This product has been developed for the spouses of principle members. And the spouse is classified as a member outside the common bond of the original member.

  1. Savings should be made regularly/consistently, usually monthly, not later than 10th of the following month.
  2. Minimum monthly saving is KES 2,000/=, subject to periodical review.
  3. Additional savings can be provided at any given time of the month
  4. Deposits cannot be withdrawn in partial or in full, unless the member resigns from the Society
  5. Deposits is the basis of member’s loan entitlement.
  6. Deposits committed for loan guarantee cannot be claimed by the member, until freed from guarantor obligations.
  7. Guaranteed deposits are considered held in trust by the SACCO while the loans are running.
  8. Active deposits are eligible for any annual interest that shall be declared by the SACCO as surpluses for each financial year. The SACCO holds the discretion to deny annual interest on dormant members.
  9. Interest earned can be paid to the member in cash or re-invested to this or any other savings products as resolved by the members in an AGM.

For loaning purposes, savings/deposits in spouse accounts will differ in treatment from savings/deposits held in normal member account as detailed below:

  • The original member who is a spouse to the member will be the 1st guarantor to any of his/her loan applied.
  • The total deposits of the other guarantors (excluding the spouse member) plus those of the loan applicant should be enough to cover the loan applied. However, in case of default the deposits of the 1st guarantor shall be used to offset the net default after the defaulter’s deposits before the other guarantors can be attached.
  • Amounts committed in guarantor-ship by a spouse member to a member outside common bond shall not be available to guarantee other loans in Magister but can be used for loan eligibility.