Fundisa is a unique savings product launched in South Africa in November 2007. The Fundisa Fund is a unit trust fund that focuses on savings for education. Fundisa means to teach in several African languages and when you invest in a Fundisa Fund account, each year a bonus is allocated to your account. This bonus is only to be used for tertiary education expenses. Fundisa is an industry initiative between the Association of Savings and Investment South Africa – ASISA, the government, and various financial institutions. The bonus is made possible through the support of these organisations and STANLIB is a proud supporter of the Fundisa Fund.
Through Fundisa, the financial services industry actively promotes savings for education and aims to assist learners further their studies at a tertiary level. Fundisa is endorsed by a number of celebrities including Rebecca Malope. Education can offer opportunity but it can also be expensive.
Fundisa beneficiaries receive assistance towards their education in this innovative savings product – uniquely South African.
What is the Standard Bank Fundisa Fund?
The Standard Bank Fundisa Fund, managed by STANLIB, is a unit trust savings account that allows South Africans to save money for the future education of their children at a public college or university. The Fundisa account is designed in such a way so that all the money saved is used for educational purposes. A Fundisa account may be opened for any learner below the age of 35 years and they do not have to be related to the accountholder.
A unique feature of this educational savings account is the free bonus the account holders receive each year. This bonus serves as both a reward and encouragement for account holders to continue saving. The bonus may only be used for tertiary education expenses.
How does Fundisa work?
If you open a Fundisa account you can contribute a monthly debit order from as little as R40 per month. You can add an additional lump sum investment at any time should you so wish.
As an investor, you will receive 25% of your net contributions over a year, up to a maximum of R600 per beneficiary. This means you can get up to R600 in free money paid into your account each year. This is the Fundisa bonus benefit.
For a lump sum invested in the account at any time during the year, the 25% bonus will still apply. In order to receive the maximum bonus of R600, an investor would have to make a monthly contribution of R200 or a once-off lump sum contribution of R2 400.
Bonuses are calculated from the beginning of October to the end of September each year and paid into the investor’s account in January of the following year.
How does the Fundisa 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’ll 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 R2400 which is R600 and is the maximum bonus you can get in a year (for each child).
Who can invest and who can benefit?
Any individual can invest in the Standard Bank Fundisa Fund, but all beneficiaries have to be South African citizens.
How do I use my Fundisa account?
The money saved can only be used to study at a college or university that is recognized by the National Student Financial Aid Scheme (NSFAS). The list of institutions is available on request from STANLIB Collective Investments. When the learner (beneficiary of the savings) is ready to begin their studies, the investor must notify STANLIB by calling the STANLIB Fundisa Call Centre on 0860 386 3472.
STANLIB will then issue the learner with an investment certificate that will show the amount available in the investor’s Fundisa account. This amount consists of both the total contributions as well as the total grant allocated by government – the Fundisa Bonus. The learner must then present the certificate to the Financial Aid Officer (NSFAS) at the college or university where they wish to study. The tertiary institution will advise NSFAS of the learner’s details and apply for the money from the Fundisa Fund. The Fundisa Fund will pay the money directly to NSFAS who will then pay the institution.
Which Universities and Colleges are included?
View list of Universities and Colleges
How do I apply?
Complete a Fundisa application form at any Standard Bank branch OR download the application form here. Alternatively, call the STANLIB Contact Centre on 0860 FUNDISA (386 3472) in order to have an application form faxed to you or to open a Fundisa Account telephonically.
We will need a copy of the investor’s ID (the person who opens the account) and a copy of the beneficiary’s – the learner who will benefit from Fundisa – birth certificate or ID.
FundiSA brochure - English
FundiSA brochure - Sesotho
FundiSA brochure - IsiZulu
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