Deposit Services
Regular Savings
Open to all membership (Microfinance and Military Members)
Maintaining balance is P500.00 with an interest rate of 3% per annum which shall be declared on a quarterly basis.
If balance is below P500.00, depositor receives no interest. Quarterly interest computation based on the average daily balance credited to the account every end of each quarter.
Time Deposit Account
An investment certificate held at a contracted term and rate
Interest earned is fixed with term
Notification letter sent to a member 20 days prior to the maturity informing of a 10-day post maturity grace period and roll over options
If no notification from member is received, the certificate automatically rolls over at the existing term under the current rate.
Fixed interest will be forfeited if withdrawn prior to the maturity date which will fall under regular savings rate.
Youth BEE Savers (for kids 12 years old and below)
Minimum deposit of P50.00 to open an account
Maintaining balance of is P50.00 with an interest rate of 3% per annum which shall be declared on a quarterly basis.
A compulsory deposit of P1.00 per day (5 days/week)
Interest is calculated on the average monthly balance credited to the account every end of each quarter
Depositor gets one point for every P100 deposit to the account. The points could be redeemed for a prize at the cooperative.
Parent, grandparents, uncles, aunts, godmother, godfather, brothers and sisters could deposit to the accounts as gift to minor depositor. Depositor entitles to an award for good habit of savings as "Youth Bee Saver for the Month", photo of the depositor is posted in the premises of the school bulletin and to the cooperative office.
Likewise, a Youth Bee Saver of the Year will also be awarded during the Annual National Assembly meeting.
Depositors of the Youth Bee savers after accumulating 1,000 points or an equivalent of P10,000 deposits automatically qualified as a member of the D' SMART CLUB. A member entitles to range of privileges.
Smarteen Savers (for youth ages 13 and above)
Minimum of P100.00 to open an account
Maintaining balance of P100.00 with an interest rate of 3% per annum which shall be declared on a quarterly basis.
Parent, grandparents, uncles, aunts, godmother, godfather, brothers and sisters could deposit to the accounts as gift to minor depositor.
Entitlement to Educational fieldtrips, trainings & seminars and scholarship program.
Depositor gets one point for every P200.00 deposit to the account. The points could be redeemed for a specially designed Smarteens souvenir items at the cooperative. (see prize brochure which is updated for 6 months)
This savings program has to be cross sell by the cooperative employees to parents, grandparents, uncles, aunts, godparents, friends and relatives. A minimum quota of 3 depositors per employee is required
If balance is below the maintaining amount, depositor receives no interest
Retirement Savings Account
A permanent savings with maturity period.
Members with age from 30 to 55 years old are qualified for the retirement savings
Minimum policy of P50,000.00 on maturity
Monthly savings for a period of not less than 5 years
The savings account matures when the depositor reaches the age of 60. The depositor may opt to get the maturity value of the plan or monthly pension for a period of 5 years
Deposits shall bear an interest rate of 10% per annum and shall be automatically credited to the accounts on a quarterly basis
If the depositor chooses the monthly pension, the fund will be transferred to regular savings account and earn interest thereof. During installment, when the regular monthly savings is missed or stopped for 3 consecutive months, the accumulated savings will be converted to regular savings account subject to the existing terms and conditions
Interest accumulates and added up to the contract price of the Retirement Savings Account
Santa Savers Account
Santa Savings Account is designed to save for that every expensive time of the year. Gifts, holidays, leisure time and entertaining the kids are an expense that goes beyond spending spare money a family has. By saving a small amount, member can build a nest egg ready for those expenses. Member has to set aside a small sum computed based on the targeted savings.
