What is Ithala Target Save?

Ithala Target Save is a special product designed to make your dreams come true. Decide which of your dreams you wish to turn into reality and make it your TARGET or goal. Ithala Target Save will assist you in helping grow your savings. Ithala Target Save is especially designed to suit you and to assist you achieve your goal. Once you have decided on your TARGET or goal you should then decide on a monthly or weekly deposit that you are able to afford for at least one year. Your branch manager will work out how long it will take to accumulate the wealth you require to turn your dreams into reality. Your Ithala Target Save book shows the amount of money in the Ithala Bank and the amount of interest paid to you by Ithala.

Can I withdraw the money when I need it?

Ithala Target Save is a product especially designed to GROW your money so that you might turn your dreams into reality. To do this effectively it must be added regularly, with your monthly or weekly deposits and remain undisturbed in Ithala for a minimum period of one year. Only after a year you are able to withdraw your money, together with the money that Ithala has paid to you in the form of interest.  Arrangements may also be made to withdraw money after nine months, but a lower interest rate will then be applicable.

In case of emergency

Ithala has a cash loan facility which caters for emergencies. We will grant you an Ithala cash loan of up to 90% of your balance in your Ithala Target Save account. You may repay the loan in instalments which are convenient to you. Your current balance will secure the Cash Loan.

How does my money grow in Ithala Target Save?

Your balance grows in an Ithala Target Save account because of the regular monthly or weekly deposits that you make. Because you agree not to withdraw any money for a period of at least one year, growth is rapid.

How can I be sure that I am receiving the highest interest rate on my Ithala Target Save?

The interest rate paid to you on your Ithala Target Save account starts off and remains much higher than an Ithala Savings account. Of course, you should also compare Ithala's interest rates with other institutions.

Requirements

There is no maximum or minimum balance required for an Ithala Target Save account. You must only agree not to withdraw your money for at least one year. You should also ensure that you make the agreed monthly or weekly deposits . We will remind you should you fall behind with your deposits.

When should I open and use an Ithala Target Save Account?

To work out a savings plan with your branch manager that will enable you, together with Ithala, to save the money you need. Once you have saved your deposit, you may be eligible for an Ithala Loan. This will enable you to buy what you need sooner.