Investment clubs have gained popularity in Uganda as a means for individuals to pool their resources and invest collectively. These clubs offer a range of benefits, including increased purchasing power, shared risk, and knowledge sharing. As the number of investment clubs grows, financial institutions have introduced specialized investment club accounts tailored to meet the unique needs of these groups.
This article provides a detailed comparison of investment club accounts offered by various banks in Uganda to help potential investors make informed decisions.
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
1
|
Centenary Bank
|
Cente Investment Club Current Account
|
UGX 50,000
|
Copy of Investment Club bye-laws and minutes with a resolution to open the account | Ability to borrow up to 150% of savings after 6 months of consistent banking |
| Copy of the Investment Club registration certificate | Attractive loan interest rates | ||||
|
Copy of valid Identity documents for Account signatories including the following: Valid National Identity Card for Ugandans and Passport for Non-Ugandans.
|
A dedicated relationship officer | ||||
| Free Internal funds transfer through standing orders and direct debits | |||||
| Access to financial literacy & business skills training sessions | |||||
| Signatories mandate | Opportunity to network among clubs & attend bi-annual Investment clubs forums | ||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
2
|
DFCU Bank
|
Investment Club Account
|
UGX. 50,000,
USD 100, EUR 100 GBP 100 |
2 passport photos for each signatory | Loan amounts of up to 150% of amount saved |
| National ID or Passport per signatory | Attractive interest rates of up to 6.5% | ||||
| Registered constitution for the club | Multi-currency options including UGX, USD, EUR and or GBP | ||||
| Resolution to open an account with dfcu Bank | Opportunity to learn through financial literacy sessions. | ||||
| 24/7 access to your account through dfcu Quick Connect | |||||
| Access to the The dfcu investment app | |||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
3
|
Bank of Africa
|
BOA investment club account
|
UGX 50,000
|
One (1) most recent passport size photo of the account signatories | Access financing up to three times your group savings |
|
Valid identification document of account signatories (National ID for Ugandans or passport for foreign nationals)
|
Free first cheque book | ||||
| Access to tailor made financial literacy and capacity building programs | |||||
| Certified copy of club registration certificate | Dedicated Relationship Manager | ||||
| Certified copy of club by-laws/Constitution | Monthly management fees – UGX 5,000 | ||||
| Signed copy of minutes and certified resolution to open account with agreed account operating mandate | Minimum balance to earn interest – UGX 100,000 | ||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
4
|
Equity Bank
|
Investment club account
|
UGX 0
|
Minutes from club members showing resolution to open the account signed by the chairman | Account opening is free |
|
A resolution with an account signing mandate
|
No account operating balance | ||||
| No ledger fees or monthly charges | |||||
| A copy of the investment club Constitution | Dedicated Relationship Manager | ||||
| Original identification document (National ID / Passport and proof of residence) | No limit on the frequency of withdrawal | ||||
| Free 25 leaf Cheque book upon account opening (Current Account) | |||||
| Equity Ordinary account available for individual members | |||||
| Free Financial Literacy training | |||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
5
|
Housing Finance Bank
|
Investment club Current account
|
UGX100,000
USD 50 EUR 50 GBP 50. |
Minutes from club members showing resolution to open the account signed by the chairman | Access to group mortgages of up to 300% of the club savings. |
|
A resolution with an account signing mandate
|
Access to an overdraft facility of up to 50% of the club funds. | ||||
| Competitive interest rates of up to 7% p.a. | |||||
| A copy of the investment club Constitution | Dedicated Relationship Manager | ||||
| Original identification document (National ID / Passport) | Free monthly statements. | ||||
| Regular training and capacity building | |||||
| Preferential forex rates | |||||
| Access to insurance benefits | |||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
6
|
I&M Bank
|
Chama Investment Clubs Account
|
UGX.100,000
USD 50 |
Certified constitution and by-laws (or registration documents) | Liability is limited to members collectively |
|
Minutes of club meeting resolving to open up an account with I&M Bank and stating signatories certified by URSB
|
Interest Payable p.a. Up to 5% (UGX), Up to 2% (USD) | ||||
| Below Account Minimum Balance Fee UGX15,000 / $5 | |||||
| Valid identification (National ID for Ugandans and Passport with work permits or residence permit for foreigners) | Dedicated Relationship Manager | ||||
| 1 passport-size photograph of each signatory | Over the Counter Cash Withdrawals Fee UGX3,000 / $1 | ||||
| Proof of residence for each signatory | Monthly Management Fee UGX2,000 / $1 | ||||
| Referee | Below Account Minimum Balance Fee UGX15,000 / $5 |
||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
7
|
Finance Trust Bank
|
Trust Investment Club Account
|
UGX.100,000
USD 50 |
Certified copies of Investment club registration documents. | Investment clubs access a loan up to 150% of the club’s savings |
| Investment Club by-laws | Interest Payable p.a. Up to 5% (UGX), Up to 2% (USD) | ||||
| Registered resolution to open an account with Finance Trust Bank and signing mandate | Access to free internet banking service | ||||
| Valid identification (National ID for Ugandans and Passport with work permits or residence permit for foreigners) | Interest paid monthly | ||||
| 2 Passport photos of signatories | Attractive interest of up to 7.5% per annum | ||||
| Photocopy of a valid ID for each of the signatories | Quarterly forums and networking opportunities for TIC account holders | ||||
| Free advisory services | |||||
| Dedicated relationship manager | |||||
| Free monthly statement | |||||
| Bank | Account Name | Minimum Opening Balance | Requirements | Account Features and Benefits | |
|
8
|
Stanbic Bank
|
Society account
|
UGX 50,000
|
Society Constitution | No monthly management fees |
| Meeting minutes or board resolution authorising to open account | 1 Free cash withdrawal a month | ||||
| Proof of the SACCO/ Investment Club/ Group permanent address | Free Online Banking | ||||
| Proof of address of Signatories | Financial literacy sessions | ||||
| Identification of signatories | Tiered interest paid on balances above UGX 10 Million | ||||
| Two passport photos of the signatories | Automated member collections and reconciliations | ||||
Selecting the right investment club account is crucial for maximizing the benefits of collective investment. Whereas the comparison table provides an overview, consider other factors such as the remote access, Account and membership management, interest rates, and account features when choosing the best fit for your investment club’s needs. Evaluate each option thoroughly to make an informed decision that aligns with your club’s financial goals and objectives. With the right investment club account, your group can unlock the potential for long-term wealth accumulation and financial success.
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Adaline Tyler
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