Secured Savings AccountSavings account secured
If you have an uncovered credit with us that is still open, you cannot make an application and you must hedge the credit against your savings. Withdrawals can only be made during the life of the loans if they exceed the amount of the loans. What does my credit costs?
Interest and principal payments may differ depending on the amount and state of the loans. If you have an uncollateralised credit with us, you cannot make an application. The members must not be insolvent, have a Trust Instrument, DAS, IVA or DRO and must fulfil the admission requirements for repaying the loans.
Secured loans are the alternatives to withdrawing your savings from the cooperative bank. An secured advance allows members to lend up to 25,000 - at our minimum interest 5. If you have an uncovered amount of uncovered money owed to us and need to protect it against your regular savings accounts, you cannot make an application.
Withdrawals can only be made during the life of the loans if they exceed the amount of the loans. There are no charges for early repayment of your credit. The interest is determined during the entire period of your contract. The interest is billed every day and in default and then debited from your credit account on a month by month basis.
The interest is charged with declining balances. Currently, the interest on a secured credit is 5.1% APR. The repayments are debited from your savings account on the first of each year. You first repay the loans on the first of the following months after the date of the processing of the loan.
Borrower payments cannot be postponed and redemption periods are not allowed. Note: Some members do NOT have an annuity contract - they participate in a free service of the cooperative. In order to request a secured account please login HERE as a member and then simply choose the appropriate button from the section on-line request.