It’s well known that a better rate of savings empowers both consumers and our economy. And, the good news is that almost 300 000 new Standard Bank savings accounts were opened between July and December last year alone, with a growth of 107% in balances on those accounts since then.
This proves that not all South Africans are poor savers. We are being encouraged to keep our funds in our accounts to grow and are starting to see safety and interest earning potential as benefits of saving in banking products.
As a bank, our drive is to improve financial inclusion by better serving the lower end of the market, raising awareness on how to save and the benefits of doing so. This has seen great success and we’ll continue to focus on providing all customers with offerings that are suited to their needs, such as offering accounts with no monthly service fee, which erodes savings, and no minimum deposit.
We’ve even introduced a seven day notice period for funds withdrawal, to further encourage a savings culture. Even if all savings are withdrawn, the account won’t close. A new deposit will reactivate it. Our savers who reach a three month savings goal are offered a bonus interest payment as an incentive.