What is an Ithala Savings Account?

An Ithala Savings account is a very flexible and convenient account available to everyone. There are no limits on the amount of money that you may deposit or withdraw. You may also deposit or withdraw money at any Ithala branch. Your savings book indicates the amount of money you have in your Ithala account and the amount of interest paid to you by Ithala.

How can I be sure that my money is 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, such as looking after your savings book and reporting its loss immediately to Ithala. But rest assured - even if you do lose your book, nobody else can withdraw your money because all Ithala tellers are trained to properly identify clients before they pay out money. Our modern systems assist them with this identification.

Can I withdraw my money when I need it?

The money you deposit in your Ithala Savings account is yours, we only keep it SAFE and make it GROW for you. You may withdraw your money at any one of our branches. Of course if you continuously withdraw your money it will not grow and you will never build up a large balance.

How does my money grow in an Ithala Savings Account?

Your money grows in your Ithala savings account because of the deposits you make. Provided you don't continuously withdraw these deposits, you will soon safely grow a large sum of money in your account.

But This Is Not All

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

• the size of your balance
• the interest rate paid by Ithala
• the length of time that your money is in Ithala

Ask your branch manager for the free Savings Planner so that you may workout your savings plan and see how you, together with Ithala, can achieve your target.

How can I be sure that I am getting the highest interest rate on my Ithala Savings Account?

The interest paid to you on your Ithala Savings account automatically increases as your balance grows. You don't have to worry about moving your money from one account to another to get the best interest rate. Of course, you should also compare Ithala's interest rates with other bank institutions and then you will see why we say "Ithala is yours for the future".

Are there any special requirements I must meet to open an Ithala Savings Account?

The only requirement is a minimum balance of R50 to open your account.

When should I open and use an Ithala Savings Account?

Because an Ithala Savings account is so flexible and has so many extra features, it may be used for a number of things. For example:

• You prefer not to take your wages/salary home in cash because of the risk of being robbed- open an Ithala Savings account and ask your employer to deposit your wages/salary directly into this account. You may then withdraw smaller sums of cash as required. Also don't forget the interest your money is earning! Your branch manager will assist you to arrange a direct deposit with your employer through automatic transfers.
• Can't afford to open an account with a high minimum balance and find it impossible to save a regular monthly amount - open an Ithala Savings account, it is the ideal way to start saving. A small seed will soon grow into a large tree even though you only save a small amount occasionally. The minimum balance is only R10 and interest rates grow automatically as your balance grows.
• You would like to pay some of your accounts by cheque for safety and have proof of payment - open an Ithala Savings account and enjoy the benefits, safety and status of paying by cheque and avoid the high cost of opening your own personal cheque account. All you need do is ask your Ithala teller for a cheque withdrawal payable to the person of your choice.
• You work in town and you would like to safely transfer money to your family in another area - open an Ithala Savings account and use an Ithala Stop Order to automatically transfer money to your family at home.
• You prefer not to carry large amounts of cash and risk being robbed - open an Ithala Savings account and only withdraw cash in small amounts as and when you need it. Your money grows in your Ithala account until you need it.
• You would like to transfer money from one account to another - open an Ithala Savings account, pay your salary into this account and automatically transfer a fixed monthly amount to your Ithala Target Save and also make the repayments on your Ithala Loan using an Ithala Stop Order.
• You want to pay your insurance premium, union fees or any other regular monthly amount automatically - open an Ithala Savings account and use an Ithala Stop Order to effect convenient, low cost, automatic payment.
  

What other services does Ithala offer its Savings Clients?

You may arrange for your salary/wages or part of your salary/wages to be paid by your employer directly into your Ithala Savings account through an automatic transfer. This will save you time and will be safer for you - you won't have to carry large sums of cash and risk being robbed. Talk to your colleagues and then contact your branch manager who will assist you. You can also use it for your small business account.

How do I open an Ithala Savings Account and obtain more details on how Ithala may assist me?

All you should do is contact your local branch manager, who is especially trained and will be pleased to assist you to open an Ithala Savings Account. Your branch manager will also be able to give you details of other savings products as well as other financial services provided to clients of Ithala.