ContractSave

ContractSave is an affordable, disciplined savings plan that can be tailored to suit your specific needs.  It is ideal if you want to save for big future expenses like the deposit on a house, your child’s education, or to top up your retirement savings. 

A compulsory, monthly debit order is required to fund the account. This ensures that you save regularly over a pre-selected period of time – without giving in to the temptation to spend your savings! 

With ContractSave you decide how much you can afford to save and for how long. It is a bank deposit so there is practically no capital risk, no complicated contracts to be signed and no obscure fees or commissions to be paid.

Features and benefits

• You select the monthly debit order amount of your choice to fund your ContractSave. account and you can choose that we automatically increase your savings amount each year.
• You decide the period that you wish to save for, starting at 12 months.
• You earn competitive interest rates and additional bonus interest every year for up to four years.
• Bonus interest increases each year, so the longer you save the higher the bonus interest you can earn.
• You can make additional deposits whenever you want to.
• 10% of your balance is available after 12 months should you need to access.
• No fees are charged on your account.
• You will not be charged a debit order fee if your monthly payment is from a Stanbic Bank account.
• There are no penalties if you are forced to stop deposits for any period but you may forfeit the bonus interest rate. After the first year of investment, you are permitted one withdrawal per year of up to 10% of the balance without a penalty.

Other important ContractSave features

• Interest is calculated daily and paid monthly into the ContractSave account.
• There are no service fees or commissions payable on ContractSave so every cent you deposit will be saved if the account is well conducted.
• You must establish a monthly debit order of at least M 200.00 to fund deposits to the account. You decide what monthly debit order amount you can afford.
• The minimum savings period is one year (12 debit orders) and the maximum is 3 years. You decide what savings period and maturity date suits you.
• You do not have to withdraw the funds from the ContactSave account as we will transfer the funds straight to your transactional account.
• You are allowed more than one ContractSave account – ideal if you want to save separately for different goals – or open an account for your children!

Who can open an account?

If you’re over the age of 18 and serious about saving for the future, ContractSave will help you get there!  You can also open a ContractSave account for your children and get them on the road to successful saving too!

How to open an account

Opening a ContractSave account is easy!  Just visit your nearest Stanbic Bank branch with the following documents:

• A government recognised identity card.
• A letter from your employer/ local government leader to confirm your identity.
• Your residence or work permit and passport if you are not a resident.