The South African economy is characterized by an assorted collection of money schemes in the name of Stokvels, burial societies, social clubs and investment clubs. These schemes are bent on saving money and making investments. But the banking sector has capitalized on this move through introducing the society scheme.
Standard Bank is one such bank, which introduced a classic group savings account for diverse groups from stokvels and burial societies through social clubs to investment clubs. This Society Scheme is a book based account customized for a group of people who want to save money together.
To be part of Standard Bank’s Society Scheme, a group, though not mandatory, should have a constitution. Transactions are done at any Standard Bank branch, thus:
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All cash and cheque deposits are free, and your group enjoys two free cash withdrawals and two free cheque withdrawals per month
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Accounts with monthly balances kept at R5 000 or more are not charged the monthly service fee and enjoy two further free debit transactions per month
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All withdrawal instructions must be signed by at least two signatories to protect the rest of the group against misappropriation
Below are some of the features that characterize this scheme:
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Members generally earn higher interest on their savings through the group than they would have with individual savings accounts
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The group is privileged to move some or all of the Society Scheme balance into investment products like fixed deposits and notice deposits from time to time
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Society Schemes are automatically entered into a monthly Savers Draw for every R5 000 kept in the account up to a maximum of 20 entries per account
To qualify for this account, Standard Bank provides that:
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A group must have at least five members and at least three or four members must be selected to act as account signatories on behalf of the group
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Members must be South Africans
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Must be 18 years or older
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Must have valid IDs
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The group should have a minimum account deposit of R500
For more information regarding the Standard bank Society Scheme, kindly contact the bank on 0112994701.