One of South Africa’s “Big Four” banks, Standard Bank is making huge strides in the banking sector with the thrust of improving its services with clients. The presence of Standard Bank in 32 countries is proof enough that consumers are enjoying services from this giant financial firm.
As part of its services, the institution pioneered the ContractSave, a service bent on serving its massive clientele well. This facility is ideal for clients who require some form of regulation around their savings. With CotractSave, a client can make a commitment to save a certain amount of money within a specified period. By setting aside a certain figure every month, a client can save towards their future goals.
The account is characterized by certain features which allow the holder of that account to:
- Select a monthly debit order amount of R100 or more to fund your ContractSave account
- Choose to have your debit card order amount automatically increased each year
- Make debit orders from a Standard bank transactional account into your ContractSave account from free
- Choose the period that you wish to save for, from 12 months to 20 years
- Earn competitive interest rates and an additional bonus interest after every year
- Have bonus interest that increases every year up to maximum, so the longer you save, the higher the bonus interest you can earn
- Make additional deposits whenever you want to
- Have funds which are available at a maturity stage
Meanwhile, the account doesn’t allow a client to withdraw the funds or stop deposits at maturity of the investment but they can choose to reinvest. The advantage of having such an account is that no fees are charged on your account; you can only be charged an early redemption fee for withdrawals before maturity. The CotractSave makes use of rates which are calculated on a daily basis and paid monthly.
Who qualifies for a ContractSave account?
Below are certain requirements that you need to have in order to qualify for this financial facility:
- ContractSave accounts can only be opened by individuals and operated as personal accounts
- Documents required include:
- An ID
- Proof of residence
- Nonresident customers will require a:
- Valid passport and work permit or:
- Student Visa
- Minors may open an account with their parent’s or guardian’s consent
- Valid passport and work permit or;
- Student visa
For any information regarding Standard Bank’s ContractSave, the bank should be contacted on 0112994701.