Standard bank society scheme

South Africa as a country has made great strides over the years in creating the much needed unity which reinforces the country’s social and economic agenda. It is therefore not surprising to see communities or groups of people coming together for a particular cause. One concept that has grown in popularity is the Stokvel. Stockvels can be described as invitation only clubs of twelve or more people where members contribute fixed sums of money to a central fund on a weekly,fortnightly or monthly basis. Stockvels generally have a constitution which dictates the size of the contributions, when the accumulated money is to be paid out and the roles and responsibilities of the members stipulated.

Tapping into the resourcefulness of this concept,Standard Bank launched the Society Scheme.This product is ideal for groups that want to save together,this can include stokvles, burial societies, social clubs and investment clubs.You can qualify for this as long as you are part of an informal savings club or group with at least 5 members,3 to 4 of these members can act as signatories to the Society Scheme account.

With an opening deposit of R500, you can access your money anytime and earn interest of up to 3.50%.The interest you gain rises as your account balance increases.Interest is calculated daily and paid monthly,first 5 branch or ATM deposits are free,you have the option to move part or all of the balance into other investments such as fixed or 32 day notice deposits.There is also the added incentive of wining cash prizes in the Society Scheme Savers Draw if your average monthly balance is R5,000 or more.This society also carries no monthly service fee if your monthly balance is R5,000 or more.

You can apply for the Standard Bank Society Scheme as long as you have your ID book, proof of home address which is not older than 3 months and have a clear fraud history.