Has it ever come across your mind to save as a group? Most people are doing it anyway, and it’s the most effective way of saving your money. The thing about saving as a group is that you get motivated along the way, there’s no way that you can decide to pull out and in the end, it’s going to be worth it.
Here’s an opportunity with Ubank, when you and your trusted fellows can save money into just one account and earn great interest and not only that, the more you save, the higher interest you earn. Ubank provides a savings book and thus everyone in the group will know how much is being saved.
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There’s no Primary Account Holder, as you are all equals in this account, for withdrawals you need two or more signatures. Your interest is paid into your account every month, hence it’s best to know how much interest is been paid at your nearest branch.
What is needed to open a “Save Together Account”?
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- You don’t need all the money in the world for this account; all that you need is a minimum deposit of R40 to open the account.
- You will need a valid SA ID or valid SA passport of everyone in the group who will be signing on the account (I would advise everyone in the group to take part for safety and security reasons)
- You will need proof of residence of everyone in the group who will be signing on the account (I would advise everyone in the group to take part, for safety and security reasons)
When will the money be available?
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- Immediately for withdrawals
- 21 days for cheque deposits