How does the Fundisa Fund work? To open a Fundisa account, over and above qualifying on household income, you should have a minimum of a bank savings account and set up a debit order for the chosen investment amount. For a minimum monthly debit order or any lump sum amount of R40 invested anytime during the 12-month period from the beginning of October to the end of September each year, you will then receive an additional 25% of your total net contributions over a year, up to a maximum of R600. Bonuses are calculated at the end of September each year and paid into your account by the end of January of the following year. On the other hand, if you have withdrawn any amount during the same period, you will lose 25% of that amount. What fees are charged? No initial fees are charged on your investment unless a registered financial adviser has assisted you with your investment. In this case the adviser can charge up to 3% (excl. VAT) on your investment. An annual fee of 0.5% (excl. VAT) is charged. This is deducted from income earned on your investment. Banks may also charge a debit order fee for monthly contributions where applicable. How does the bonus work? You will be given a bonus worth 25% of the money you save during a year to a maximum amount of R600 – for each child. For example: if you save R40 per month for 12 months, you would have saved R480 and you will receive a bonus of R120 (25% of R480) for that year. If you save R200 per month for a year, or save a lump sum of R2 400 in a year, you will receive 25% of R2 400 which is R600 and is the maximum bonus you can get in a year (for each child). Since the bonus is restricted to R600 per beneficiary, per year, any transfer of bonus between beneficiaries has to meet this restriction and has to be done with a corresponding transfer of
Posted on: Sun, 12 Oct 2014 09:52:12 +0000
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