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. Members are allowed to have 2 such accounts. Interest is computed based on month-end balances.
You will earn a bonus on the earned BS interest after 12 months and 24 months respectively.
1st year of Savings
A 10% bonus is added to the total BS interest accumulated for the year.
2nd year of Savings
A 20% bonus is added to the total BS interest accumulated for the second year.
Should there be insufficient funds in the designated account on a particular month, you will have to make your contribution over the counter by cheque for that month. If the contribution is still not made by the end of the month, bonus for that 12 months will not be paid except the normal BS interest.
Unless otherwise instructed, the BS principal together with interest will be automatically transferred to your General Savings account at the time of maturity. The Society will continue to deduct the same amount for a new account for the next 24 months.
As for premature withdrawal, neither normal bonus savings rate nor bonus shall be paid.
Example: Interest Rate at 2.5%p.a.
1st year 2.50% p.a + 10% on interest earned
2nd year 2.50% p.a + 20% on interest earned
The effective rate of return upon maturity = 3.08%.