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 children’s education, or to top-up your retirement savings. A compulsory monthly debit order is needed to fund the account. This ensures that you save regularly over a pre-selected period– 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 sign and no hidden fees or commissions.
What it offers you
- You choose the monthly debit order amount to fund your ContractSave. account
- You can choose that we automatically increase your savings amount each year
- You choose the saving period, 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 into your account at anytime
- 10% of your balance is available after 12 months if you need it.
- 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 but you may lose your bonus interest rate
- After the first year of investment, you are allowed one withdrawal a year of up to 10% of the balance without a penalty
- Interest is calculated daily and paid monthly into your 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
- 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 your ContractSave account as we will transfer them to your transactional account
- You can have more than one ContractSave account if you want to save separately for different goals – or open accounts for your children.
How to apply
If you’re over the age of 18 and are serious about saving for the future, ContractSave will help you get there! You can also open accounts for your children and get them on the road to successful saving.
Visit your nearest branch with the following documents:
- A government-recognised identity card.
- A letter from your employer or local government leader confirming your identity
- Your residence or work permit and passport if you are not a resident.