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Read about the Society Scheme Savings account

If you’re part of a savings group, burial society, or investment club, the Society Scheme Account from Standard Bank is a game-changer. Not only does it let your money grow with interest rates as high as 5.08%, but it also offers free deposits and withdrawals at Standard Bank branches and ATMs. It’s a simple, smart way to make your group’s savings work harder—

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Society Scheme Savings

Last updated: May 28, 2025
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Interest Rate

5.08%.

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Access to funds

Anytime.

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Opening Deposit

R100.

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Monthly Fees

No monthly fees if balance is above R10,000.

Tax Implications

• Interest earned on the Society Scheme account is taxable.
• Each individual member’s share of the interest may be subject to income tax depending on how the funds are distributed or used.
• As of 2025, individuals under 65 are exempt from tax on the first R23,800 in annual interest earned

Read More

Read about the Society Scheme Savings account

If you’re part of a savings group, burial society, or investment club, the Society Scheme Account from Standard Bank is a game-changer. Not only does it let your money grow with interest rates as high as 5.08%, but it also offers free deposits and withdrawals at Standard Bank branches and ATMs. It’s a simple, smart way to make your group’s savings work harder—

Read More

What you need to apply

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South African Citizens

  1. At least 5 members from your stokvel, savings club or burial society
  2. Minimum of 3 and maximum of 4 signatories (all signatories must be 18+)
  3. Your South African ID
  4. Proof of residence
    (not older than three months)
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Non-South African Citizens

  1. At least 5 members from your stokvel, savings club or burial society
  2. Minimum of 3 and maximum of 4 signatories (all signatories must be 18+)
  3. Valid Passport
  4. Proof of residence
    (not older than three months)
  5. Work/Resident permit
how_to_reg

Ways to apply

You can apply now on Buti.co.za, or alternatively, visit the bank’s website to apply through their platforms.

Savings Calculator



Interest Earned: R0.00

Total Savings: R0.00

What you need to apply

badge

South African Citizens

  1. At least 5 members from your stokvel, savings club or burial society
  2. Minimum of 3 and maximum of 4 signatories (all signatories must be 18+)
  3. Your South African ID
  4. Proof of residence
    (not older than three months)
public

Non-South African Citizens

  1. At least 5 members from your stokvel, savings club or burial society
  2. Minimum of 3 and maximum of 4 signatories (all signatories must be 18+)
  3. Valid Passport
  4. Proof of residence
    (not older than three months)
  5. Work/Resident permit
how_to_reg

Ways to apply

You can apply now on Buti.co.za, or alternatively, visit the bank’s website to apply through their platforms.