One of the most recurring questions when we commissioned this series on National Building Society (NBS) regards the types of accounts that individuals can open. The second question is which type of account makes one eligible to apply for a housing loan. (Check out the earlier articles here and here)
The answer to the second question is simple: all accounts you can open with NBS qualify you to apply for mortgage finance provided you meet all other requirements of course.
In brief, here are the four accounts you can open as an individual:
Easy Transact Account
This is the regular everyday account for unlimited access to your money. Of course in Zimbabwe right now access to your money does not necessarily mean withdrawing any amount of cash any time you want. You can however make payments using a Zimswitch debit card and ZIPIT
Access Save Account
This is a flexible savings account that permits several limited withdrawals. It is an interest bearing account with interest rates up to 1%.
The Subscription Account is a savings account designed for people who are saving towards a specific goal for example a wedding or a child’s education. The account can also be used to save up for the mortgage loan deposit. Interest rates are up to 4.5% and withdrawals are not encouraged until specified investment period is met.
This is a transaction account specially made for senior citizens over the age of 60. There are no service charges. The account permits access to pension backed loans. ‘Access to the funds’ is unlimited. Transactions can be done through Zimswitch and ZIPIT.
If you want to open any of these accounts to eventually get access to mortgage finance fill in this form