I bank with mainstream banks but iv been reading about the way people prefer sacco’s these days.
Are there any people here with real life experiences of whether this is true or not.
lastly, which is the most stable sacco.
Im looking for a tool to save money for a crib over the long term, an one that at the right time will be able to enable me to access credit at a good rate in order to finish the home.
mind games. ukichukua calculator na karatasi utakaa kwa bank.
The difference: In matters loans…In saccos u can talk to them wakati kuna shida, for banks if u try to talk to them wakati kuna shida utawekwa pingu na mali yako itakua auctioned without further reference to ur ass
saccos are friendlier. i am with stima sacco and they’re pretty good.
Saccos are 100 times better than bank, the only challenge is that you have to have deposits & Guarantors to access credit 3-5 Times your savings. The other advantage you get your loan intact(Banks deduct negotiation fee(1-3%),insurance, tea charges among other crap charges. Lastly when gok scraps the capping the banks will screw you dry fry… ni hayo tuu…
Sacco loans are cheaper than bank loans. But you have to have shares for you to access the loans. Another advantage of Sacco is the annual dividend they offer on shares.
WTF
Sacco fixed deposits are very attractive…10-12+% p.a (doesnt fluctuate as they do not move with money mkt trends most of the times)…banks wakikupea mingi labda 7-9% which flactuates depending on the mood in the money markets