ContractSave is an affordable, disciplined savings plan that can be tailored to suit your specific needs. It is ideal if you want to save for big future expenses like the deposit on a house, your child’s education, or to-up your retirement savings.A compulsory, monthly standing order is needed to fund the account. This ensures that you save regularly over chosen period– without giving in to the temptation to spend your savings.With ContractSave you decide how much you can afford to save and for how long. It is a bank deposit so there is practically no capital risk and no complicated contracts to sign.
What it offers you
- You choose a monthly debit order amount of M50 or more to fund your ContractSave account
- You can choose the period that you want to save for, starting at 12 months up to 36 months
- You earn competitive interest rates
- Interest increases each year, so the longer you save the more bonus interest you can earn
- You can make additional deposits at anytime
- No fees are charged on your account
- You will not be charged a debit order fee if your monthly payment is from a Standard Lesotho Bank account.
- Interest is calculated daily and paid into your ContractSave account every month
- You must set up a monthly debit order for at least M50 to fund deposits into your account. You decide what monthly debit order amount you can afford
- The minimum savings period is one year (12 debit orders) and the maximum is 3 years. You decide what savings period and maturity date suits you
- You do not have to withdraw the funds from your ContractSave account as we will transfer the funds to your transactional account
- You can open more than one ContractSave account –to save separately for different goals – or open an account for your children.
What you need to apply
Visit your nearest branch with the following documents:
- You must be over 18
- Nationally accepted and valid identification: passport, National Identification or driver’s licence
- Payslip that is not older than two months
- Address details shown on a utility bill, for example, a water account, which must be less than two months old
- Your residence or work permit if you are not a Lesotho citizen.