There are different types of savings account with different features and different target audiences. These accounts all have distinguishing features and benefits to the customers, but the basic account opening documentation/requirements are the same. These are:
T-FLESS (Trustfund Future Leaders Savings Scheme)
With my T-FLESS:
- There is no minimum limit on the amount that can be saved.
- For children; teaches them to save.
- Operated by parents until their wards are 18 years.
- Higher interest than ordinary savings at 6% per annum.
- Each year five children of ages 6 and above are to be given scholarships for one year.
TSA (Trustfund Savings Account)
With my TSA:
- There is no minimum of the amount that can be saved.
- The client can make deposits on daily, weekly or monthly basis.
- Withdrawal period will be predetermined by the client.
- Our interest rate of 5% per annum is attractive.
TARGET SAVINGS ACCOUNTS
This account is targeted at specific projects, milestones or dates agreed ab-initio with the bank. Customers are not allowed to draw until targeted dates or milestones:
- Interest at 7% per annum (Higher than ordinary savings)
- Can be used as collateral for facility
The general requirements are as follow:
- Trustfund Account Opening Form
- Two Passport Photographs
- Any Valid Identification