Rainbow Savings

Savings Account

Your children probably haven't thought about what life will be like at work, university or college - let alone how much it costs to buy a home. But although these big events seem like a lifetime away, the best time to start saving for your children's future is right now.

-Don't pay tax- we can pay interest gross if you complete an R85 form
Earn interest- so your child's nest egg will grow
-Save when you like- if you'd like to make a regular contribution, you can set up a Standing Order. Or you just pay in what you want, when you want.
-Free money box- help your child start the savings habit
-Instant access- you can withdraw funds when your child needs them.
-Stay in control- you get a savings passbook in your name. When you decide the time is right, we simply transfer this to your child.
-Interest is calculated on the minimum monthly balance in the account, and is added annually in October.Interest rates are variable

Savings

Current savings rates:
-AER 0.50%
-Gross Rate % p.a. 0.50%
-Net Rate % p.a. 0.40%

Interest is paid gross or net of the lower rate of Income Tax depending on your tax position.

New customers will be asked to provide proof of identity, verification of address and signature.

System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning.

Calls may be recorded.