Are You Ready To Save For Your Future?
Grameen America is launching a new and unique Savings Program exclusively for our members to save for their long-term success.
About The Savings Program
Grameen America wants to help provide you with the opportunity to build your assets, increase financial stability, establish generational wealth, and practice positive money-saving habits. Our Savings Program is available to Grameen America members who currently have an active loan and want to start saving for long-term assets. You can bring your financial goals to life with this free, safe, and easy-to-use savings account.
Benefits of the Grameen America Savings Program
Our program has several benefits compared to opening a savings account from a commercial bank:
Join Now for the Opportunity to Earn The Following 2 Rewards!
SPECIAL LAUNCH BONUS!
Open your account and make a first deposit of any amount to earn a
$25 reward
in your account!
ROAD TO $500!
When you reach the first $500 balance and keep it at that minimum for 3 months, Grameen America will
reward $100
in your account!
What Do Members Think About Our Savings Program?
Watch this testimonial video on how your fellow peers are experiencing the Savings Program.
How To Deposit
Depositing to your Grameen Savings Account is simple and easy to do.
Deposits are made through PayNearMe, the same way you pay your weekly loan payments.
FREE
Savings Deposits are free of charge!
2 WAYS TO DEPOSIT
The two methods for making a deposit via PayNearMe are debit card and bank account. NO CASH at the moment!
NO MINIMUM
There is no minimum deposit amount, however there is a maximum deposit amount of $100 per transaction.
How-To Deposit Video Guide
Step-by-Step Instructions:
1. Go to your Grameen App and go to the section “My Loan”
2. Click on “Pay Now”
3. Choose the option “SAVINGS” in the
drop-down menu
4. Click on “Make Payment” Choose between Debit Card or Bank Account to make your deposit, at no cost!
5. Choose a deposit amount and click “Submit Payment” (up to $100 per transaction)
6. Your deposit is complete! Please wait 2-4 business days for the deposit to reflect on your online access.
How to View Your
Account Balance
Once you make a deposit to your savings account, you will receive a text message confirming your deposit made and your updated balance. You will receive this text message 2-4 business days after the deposit date.
As optional, you may register your account online to be able to track your deposits made and see your account balance.
Please see the detailed steps below to register your account online:
1. To register your savings account, visit:
2. Select the option to register on the bottom side of the screen. Provide your Grameen ID (same ID used to log into the Grameen App), your Date of Birth, and your Zip Code. Afterwards, click next.
3. A pop-up window will appear on screen with the Program Rules. Please read through the rules and scroll to the bottom of the window to click “Accept.”
4. Provide your email address and create a username and password for your Online Account Record. Once finished, click “Next”.
5. Choose two security questions and type your answers for them. When finished, click “Next.”
6. Upon clicking, you will see the Confirmation screen. Access your account by clicking the “Login” button using the username and password created in Step 4.
7. You now have access to your account!
Having Trouble Registering To See Your Balance?
Please visit the section “Member Support” to get help by a Grameen Representative.
How to
Withdraw Funds From
My Savings Account
Are you satisfied with the money you saved and wish to make a withdrawal?
Do you have an emergency and need to take out some of your funds?
This savings program is intentionally designed to fuel long-term savings and saving for specific goals. There are no limits on withdrawal amounts, but participants are limited to one withdrawal per month.
Step-by-Step Instructions on How to Withdraw Funds:
1
To request a withdrawal, fill out the withdrawal form by clicking here:
2
When the complete form is submitted, a Grameen Representative will contact you to confirm your request.
3
Within the next 6 business days, you will receive a PayNearMe link to enter your banking details. Please fill it out and wait for approval. Shortly after, the money will have been disbursed to your personal bank account.
Savings Program
Frequently Asked Questions
1. I requested a withdrawal from my savings account, in how many days will I get the money?
At this time, it will take between 3 to 6 business days to process your withdrawal. We are working on improving the process so that it will be the same day. Please see “How to Withdraw” section.
2. Does this savings account earn interest and what is the interest rate?
No, we do not currently offer a traditional interest rate on your savings account. However, we do offer a growth incentive based on your continued participation in the program that will be deposited on an annual basis.
3. Does my Grameen Savings Account provide a physical card for deposit/withdrawal?
There are no physical cards associated with this Savings Program. All deposits and withdrawals will be processed through PayNearMe.
Please note: For now, you can only deposit using your debit card or bank account, NO CASH.
4. Can I use my loan card to deposit to my Grameen Savings account?
Absolutely not! The loan card contains your Grameen loan money and should be used ONLY for your business. Deposits to your savings account must be money from your business profits or from another source.
5. Can I transfer money directly from my personal account to my Grameen Savings account?
No, all deposits made to the Grameen Savings Account should be processed through PayNearMe. This is exactly the same system that you currently use for your loan repayments. Please note: There is a maximum deposit amount of $100 per transaction.
For more information, please visit the section “How to Deposit.”
6. I currently have an account with Citi Bank, can I still open a Grameen Savings account?
Yes. The Grameen Savings account is not a typical bank account and is different from any account that Citi Bank or any other bank offers you. For this reason, you can only open your Grameen Savings account with a Grameen representative.
7. I would like to deposit $200 to my Grameen savings account. How can I do that?
Since there is a maximum deposit amount of $100 per transaction, please make two separate deposits of $100.
8. I will soon finish paying off my current loan and do not plan to apply for another loan. Can I still open a Grameen savings account?
You can open a savings account as long as you are a current Grameen member. If you do not apply for another loan in the future, the savings account will remain open for up to 3 years.
9. Is it voluntary or mandatory to participate in this program?
Participation in the savings program is voluntary. Your loan history will not be affected if you do not open a Grameen savings account. However, please note that this savings program has been created especially for Grameen members and we encourage you to participate so that you can start saving and reach your financial goals.
Member Support
The Savings Program team will be conducting office hours to help members with their questions and concerns regarding their Grameen Savings Account. Please join us or contact us during the hours below to receive personalized help on anything related to the Grameen Savings Program.
We have two types of office hours: via Zoom and through WhatsApp
Please See Below For The Schedule:
Mondays and Fridays
3pm ET – 5pm ET
Please contact Diana and Erick from the Savings Program team with your questions or concerns.
Diana: 718-909-4722
Erick: 332-280-3585
Zoom
Tuesdays
4pm ET – 4:40pm ET
Thursdays
11:30am ET – 12:10pm ET
Please join us on zoom to receive assistance with your questions or concerns. Use the following zoom link:
https://grameenamerica.zoom.us/j/9601128246
In addition, please feel free to send us an email at savings@grameenamerica.org at any time for help. Please make sure to include your full name and center number in the email so we can better assist you.