Savings Account

SAVINGS ACCOUNT GUIDELINES

 

Savings

The Cooperative is authorized to accept deposits from the members to increase its revolving capital and to inculcate in them savings consciousness. ThoMEC also allows students from the UST Junior High School to open a savings account to help them out to comply with their school requirements while helping them realize the importance of saving for the future.

Regular Savings Deposit

Savings Deposit – a type of savings that require an initial deposit of One Hundred Pesos (P100.00), with a minimum maintaining balance of One Hundred Pesos (P100.00) per month. This account shall earn an interest rate of 1% per annum which shall be credited/deposited automatically to the depositor’s account and can be withdrawn at anytime.

Withdrawals

The amount of cash withdrawal per transaction from regular savings deposit is up to a maximum of P40,000.00 per working day.

 

Savings for Special Purposes

Savings intended for special purposes such as, but not limited to, Marriage, Birthdays, travels or any activities predetermined for the future. A minimum initial deposit of One Thousand Pesos (P1,000.00) shall be required upon application .  Savings deposit for special purposes are covered by the following guidelines, to wit:

1. For Special Occasions (SSP-SO)
   1. Earn an interest of 1.5% per annum
   2. For the purpose of

                                                               i.      Wedding

                                                             ii.      Baptismal/Christening

                                                            iii.      Anniversary

1. Withdrawable at least a month before the occasion
2. For pre-termination, interest rate will be 1% per annum
3. Minimum holding period of six (6) months

 

 

1. For Education (SSP-Ed)
   1. Earn an interest of 2.5% per annum
   2. For the purpose of earning a degree leading to

                                                               i.      Elementary

                                                             ii.      High School

                                                            iii.      College

                                                           iv.      or Post Graduate Studies

1. For pre-termination, interest will be 1% per annum
2. Holding period of one (1) year

 

1. For Car or House acquisition (SSP-CHa)
   1. With an interest earnings of 2.5% per annum
   2. For acquiring a Car or building a House or renovation
   3. Withdrawable at least a month before acquiring a property
   4. For pre-termination, interest will be 1% per annum
   5. Holding period of one (1) year

 

1. For Retirement (Optional/Mandatory(SSP-ReOM)
   1. With an interest earnings of of 3.5% per annum
   2. In preparation for Optional or Mandatory Retirement
   3. Withdrawable at least a month before retiring, subject to the presentation of approved retirement
   4. For pre-termination, interest will be 1% per annum
   5. Holding period of five (5) years

 

1. For Emergency purposes (SSP-Em)
   1. With an interest earnings of 2.5% per annum
   2. In cases of emergency, subject to presentation of supporting documents.
   3. Withdrawable at any time

General guidelines on Savings for Special Purposes:

a)      Savings deposit can be accumulated thru auto-debit transactions

b)      May be used as additional security for ThoMEC loans

c)       Minimum deductions if coursed thru auto debit scheme will be P250.00/ per payday.

d)      Lost passbook shall be charged P50.00.