Minimum of P200.00 to open an account
Maintaining balance is P100.00 with an interest rate per annum of 5% which shall be declared on a quarterly basis
Withdrawals are permitted only in November, December and January
Open to all ages, military and civilian members
f balance goes below minimum, depositor receives no interest
Interest is calculated on a minimum monthly balance and is paid monthly
Educational Savings Account
It is a great way to save for education fees by simply allocating small amount of savings so that payment will not become fall short as they come due
Interest is calculated monthly and credited outright to the account
No withdrawal is allowed, only one week before the planned bill payment
With an interest rate per annum of 6% which shall be declared on a quarterly basis
Travel Savings Account
Offered to help member plan for a holiday travel
To be prepared for a year-end spending with a convenient holiday travel savings account that earns interest.
Member can save money for holiday shopping, vacation, or traveling to visit family and friends and to attend Asian & World Council Credit Union Forum. For Asian travel yearly and for World travel every 3 years
Interest is calculated monthly and automatically credited to the account.
No withdrawal is allowed, only one week before the planned travel
With an interest rate per annum of 6% which shall be declared on a quarterly basis.
100 Days Deposit Account
100 Days Deposit Savings Account is designed to save for emergency purposes.Member has to set aside a small sum computed based on the targeted savings.
Minimum of P100.00 to open an account
Maintaining balance is P100.00 with an interest rate per annum of 2% which shall be declared on a quarterly basis.
Open to all ages, for civilian members.
If balance goes below minimum, depositor receives no interest.
Saranayan Deposit
FOR WHOM:
All Fivestarcoop Members, Officers, Management and Staff
CONDITIONS:
Must be a member of the cooperative either regular or associate and willing to participate in the saranayan incentive program and paid membership fee amounting to P50.00, annual dues of P10.00 and regularly paying saranayan incentive of P20.00
TERMS:
Co-terminus with his/her membership in the cooperative.
ELIGIBILITY REQUIREMENTS:
Must be of legal age, resident within the area of operation.
GUARANTEES:
Membership Form
PRICE:
Interest rate on deposits above P500.00 of 1% per annum
Collection expenses during Saranayan Incentive collection.
PHYSICAL EVIDENCE:
Membership form,
Passbook
PROMOTION:
Information dissemination, Ownership & Representative Assembly, Group Marketing, Distribution of Flyers.
PLACE:
Area of operation.
POSITIONING:
Information dissemination, Ownership & Representative Assembly, Group Marketing, Distribution of Flyers.
PEOPLE:
Saranayan incentive as rider of the deposit product to address the needs of aging members who are disqualified by insurance companies.
Management and staff.
PROCESS:
1-3 days upon internment of the deceased member.
SHARE CAPITAL
1. SHARE CAPITAL PASSBOOK
Upon approval of membership application and Subscription Agreement (MSA), Fivestarcoop will issue a Share Capital Passbook to Member in which all paid up share capital will be recorded.
a. This Passbook must be presented always in updating this account. The passbook must be carefully kept and guarded by the member.
b. In case of loss of Share Capital passbook, the fact should at once be reported to Fivestarcoop, written notice is needed. A charge of P______ will be made to defray the cost of the new passbook.
c. This passbook must be returned to Fivestarcoop when the membership is terminated, or filled-up passbook has to be replaced with a new one.
2. INTEREST.
a. Computation of interest on share capital is based on the allocation and distribution of NET SURPLUS as stipulated in RA 9520 (Cooperative Code of 2008)
b. Distribution of interest on share capital will be given to individual members after the approval and adoption of the Audited Financial Statements by the General Assembly.
3. WITHDRAWAL.
Withdrawal of share capital is not allowed unless application for termination of membership has been approved, and such withdrawal will be made after 60 days from the date of approval.
4. INACTIVE ACCOUNTS.
Accounts which are inactive for at least _________ year(s) shall be considered inactive.
5. The member shall be governed by such additional regulation as the Cooperative may subsequently make covering this class of deposit. The cooperative reserve the right to alter, change or modify any of the foregoing conditions or regulations.
6. ACCEPTANCE OF RULES.
All persons at the time of opening a share capital account shall subscribe their names on the signature cards of Cooperative and the member shall agree, by their signatures on said cards to be governed by the rules, conditions and regulations and assent that their deposit shall be received under and subject to all the terms and conditions thereof.
