Society scheme
If you are part of an informal group that wants to save together then a Society Scheme is ideal for you. It is the classic group savings account for diverse groups from stokvels and burial societies through social clubs to investment clubs.

Funds can be withdrawn on demand and deposits can be made at any time.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,

  • All cash and cheque deposits are free, and your group enjoys two free cash withdrawals and two free cheque withdrawals 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
  • All withdrawal instructions must be signed by at least two signatories to protect the rest of the group against misappropriation

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:

  • 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


Saving by yourself can be difficult and a Society Scheme enables you to save with the encouragement of others who share your savings goal.

Benefits

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.

  • An average monthly balance of R5 000 gives your group one entry into the monthly Savers Draw
  • Your group gets an additional entry for every R5 000 over and above the initial R5 000 up to a maximum of 20 entries per account per month
  • There are ten monthly cash prizes of R5 000 each in February to November and one bonus prize of R50 000 in December
  • The draw occurs early in the month following the month that eligible Society Schemes are identified
  • Groups that meet the eligibility criteria are entered automatically and groups are not notified of their entry or otherwise
  • Groups are notified by mail if they win and prize monies are deposited into the winning Society Scheme accounts

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:-

  • be South African citizens aged 18 or older
  • present valid South African identity documents
  • make a minimum account opening deposit of R500

No credit reference checks are performed and no proof of employment or salary is required when opening a Society Scheme account. However,

  • Signatories 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. I

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

Customer Care line

0860 123 000 / +27 11 299 4701

Information@standardbank.co.za

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