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Savings Plan Account

A savings account can be linked to your transaction account and then through your transaction account you can make deposits and withdrawals in and out of your savings account. Savings accounts offer instant access and competitive interest rates. 

CABS Savings Plan

CABS Savings Plan is flexible and convenient to individuals wishing to save for the future. The savings account is opened for individuals who hold Blue, Gold or Platinum accounts.
 

How it works

                 Blue and Gold Savings Plan Platinum Savings Plan
Interest Rate

Tiered as follows:

  • $25 to $2,000 - 1% p/a
  • $2,001 to $5,000 - 2% p/a
  • $5,001 and above - 3% p/a

 

Tiered as follows:

  • $2,500 to $5,000 - 2% p/a
  • $5,001 and above - 3% p/a

 
 

Capitalisation basis

Monthly

Monthly
Currency

USD

USD
Withholding Tax

15% of interest earned

15% of interest earned
Initial Deposit

$25.00

$2,500.00
Minimum Balance

$25.00

$2,500.00
Service Fees

Nil

Nil

 

Cash Withdrawal Conditions                     

  

  • No cash withdrawals permitted directly from this account
  • Transfers only permitted to Transactional account
  • Transfers to Transactional account are to be restricted to only once per month

 

  • No cash withdrawals permitted directlyfrom this account
  • Transfers only permitted to Transactional account
  • Transfers to Transactional account are to be restricted to only once per month
Special Conditions

 

  • A maximum of 1 withdrawal per month
  • No cash withdrawals are permited from Savings account
  • All withdrawals to be done through the Transactional account
  • No transaction fees applicable to account
  • Money can be deposited into Savings account directly
  • Only individuals qualify

 

  • A maximum of 1 withdrawal per month
  • No cash withdrawals are permited from Savings accoount
  • All withdrawals to be done through the Transactional account
  • No transaction fees applicable to account
  • Money can be deposited into Savings account directly
  • Only individuals qualify

Savings Plan Benefits

    • Incentive to save for the future through competitive interest rate.
    • Exempt from Monthly service fee.
    • Deposits & withdrawals can be made at any branch convenient to customer.

Requirements

The following documents are required to open the savings account:

  1. Certified copy of National ID/Valid Passport/Drivers Licence
  2. Proof of residence in the form of ZESA/Water/Tel One/Credit bill within 3 months in one’s own name or
        • If it is landlord/tenant relationship, a lease agreement together with utility bill/affidavit from landlord authenticated by a commissioner of oaths.
        • letter from employer confirming residential address on company letterhead
        • Letters from schools, chiefs or headmen

     3. One colour passport size photo

    Please Note:
     
          • The outlined documents will not be required for existing customers where the customer record exists in the CABS system and the records are updated with all documents.
          • Normal account opening procedure will apply.
    Important
     
          • Transactional accounts cannot be converted to a savings plan as these are two distinct products.