The advantages of good saving

Saving enables you to set aside part of your money to:

•  make financial or other investments (which will make you richer);
•  plan future use;
•  handle unforeseen expenses

Set your objectives

You should always set clear objectives for your savings: buy or build a house, buy a motorcycle, prepare for a new school year, etc. This helps you better plan your expenses over a given period.

Get richer thanks to your savings

The guaranteed minimum lending rate the lowest remuneration for your savings account, set by BEAC is 2.45% when you save at least CFAF 5 million. Beyond this amount, this rate is negotiated freely.

Open with no stress a savings account

You can open, in just a few steps, an account in a bank, a micro-finance institution or at the post office. there’s no age or sex restriction. the least you can deposit when opening varies from bank to bank and cannot be less than cfaf 10,000.0 for a bank savings account and cfaf 1,000.0 for post office savings account.

Access your money anytime

You can easily withdraw money from your account using:

•  a counter cheque (free);
•  a bank card;
•  a transfer to your current/chequing account;
•  your mobile money or your prepaid card.

Subscribe to services knowingly

You  should  fully  understand how your savings account works. No fee may be charged to this account without your authorisation you  must have subscribed to a service beforhand.

Monitor your savings regularly

Cross-check the conformity of all transactions performed on your savings accounts by consulting it regularly. in case of an anomaly, complain to your bank using a channel that leaves a paper trail or authorise an association to defend your rights. in case you are not satisfied, contact cnef (the national economic and financial committee).

Be patient & persistent

Saving a significant amount takes time. stay the course, even if the results are not instant. over time, you can save quite an amount even if you receive many requests.

Enjoy all the security offered by your savings account

Nobody can access your savings account without your authorisation.

Furthermore, the interest generated by your savings account will be paid unfailingly when the time comes. it is low-risk savings product.

Use bankcompar, a simple & effective tool

BankCompar is a user-friendly mobile application that allows you to simulate your savings returns in advance. The app is available on the App Store and Google Play, or online at www.bankcompar.cm.

Adopt these good savings habits to save money effectively.

A message from the National Economic and Financial Committee.

www.cnefcameroon.cm