Contract Save Account
Contract Save is an affordable, disciplined savings plan that can be tailored to suit your specific needs. It is ideal if you want to save for big future expenses like the deposit on a house, a wedding ceremony, school fees, or to top up your retirement savings. A monthly stop order is required from your main account into the contract save account to ensure that the account has money throughout the period. This ensures that you save regularly over a period of time, without giving in to the temptation to spend your savings.
MWK 10,000
Minimum monthly deposit
30% of accrued Interest
Earn bonus interest up to
8% per annum
Earn interest up to
Some of the benefits
Free
There are no monthly fees charged on a Fixed deposit account
Control
Monitor your saving through 247 online
Flexibility
You can make additional deposits to the account at any time.
Free choice
You can choose to open more than one ContractSave account if you are saving for multiple goals.
Acceptable Transactions
- A monthly standing order, minimum MWK 10,000
- Additional standing orders
- Further deposits via the funding account
- Withdrawals before maturity of the contract attracts penalty fee of 40% on the earned interest.
Interest Distribution
- Interest rates up to 8% per annum plus a bonus interest up to 30% of total interest accrued
- Interest details are as follows:
- Investment from < MWK 499,999 5% per annum
- Investments > MWK500,000 < MWK5,000,000 6.5% per annum
- Investments above MWK 5,000,000 8% per annum
- Bonus Interest is calculated on total interest accrued as follows:
- 3 months investment 10%
- 6 months investment 20%
- 12 months investment 30%
How to get it
- Valid National ID
- Minimum initial deposit of MK 20 000.00
-
Acceptable Transactions
-
Interest Distribution
-
How to get it
- A monthly standing order, minimum MWK 10,000
- Additional standing orders
- Further deposits via the funding account
- Withdrawals before maturity of the contract attracts penalty fee of 40% on the earned interest.
- Interest rates up to 8% per annum plus a bonus interest up to 30% of total interest accrued
- Interest details are as follows:
- Investment from < MWK 499,999 5% per annum
- Investments > MWK500,000 < MWK5,000,000 6.5% per annum
- Investments above MWK 5,000,000 8% per annum
- Bonus Interest is calculated on total interest accrued as follows:
- 3 months investment 10%
- 6 months investment 20%
- 12 months investment 30%
- Valid National ID
- Minimum initial deposit of MK 20 000.00