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Chama Account

The Chama Savings account is a withdrawable deposit account that targets members with group savings commonly known in Kenya as "Chama". The members of the group need not be UN Sacco members provided one of the group members is a UN Sacco member.

The terms and conditions of the account are: -

  1. The group must have at least one third of the members who are UN Sacco members.
  2. The group must have at least three signatories to the account.
  3. Minutes of the group meeting authorizing the officials to open the account shall be required to open the account.
  4. The group must have a name preferably registered.
  5. The mode of contribution is check-off, standing order or by direct deposit.
  6. Minimum account maintenance balance is Ksh.5,000.
  7. Minimum interest earning balance is Ksh.50,000
  8. Withdrawal fees shall be as stipulated in the Fosa Tariff Guide and shall be limited to once a month
  9. The account has no monthly charges like ledger fees, account maintenance etc.
  10. Minimum monthly deposits of Kshs 5,000.

Fixed Deposits

fixed deposit

The Fixed deposit account is a withdrawable deposit account where depositors can place short term deposits for a specified periods of time usually between three to twelve months. The account targets members with large sums of money that they have put aside for investment and they are certain of the period that they can commit the funds.
The account operates as detailed below.

  1. Fixed Deposit Account is suitable for deposits where the customer is fairly certain of the period that he can commit the funds.
  2. Minimum deposit Kshs.50,000,
  3. Minimum period 3months while maximum is 12 months.
  4. Interest is computed daily and credited at the maturity of the contract period.
  5. Accrued interest is forfeited if a depositor withdraws the funds before the maturity date.
  6. The customer is issued with a Certificate of Deposit upon depositing the money.
  7. The Certificate of Deposit details the amount deposited, date deposited, interest rate applicable, contract period and the maturity date.

Upon maturity the depositor can rollover the principal together with the interest or collect interest and rollover the principal or collect both principal and interest.

FOSA Savings Account

The Fosa Savings Account is a withdrawable deposit account that members use as a transaction account and can also be used for savings purposes. The account caters for members' regular transactions like salaries and loans processing; cash and cheque deposits; electronic funds transfers; standing orders etc.
The account operates as follows: -

  1. The account minimum balance is Ksh.2,000
  2. The minimum interest earning balance is Ksh. 50,000.
  3. Interest is calculated monthly and credited at the month
  4. The Fosa Account holders are eligible for ATM card services which shall be issued and operated in accordance with the Society's ATM card procedure.
  5. The Fosa Account holders are eligible for M-SACCO services.
  6. A member can make regular savings to the Fosa Savings Account through a check-off arrangement with the employer.
  7. The account attracts no monthly charges or account maintenance fees.
  8. Transaction fees shall be in as stipulated in the Fosa Tariff Guide.
  9. Maximum transaction limits will be in accordance with the Fosa Tariff Guide.

*The annual interest rate is 2% to 2.5%.

Junior Savings Account


The Junior Savings Account is a savings account designed to provide a savings facility for parents to save for their children who have not reached the majority age. 
The account has the following features:
a) The member opens an account for every child as he/she wishes.
b) The account name is the child's name, while the parent has the sole mandate to operate it.
c) The minimum monthly saving for each account is Ksh.500 mainly through check-off but any other mode acceptable.
d) Withdrawal from the account is permitted  once after every three months.
e) Withdrawal before three months are over may be permitted at a charge of Ksh.500 per withdrawal.
f) Minimum interest earning balance is Ksh.10,000.
g) Competitive interest rates.
h) The account attracts no monthly charges or account maintenance fees.
i) The account give a member the advantage of borrowing the Junior Education Laon.