Savings and loans
Savings account
The heart of the co-operative. Members contribute every month and build the fund everyone borrows from.
A Taumba savings account is where membership begins. You commit to a monthly contribution, and that money joins the pooled fund the co-operative lends from.
Your savings stay yours. They build your borrowing capacity, they earn a share of the surplus at the end of each period, and they can be withdrawn when you leave the society, provided you have no outstanding obligations.
What you need to qualify
- Approved membership of the co-operative
- A monthly contribution agreed with the membership team
Questions about borrowing
How do I apply for a loan?
Build a savings record first, then complete a loan application form at the office. The loans officer will discuss the amount, the purpose, the repayment schedule and any security required before the loan goes for approval.
Why are your loans cheaper than a bank's?
Because the money is yours. The co-operative lends out the savings that members have pooled, and the goal is service rather than profit. Interest paid on savings and shares is limited and proportionate to the interest charged on loans.
Other products
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Share capital
Shares make you a part-owner. They set your dividend, though never your vote — that stays one per member.
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Development loan
For growing a business: stock, equipment, premises or the working capital to take on a bigger order.
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Emergency loan
A smaller, faster facility for medical costs, funerals and the things that do not wait.