Save as a group

If you find saving by yourself to be difficult, saving as a group could be the answer!  If you are part of a Stokvel, burial society or other informal group that helps and supports each other, a group savings account could help you reach your savings goals.

Standard Bank offers a group savings account called Society Scheme which offers these great benefits to members:

  • All cash and cheque deposits are free, and your group enjoys two free cash withdrawals and two free cheque withdrawals per month
  • Funds can be withdrawn on demand and deposits can be made at any time.
  • Accounts with monthly balances kept at R5 000 or more pay no monthly service fee and enjoy two further free debit transactions per month
  • Interest is paid on a tiered basis meaning that the interest goes up as the account balance increases. Interest is calculated daily and paid monthly.

Society Scheme is a book-based account so all transactions have to be done over the counter at a Standard Bank branch. For convenient depositing and withdrawing, stop order and debit order payments can be made directly into or out of the account.  With Society Scheme:

  • 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 which gives your group the chance to WIN exciting cash prizes!

To open a Standard Bank Society Scheme account, your group must have at least five members and three or four members must be elected to act as account signatories on behalf of the group. You need an opening deposit of just R500 to get started. Talk to your branch to find out more about Society Scheme and its benefits today!