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Target account

Target Account

We all have dreams and goals we aspire to achieve, and many of these aspirations require financial backing to become a reality. We understand the crucial need to make dedicated savings towards achieving specific objectives, such as building your dream home, purchasing your ideal car, acquiring a plot of land, funding a wedding, starting a new business, upgrading your smartphone, and many more. The JMT SACCO Target Account is specifically designed to meet this fundamental need, providing a structured pathway to turn your financial aspirations into tangible achievements.

This account functions similarly to a fixed deposit account, allowing members to set aside money for a specific, predetermined period. This period can be short, medium, or long term, depending on the member’s goal. It is important to note that if a member withdraws money from their Target Account before the stipulated period expires, they will forfeit all the interest that the account would have accumulated, encouraging disciplined saving towards the set goal.

Categories of Target Account:

The JMT SACCO offers three distinct categories of Target Accounts, each tailored to different time horizons and financial objectives:

  • Short Term Target: A member can open this account for a minimum period of 3 months and a maximum period of 1 year. This account offers an attractive interest rate of 11.5% per annum (PA). Upon withdrawal at the end of the stipulated period, a member has the option to renew the account for another specified period, allowing for continuous short-term goal planning.

  • Medium-Term Target: This account is suitable for goals requiring a more extended saving period. A member can open this account for a minimum period of 13 months and a maximum period of 5 years. This account earns a competitive interest rate of 18% PA, with the interest compounding annually until the expiry period, significantly growing the member’s savings over time. Upon withdrawal, a member can also choose to renew the account for a specified period.

  • Long Term Target: This account is designed for significant, long-range financial goals. A member can open this account for a minimum period of over 5 years, extending to an indefinite maximum period, depending on how long they wish to keep their money in this account. This account offers the highest interest rate at 21.5% PA, with the interest compounding annually until the expiry period, making it an excellent option for substantial wealth accumulation towards major life objectives.

Benefits of the Target Account:

The JMT SACCO Target Account provides numerous advantages to its members:

  • Supports Short and Long-Term Goals: The account helps members systematically save towards a wide range of financial goals, whether they are immediate (short-term) or distant (long-term).

  • Enables Emergency Savings: The Short Term Target account can be effectively utilized by members to build up an emergency fund, providing a safety net for unexpected financial needs.

  • Attractive Interest Growth: Members’ savings grow significantly with competitive interest rates ranging from 10.5% to 25% PA (note: the provided text lists specific rates for each category, with 21.5% being the highest, and 10.5% is not explicitly listed as a category rate, but 11.5% is the lowest for short term).

  • Unrestricted Free Deposits: Members can make deposits into their Target Account freely and without restrictions, allowing for flexible contributions towards their goals.

  • No Minimum Deposit Amount: There is no minimum deposit requirement, making the account accessible to all members regardless of their initial saving capacity.


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