Our Products
We offer the following products to enhance the quality of life for members by providing accessible financial products and services, investment opportunities, and social connections.
SilverVibe Regular Savings
Description
Purpose
- This account shall provide mandatory savings in accordance with cooperative principles. It will also determine a member’s financial standing in the cooperative for purposes of accessing other linked products and services.
- Monthly minimum saving: Shs 200,000/-
- Account minimum balance: 4,000,000/-
- Interest rate: Base savings interest rate + a rate approved from time to time
Operations, other features & benefits
- The interest shall be accrued monthly on the minimum balance and applied at the end of the financial year.
SilverVibe Flexi/Wallet savings
Description
Purpose
- This account shall provide members an opportunity to patronize the cooperative – with the convenience to withdraw the funds at any time with short notice.
- Monthly minimum: N/A
- Interest rate: Base savings interest rate + a rate approved from time to time
Operations, Other features & benefits
- The funds on this account can be withdrawn at any time of the year at a minimal fee approved by the Board from time to time.
- The account can be used to hold funds prior to investment in other products of the cooperative.
Silvervibe Fixed savings
Description
Purpose
- This account shall be used by a member to hold/invest funds with the SilverVibe for a period of 6, 9, or 12 months – with an option to roll over the maturity value at terms that may be applicable at such a time of the rollover.
- Minimum fixable amount: 5,000,000
- Interest rate: As approved by the Board from time to time
Operations, other features & benefits:
- The fixed deposit rate and period shall be agreed upon at the time of fixing the funds.
SilverVibe Young Savers
Description
Purpose
- This savings account shall offer non-adults associated with members an opportunity to save for the future.
- Monthly minimum: N/A
- Interest rate: Base savings interest rate + a rate approved from time to time
Operations, other features & benefits:
- A member may borrow against a young savers’ account balances to which they may be official signatories.
- Young savers account holders who attain the age of 18 shall be advised to transfer their savings balances to any other account of their choice with SilverVibe and attain SilverVibe membership.
SilverVibe Investment Units
Description
Purpose
- This shall be an optional long-term savings scheme open to all members. The accumulated funds shall be used by the cooperative to invest in long-term assets such as real estate, shares, and any other innovative, yielding assets.
- Minimum IU amount: Shs 100,000/-
- Interest rate: Minimum of base savings rate + approved rate from time to time
Operations, other features & benefits
- The investment units shall not be withdrawn by a member in ordinary circumstances – except at exit from the cooperative.
- The units can be transferred to any member at any time – with accrued interest.
- In addition to the minimum interest payable, the investment units shall attract additional returns estimated from net profits earned on the long-term investments financed from the fund.
Silvervibe Loan guarantee savings
Description
Purpose
- This shall be to secure loans.
- Minimum Balance: This shall be determined by a ratio of required savings at the time of borrowing and in line with the Credit policy
- Interest: As approved by the Board from time to time