The Standard Bank Fundisa Fund is a unique new product, pioneered by STANLIB, ACI (Association of Collective Investments) and the Department of Education. It is the first of its kind savings for education account. Fundisa also provides for an annual government bonus amounting to 25% of an investors contributions that can be used for tertiary education fees. This bonus not only helps you invest for our future but can ultimately educate the nation to improve the levels of skills in South Africa.
The Standard Bank Fundisa Fund account may be used for the education of a learner of your choice - as long as they are a South African citizen, and are studying at an approved place of learning. When the learner is ready to study, the Fundisa account confirmation is presented to the university or college by the learner. The college then submits this confirmation to the Fundisa account and the Fundisa account will pay the fees over to the college or university through the National Students Financial Aids Scheme. The bonus paid by the government is limited to a maximum of R600 a year and the bonus can only be used for education purposes.
With as little as R40 a month - giving the lifelong gift of a good education is now open to so many more.
Fundisa operates like a unit trust account. All Fundisa funds are managed by STANLIB in a range of selected industry income funds. The funds are invested in a low risk cash and government bonds. The government bonus that is dependant on the amount you have saved in the 12 months ending each September and is paid into the investors account in the following January each year. This 25% bonus is limited to R600 per year. (R2400 p/a 25% bonus of R600 p/a R200p/m)
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