Starting the savings journey

  • Always save towards a goal
  • Saving requires discipline
  • Starting small helps with sticking to the savings plan
  • You can save for
    • Rainy days (emergencies) like a funeral or when a car breaks down
    • To buy something which is not too expensive
    • To do a small project in the house or for the family
    • Make sure you know the following
      • Where your money is going to be invested
      • What the interest earned is
      • What are the conditions of withdrawing the funds
      • You are saving in the right product

Stokvels as a saving mechanism

If you are part of a group that wants to save together the Society/Stokvels Scheme could be the answer. It is the group savings account for 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Funds can be withdrawn on demand and deposits can be made at any time.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  branch.

It is recommended but not mandatory for your group to have a constitution. All transactions are branch based and, in this regard,

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

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