Thursday, 09 September 2010

How does Fundisa work?

  • You will receive a bonus each year as a reward for saving for a child’s education. The amount of the bonus can be as much as 25% (one quarter) of the money you save each year, to a maximum of R600 per child.
  • This means that if you save R100 a month for a year (R1200 a year), you will get another R300 a year towards paying for your child’s education.
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  • There is no limit on the number of people (investors) that may save on behalf of a single learner. However, the most that can be allocated as a bonus for each learner each year is R600 no matter the number of investors.
  • To receive the maximum bonus of R600, the investor will need to save R2400 in total in that year.
  • Government and unit trust companies have agreed to support a 3 year pilot project to see whether you want to save for your childrens’ education. The bonus is therefore allocated to investors on a ‘first come, first to receive the reward’ basis. Those who are first to save money through a Fundisa Fund account, will be first in line to get the reward, as the bonus pool for the pilot project is limited.
  • The bonus money does not belong to you – it can only be used by the learner whose education you are saving for.
  • If you need to take your money out of your Fundisa Fund account you can, but then you will lose the 25% bonus you would have received. It will take two working days for you to get your money from the unit trust company or bank where you opened your Fundisa Fund account, if you do need to take your money.
  • If the learner chooses not to study further, you will lose the bonus money unless you choose another learner to take their place.
  • If the bonus is not used to pay towards any learner’s studies then you will lose it.