You can open this regular savings account when you are becoming a member by virtue of purchasing shares in the Communal.

This savings account is one that you can operate as you would in a bank, where you save and withdraw as you wish or as necessary. You can also use this account as collateral for loans. When you use this savings account for securing loans, the amount pledged must remain on the account until the loan is fully paid off.

While the account is pledged, interest continues to accrue to that account.
It is wise to build this account and maintain a maximum of at least thirteen thousand five hundred ($13,500.00) dollars, by the time you attain the age of fifty-five (55) years. This is to maximize the benefits to your beneficiary(ies) at your passing away.

When you intend to obtain a mortgage this account should be maintained at the least, ten percent (10%) of the required loan Interest is credited to this account quarterly at prevailing rates.

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