Modern day societies are full of diverse groups of money schemes such as stokvels, burial societies, social clubs and even investment clubs. These money schemes allow groups of people to save money together. In order to tap into this fast growing culture, Standard bank introduced the Society Scheme.
The Society Scheme is a book based account tailored for groups of people who would like to save money together. It is recommended that prospective groups of people have a constitution and all transactions should be branch based. Key features and benefits of this account include the fact that members generally earn higher interest on their savings through the group than they would have with individual savings accounts, the group can decide to move some or all of the society scheme balance into investment products like fixed deposits and notice deposits from time to time, 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.
Other features and benefits include the fact that all cash and cheque deposits are free and your group enjoys two free cash withdraws and two free cheque withdraws per month, 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 and all withdrawing instructions must be signed by at least two signatories to protect the rest of the group against misappropriation.
The qualifying requirements for this account are that the group must have at least five members and three or four members must be selected to act as account signatories on behalf of the group. Members must be South African citizens aged 18 or older, have valid identity documents and make a minimum account opening deposit of R500.
Standard bank can be contacted on 0112994701.