The Bank continues to review its product offerings to align with the market needs as well as the Banks’s strategy.
The two products, Thobo Savings Account and Save As You Earn have similar features, varying only by minimum monthly contribution and deduction tenor. In this regard, the Bank has taken a decision to merge these two products. Thobo Savings Account will now continue under the enhanced product name SAVE AS YOU EARN ((SAYE) which is more flexible.
The Save As You Earn product will incorporate all the features that were available in Thobo, making SAYE more competitive in the market, bearing the following features:
- Minimum monthly contribution of P200
- Monthly Contributions can be over 12/24/36/48 or 60 months.
- Interest rate: 1.25% pa (for 1 to 2 years)
1.50% pa (for 3 to 4 years)
2.00% pa (for 5 years)
- Allows for Rollover
- Does not allow for withdrawals, early termination attracts a penalty fee of 0.5% reduction on interest rate applied
This will enable us to also give customers the flexibility to save according to their affordability and for the tenor that they prefer.
As part of a regulatory process, a 21-day notification will be communicated to the public advising of these developments, thereafter implementation will commence.