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ContractSave is an affordable, disciplined savings plan that can be tailored to suit your specific circumstances. It is ideal if you want to save for a big future expense like a deposit on a house, a child's education or to top up your retirement savings.
ContractSave is a form of term deposit meaning that withdrawals cannot be made normally before the maturity date (the end of the agreed savings period). A very competitive base interest is paid with bonus rates applying after the account's first four anniversaries - the longer you save the higher the rate you earn.
For more information on interest rates, click here.
To open a ContractSave account, you will need:
- Your SA identity book and proof of your residential address
- A valid passport and valid residence permit or student visa if you are a foreign national
- To establish a monthly debit order against another account to fund the monthly deposits to the ContractSave account
Minors younger than 16 must be assisted by a parent or guardian when applying.
No credit reference checks are required when opening a ContractSave account. Proof of employment and salary confirmation are also not required. However,
- New Standard Bank customers need to declare the source of their funds, and
- All applicants have to consent to identity and fraud prevention checks and the sharing of information relating to their application through the South African Fraud Prevention Service.
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