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How to Decide Which SACCO Needs to Join?

Finding the right Sacco in India, one that needs to meet your goals is necessary, it is not only for your financial growth but also for the protection of your money. It is, therefore, vital to do your homework beforehand to make sure that you are work out for the best deal.

There are limitless choices of Saccos, which is an outstanding thing because then you can get the options to select from the broader scope. These days, the many Saccos are open to the public which is not similar in the past where members had to be employees and when they come out from the company, they were asked to leave the savings scheme as well. This generates a very big pool of Saccos to selects from.

However, occasionally, that’s easier said than done. Of the many choices are accessible, how do you find the best Sacco which is suitable for you? Well, there are no tough and fast rules and regulations for this, but the right and suitable Sacco for you is the one whose products and services match your requirements. Here are some points that help you to selects the best Sacco that will look you arrive financially:

Fees and rates

If you are eagerly waiting to get a good Sacco, take your own time to look over the interest rates that you can gain on your savings and the rates you can pay on loans. Use this information to sieve the choices that you have. Trusted Sacco issues the schedules for fees and rates on their websites, so it should not be hard to differentiate. If you are not able to find the information online, you may have the option to call their offices to get the information. Saccos tend to have a higher yearly percentage on interest rates on savings accounts and lower fee schedules compare to commercial banks.


With today’s busy lifestyle, people don’t have the time to visit a branch, don’t have the patience to wait in the long queues to make deposits or withdraw money. Therefore, you can consider a Sacco that combines technology into their systems so you can do your procedures on the go. Checking for tech characteristics – like the digital savings plans, and have the ability to transfer the funds easily can help in narrowing your list down.

Physical location

The simple reality is that you are looking for comfort it does not mean that it’s okay to work with a virtual Sacco that does not have a physical office. Remote banking is an added benefit. So, before joining a Sacco, go through a careful investigation about all the information upfront. Check for their responsibility. You can do so by reaching their offices and cross verifying their licensing and documentation of registration. Any well-respected Sacco will happily provide or display their certification papers. Whichever type of Sacco you go through for, you should make sure that it is registered, licensed, and regulated.

Read reviews

In the internet generation, for an institution, it’s almost impossible to get away from bad practices. People will check online to convey their frustrations and disappointment in case they have a bad experience with a service provider. They will generously convey gratitude if they are satisfied and happy with the services too. So before you join and sign in to a Sacco, spend some quality amount of time searching online for customer reviews and get the information about what the previous clients are saying about them. Here, you’ll see the all good and the bad things about the institution. The information will help you intake an informed decision. Since Sacco does not controls the reviews, you can make sure that the information is correct and true.

The safety of your money

You want to have some security for your money, the same way you can do for your home, your car, and your health also. Therefore, it is critical to find a most respectable Sacco that is properly registered, insured, and regulated. This way, you will make sure that your money is secured and that your investment is worth the while.

Ask for referrals

The easier way to find the best Sacco is to get suggestions from the people around you like your family, friends, neighbors, and colleagues. You will be surprised by with Saccos how many people are saving their money and try to get loans. People in your surroundings are likely to provide you neutral thinking about a Sacco, which is what you required.

Customer service

When you have an issue or question, the last thing you need is to sit on hold or try to get a customer service representative who is useless or not nice. Ask your surroundings to find out what Saccos which make your friends happy.

Financial statements

Also, find out how you will receive your statements about your transactions. Is it done monthly or quarterly? So whether you will receive in the form of soft copies or hard copies or both?


If you required to access part of your savings, or maybe you want to protect a loan, will it requires you to visit the office personally or it can be done online?

Payment period

The most flexible terms go for the finance partner. This is where Saccos have an upper hand, as they provide to members schedules for longer loan repayment. They can also increase additional facilities for loans to a loyal member.

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