Zimele Money Market Fund
The Money Market Fund, also called the Zimele Savings Plan, is appropriate for individuals looking for a safe and highly liquid place to keep their savings while enjoying competitive returns. The objective of the fund is to preserve the principal amount, earn interest income and provide liquidity when required. Funds are invested in short term money market assets including treasury bills, commercial paper and fixed deposits.
Returns are in the form of interest income which is credited to member's accounts as it is earned. The rate of interest, also called yield, is based on the average interest rate on the investments held by the fund at any particular point in time. The interest rate payable is net of fees and withholding tax.
One can invest either on a monthly basis or lump sum amounts at their convenience. The only charge applicable is a management fee of 2% per year.