Long-Term Savings

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Introduction to Long-Term Savings

This product was introduced to support the strategic direction of CareCoop. It aims to:

  • Grow Institutional Capital
  • Align contributions to reflect the growth trajectory

Contribution Structure

  • Long-Term Savings: ZMW 100 is posted to long-term savings, which can only be withdrawn upon member exit.

Benefits of Long-Term Savings

  • Higher Interest Rates: All savings contributions will receive interest, with long-term savings earning a higher rate compared to ordinary savings.

Terms and Conditions

  • Long Term Savings can only be withdrawn when a member exits CareCoop.
  • The amount in long-term savings accounts cannot be used as collateral for borrowings.
  • Members can receive the amount saved in their long-term savings account only upon exiting membership, provided all debts and obligations are fully repaid, and are free from any guarantee.
  • Long Term Savings Withdrawals will be processed within 60 days after a member submits a written notification of their intention to withdraw from the Society.