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Savings management

SACCO savings management software

Savings are the SACCO’s biggest liability and its members’ biggest trust. SaccoMonitor records every contribution, enforces your product rules, pays interest fairly and keeps savings reconciled to the general ledger.

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Savings products your way

Create as many savings products as the SACCO offers — ordinary savings, compulsory savings, children’s savings — each with its own rules:

SettingWhat it controls
Minimum balanceMoney that must stay in the account; withdrawals cannot go below it.
Minimum depositThe smallest deposit accepted.
Withdrawal feeCharged on each withdrawal and booked as fee income.
Interest rate & scheduleAnnual rate; posted monthly, quarterly, half-yearly, yearly or manually.
Interest methodEach day’s closing balance, or the lowest balance in the period.
Opened automaticallyOpen this account for every new member.
Ledger accountWhich liability account in the chart of accounts holds the product.

Deposits, withdrawals and transfers

  • Cash, mobile money, bank and cheque deposits, with the payment reference recorded.
  • Printable receipt for every transaction; accidental double-clicks never post twice.
  • Withdrawals above your limit wait for a second officer (maker–checker).
  • Transfers between a member’s own accounts, and loan repayments straight from savings.
  • Mistakes are reversed with a linked reversal entry — the original is never deleted.

Share capital

Shares are sold in whole units at the SACCO’s share price, with a minimum number of shares each member must hold. The share register shows every shareholder, the number of shares and each member’s ownership percentage. Redemptions keep the minimum shareholding unless the member redeems everything on exit.

Fixed deposits

The rate and term are locked when the deposit is opened. The deposit cannot be withdrawn before maturity unless the product allows an early break (in which case unposted interest is forfeited). At maturity the remaining interest is paid and the deposit is renewed, moved to the member’s savings account or held for collection — automatically overnight, or immediately with “mature now”.

A fixed deposit in SaccoMonitor: locked rate and term, progress to maturity and the maturity instruction.

Automatic savings interest

Interest is calculated day by day from each account’s own balance history, so a member who saved on the 25th earns for the days they actually had the money. Each account remembers the last day it was paid for, so a period is never paid twice, and a missed night simply catches up. Before a manual posting you see every account, the days, the average balance and the interest. Worked examples are in how SACCO savings interest is calculated.

Frequently asked questions

Each member has one or more savings accounts under products you define. Tellers record deposits and withdrawals; each one updates the balance, prints a receipt, posts a balanced journal and can send the member an SMS.

Interest is worked out day by day at the product’s annual rate, either on each day’s closing balance or on the lowest balance in the period, from the day after the last posting. Days below a minimum balance can be excluded. It is posted automatically at month, quarter, half-year or year end, or manually up to a date you choose.

A fixed deposit is money a member locks away for an agreed term at an agreed rate. In SaccoMonitor the rate and term are fixed when the deposit is opened; at maturity the interest is paid and the deposit is renewed, paid into savings or held for collection.

Yes. Withdrawals above a threshold you set become requests that a second officer must approve before the money is paid out.

Shares are the member’s ownership in the SACCO (equity), bought in whole shares at the SACCO’s share price. They are not withdrawn like savings; they are redeemed, usually when a member exits, subject to the minimum shareholding.

Related pages

How savings interest is calculated

Daily-balance and minimum-balance methods with examples.

Fixed deposits in SACCOs

Terms, maturity, early withdrawal and renewal.

SACCO accounting

How savings appear in the general ledger.

Run your SACCO on clear, balanced books

Register your SACCO, import your members from Excel and post your first deposit the same day.

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