society was at a “standstill”. All the books and records were securely kept by the Hon. Treasurer, Mr Lim Choo Sye at his residence at Mandalay Road. After the war, the Society rented the front portion of a member’s residence at 168 Neil Road at its office.
At a cost of $28,000.00, 38 Kerbau Road was pitchased as the Society’s new premises.
Kerbau Road was under the URA acquisition. The Committee of Management purchased two office units at Golden Mile Complex at Beach Road at a cost of $311,000.00.
The Society operated its businesses from Golden Mile Complex at Beach Road.
The Society set up a Childcare Centre at Hougang Avenue 2 as a Community project.
Childcare Centre catering to children from playgroup up to kindergarten level started operation.
The Society was re-named as “The Singapore Teachers’ Co-operative Society Ltd”. The Society also owned one unit at Tanjung Samudera Condominium Beach Resort in Malacca.
The Society moved to its new premises at 150 Changi Road, #02-06, Guthrie Building, Singapore 419973.
Society’s By-Laws was revised and registered on 9 Jul to comply to the new Prudential Requirements.
The office unit, #04-19 (One unit) at Golden Mile Complex was sold with effect from 17 September 2013.
Childcare Centre at Hougang was sold to a third party childcare operation with effect from 31 May 2017.
The Tanjung Samudera Condominium Beach Resort in Malacca was sold in May 2018.
Today, the Society has about 4,300 members. The Society owns 1 unit at Golden Mile Complex and 2 units at Guthrie Building.
General Savings account is similar to the ordinary savings account in any financial institutions.
Interests are declared twice a year depending on the Society’s financial performance. Interests are credited into the same account on 30th June and 31st December each year.
Bonus Savings (BS) 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.
Term Deposit (TD) is a fixed deposit account for 1 year. Rate is generally higher than bank rate. Minimum fresh fund deposit is $500 subject to a maximum of $50,000*. The society may accept internal fund transfer from member’s General Savings or Bonus Savings accounts.