Features
Savings & Deposits
Every shilling tracked, every transaction posted.
Savings are the foundation of any SACCO. SACCO360 lets tellers open accounts, take deposits, and pay out withdrawals quickly at the counter, while the system keeps balances accurate and posts every movement to the accounting ledger automatically. Higher-value withdrawals can be routed through an approval step, interest accrues on schedule, and dormant accounts are flagged so nothing sits unnoticed.
- Multiple savings products
- Counter deposits & withdrawals
- Approval-gated withdrawals
- Interest accrual
- Fixed deposits
- Dormancy handling
- 1Define the savings products your cooperative needs
- 2Open and manage savings accounts
- 3Take deposits at the counter
- 4Process withdrawals — with optional approval
- 5Accrue interest automatically
- 6Offer fixed deposits
- 7Flag dormant accounts
Define the savings products your cooperative needs
Every cooperative is different. SACCO360 lets you configure as many savings products as you need — each with its own interest rate, minimum balance, withdrawal rules, and GL mapping. Common setups include Compulsory Savings (mandatory monthly contributions that build a member's stake), Voluntary Savings (discretionary top-ups members make when they have surplus), Fixed Deposits (locked for a term at a higher rate), Holiday or Christmas Savings (goal-based accounts with a scheduled payout date), and Education Savings (ring-fenced for school fees). Add, rename, or retire products as your cooperative evolves — existing accounts keep the terms they were opened under.
Open and manage savings accounts
Open one or more savings accounts per member against any of your configured products. A single member might carry a compulsory savings account for their monthly contributions, a voluntary account for ad-hoc deposits, and a fixed deposit earning a higher rate — each with its own balance and transaction history, all visible side by side.
Take deposits at the counter
Record a deposit in seconds. The balance updates immediately and a journal entry posts to the ledger behind the scenes, so the books and the member's passbook never drift apart.
Process withdrawals — with optional approval
Pay out withdrawals immediately for routine amounts, or route larger ones through an approval workflow so a manager signs off before cash leaves the drawer. The threshold is yours to set.
Accrue interest automatically
Interest is calculated and accrued on a schedule by a background job, so member savings grow correctly without anyone running spreadsheets at month end.
Offer fixed deposits
Lock funds into fixed-deposit products with their own rates and maturities. The system accrues interest over the term and flags maturity when it is due.
Flag dormant accounts
Accounts with no activity past your configured threshold are flagged as dormant and surfaced for follow-up, with reactivation handled under your cooperative's policy.