Funds can be withdrawn on demand and deposits can be made at any time. Society Scheme is a book-based account so all transactions have to be done over the counter at a Standard Bank branch.
It is recommended but not mandatory for your group to have a constitution. All transactions are branch based and, in this regard,
For convenient depositing and withdrawing, stop order and debit order payments can be made into and out of the account. Branch inter-account transfers and branch account payments can also be made out of the account.
Some other important Society Scheme features are:
Saving by yourself can be difficult and a Society Scheme enables you to save with the encouragement of others who share your savings goal.
Not only can you earn competitive interest on your Society Scheme savings but your group also stands the chance to win exciting cash prizes in the Society Scheme Savers' Draw.
To be eligible for entry into the monthly Savers' Draw, you group must maintain an average monthly balance of R5 000 in its Society Scheme account.
The bank reserves the right to publish the names of the winning Society Schemes in the press. It also reserves the right to suspend, terminate or amend the Savers Draw and prizes without notice.
Your 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. All signatories must be present when opening the account at a Standard Bank branch and they must:-
No credit reference checks are performed and no proof of employment or salary is required when opening a Society Scheme account. However,
Interest is paid on a tiered basis meaning that the interest rate steps up as the account balance increases. Interest calculated daily and paid monthly.
For more information on interest rates click here.
How to open an account
Society scheme accounts can be opened at any Standard Bank branch