SAVERS’ JOY! Here’s why Centenary Bank is introducing a specialized current account for investment clubs
By our reporter
Centenary Bank, a leading financial institution in Uganda, has introduced the Cente Investment Club Current Account, a specialized current account tailored specifically for investment clubs.
This innovative account is designed to cater to the needs of investment club members who seek to save, invest, generate income, acquire assets, and improve their overall income and livelihoods while enjoying the convenience of a checking account.
The Cente Investment Club Current Account offers a range of attractive features and benefits to support investment clubs in their financial endeavors. To open the account, members are required to make an initial cash deposit of Ugx.50,000 and maintain a minimum balance of the same amount. The account can be accessed at any branch of Centenary Bank, providing convenience and accessibility to investment club members across the country.
Account holders will receive electronic account statements on a monthly basis, ensuring transparency and easy monitoring of their financial activities. Transaction alerts will be sent to selected account managers, keeping them informed about the club’s financial transactions.
While the account attracts ledger fees, it also offers the option of requesting a chequebook for cash withdrawals and permits deposits through various channels, including cash, wire, mobile banking, and cheques.
One of the key benefits of the Cente Investment Club Current Account is the attractive tiered interest rates, allowing clubs to earn more as their savings grow. After six months of consistent banking, investment club members can also benefit from the ability to borrow up to 150% of their savings, opening up opportunities for business expansion or investment projects. The account also provides access to competitive loan interest rates, ensuring that clubs can access affordable financing for their ventures.
To support investment club members, Centenary Bank assigns a dedicated relationship officer who will provide personalized assistance and guidance. In addition, account holders can benefit from free internal funds transfers through standing orders and direct debits, simplifying their financial operations. The bank also offers access to financial literacy training sessions and business skills training sessions, empowering investment clubs with the knowledge and skills necessary for financial success.
Furthermore, Centenary Bank recognizes the importance of networking and collaboration among investment clubs. Account holders have the opportunity to connect with other clubs through networking events and attend bi-annual Investment Clubs forums. These events provide a platform for knowledge sharing, collaboration, and potential partnership opportunities, further enhancing the growth and success of investment clubs.
To open a Cente Investment Club Current Account, investment club members are required to provide an opening cash deposit of Ugx.50,000, along with supporting documentation. This includes a copy of the Investment Club bye-laws and minutes with a resolution to open the account, a copy of the Investment Club registration certificate, and valid identity documents for account signatories.
Centenary Bank’s Cente Investment Club Current Account demonstrates the bank’s commitment to supporting investment clubs and empowering their members to achieve their financial goals. By offering specialized accounts, attractive interest rates, access to loans, training sessions, and networking opportunities, Centenary Bank strives to be a trusted partner for investment clubs in Uganda, fostering economic growth and financial prosperity. For more information: https://www.centenarybank.co.ug/product/cente-investment-club/62/5
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