* Regular Savings Accounts: These are basic accounts where students can deposit money regularly and earn interest. The interest rate would likely be relatively modest.
* Time Deposits/Fixed Deposits: These accounts require the student to deposit a sum of money for a fixed period (e.g., 6 months, 1 year). They typically offer a higher interest rate than regular savings accounts because the money is locked in for a specific time.
* Education Savings Plans (Possibly): Some more sophisticated school cooperatives might offer plans specifically designed to save for future education expenses. These may offer higher rates or additional benefits.
* Shares (Possibly): If the cooperative is structured as a credit union or similar entity, students might be able to purchase shares, which represent ownership in the cooperative. These may earn dividends.
It's important to note that:
* Interest rates will be low. School cooperative thrift societies are not typically profit-driven, so the interest rates offered will generally be lower than those from commercial banks.
* Services may be limited. They likely won't offer the full range of services available from a traditional bank.
* Access to funds might be restricted. There might be limitations on how frequently or easily students can withdraw their savings.
To find out the exact savings options available, students should consult the bylaws or contact the school's cooperative thrift society directly.