Standard banks size and power in the financial and banking industry can best be measured by the fact that this bank operates in 32 countries around the world including 19 in Africa. This revered banking institution has earned a long-lasting reputation for providing banking and other financial services to individual customers as well as small and medium enterprises in South Africa and Africa. In order to serve its huge clientele well, Standard Bank introduced the ContractSave.
ContractSave is a savings facility which allows clients to commit a certain amount of money every month for a period of time. Some of the features of this product include the fact that you can not withdraw the funds or stop deposits at maturity of the investment but you can choose to reinvest, your funds are available at maturity, you select a monthly debit order amount of R100 or more to fund the ContractSave account, you can make additional deposits whenever you want to, your bonus interest increases each year up to a maximum, so the longer you save the higher the bonus interest you can earn. You earn competitive interest rates and an additional bonus interest after every year for up to four years, you can choose the period that you wish to save for, from 12 months to 20 years, monthly debit orders from a Standard Bank transactional account into your ContractSave account are free and you can choose to have your debit order amount automatically increased each year.
ContractSave accounts can be opened at any Standard Bank branch and they are operated as personal accounts. Minors may open an account with their parents or guardians consent. Basic requirements for this account include a South African ID, valid passport with work permit or student visa. For any questions regarding this savings account, Standard Bank can be contacted on 0112994701.