Ithala Club Save

• Ithala Club Save is a special product designed to economically empower groups of people who form savings clubs. The savings and resources of a group and the interest paid by Ithala jointly contribute to the accumulation of a large sum of cash which may be used for any purpose.
• The Club is issued with an Ithala Club Save booklet for identification purposes and to keep a record of your transactions. Only members authorised by the club may withdraw money. Club members may enquire about the amount of money in their club account at their Ithala Branch.
• The Ithala Club Save book shows the amount of the club's savings with Ithala and the interest paid to the club by Ithala. Ithala boasts of many years experience in the effective administration of club accounts.

Will the money in an Ithala Club Save Account be safe?

All money deposited in Ithala is shielded, guarded and fully protected against damage, all losses and theft. This means that unlike keeping your money at home or carrying it with you, it can never be lost or stolen. You have complete peace of mind , of course, you should also take certain precautions.  They should also safeguard the Club Savings book and report its loss to Ithala immediately. While only the authorised members may withdraw money, individual club members are able to enquire at Ithala about their Ithala Club Save balance and obtain a statement at any time.

Can the club withdraw money when it needs it?

The money your club deposits in your Ithala Club Save belongs to your club. We only keep it SAFE and make it GROW for the club. Only the authorised members may withdraw the club's money at a branch of the club's choice. Of course, if the club continuously withdraws its money it will not grow and the club will never build up a large balance.

How does our money grow in an Ithala Club Save Account?

Your money grows in Ithala Club Save with each deposit the club makes and the interest earned thereon. Provided your club doesn't continuously withdraw these deposits, you will soon safely grow a large sum of money in your club account.

But This Is Not All

The money deposited in Ithala works for your club and it earns interest! This interest calculated on a daily balance, is paid to your club each month. The amount of interest paid depends on:

• The size of your club's balance;
• The interest rate paid by Ithala;
• The length of time your club's money is with Ithala; and
• Ask your branch manager for the free Savings Planner so that you can work on your savings plan and see how you, together with Ithala, may achieve your target. If income tax is your worry, remember that the first R2 000 of interest you receive from your Ithala Club Save is tax- free!

How can we be sure that we are getting the highest interest rate on our Ithala Club Save?

The interest rate paid to you on Ithala Club Save starts off higher than an ordinary savings account and automatically increases as your club's balance grows. Your club, or its members, should also consider opening an Ithala Target Save or an Ithala Fixed Deposit should the need arise. Of course you should also compare Ithala's interest rates with other institutions and then you will see why we say "Ithala is yours for the future".