Fundisa is about saving for a child’s ongoing education. It is as easy as these questions and answers show
Why is Fundisa good for South Africa?
Fundisa’s aim is to make tertiary education more accessible to financially disadvantaged students. This will ultimately increase the level of skills in the country. Fundisa also acts as an incentive to save and encourages a culture of long-term financial planning for individuals.
How much do I need to open a Fundisa account?
Fundisa accounts can be opened with a monthly debit order of R40. This must be paid from a bank account via a debit order into a specified Fundisa account. No other investment is necessary. But if you invest more than R40 a month you are more than welcome to increase the debit order.
Where can I open a Fundisa account?
Fundisa accounts can be opened at any Standard Bank branch. A few other banks also offer this facility.
Can I add an additional amount to a Fundisa account?
Once-off debit orders for additional funds are allowed.
What is the Fundisa grant and how does it work?
The government will allocate a grant each year to each Fundisa account. The grant amount will be based on the contributions made to the account and is subject to a maximum R600 per year per account. A total of 25% of the saved amount will be added by the government as a grant up to the maximum of R600.
How does a Fundisa account fund tertiary education?
When a learner and beneficiary of a Fundisa account is ready to study at a recognised tertiary institution the Fundisa account, including any governement grants, can be used to pay for fees, textbooks and accommodation. The beneficiary will request a certificate to be issued from the company where the Fundisa account is held and then take this to the college or university. The university or college will then request payment from the account. Accounts may be used for undergraduate and postgraduate studies.
Do I have to be related to a learner to open a Fundisa account for them?
No, anyone can open a Fundisa account for any learner whom they would like to see benefit from tertiary education. The learner must be a South African citizen or permanent resident.
Who has access to a Fundisa account?
Fundisa accounts can be opened by any interested party for the benefit of a specified learner. All that is needed is the learner’s ID. Only one Fundisa account per learner is allowed. The government grant cannot be used for any other purpose than tertiary education.
Are Fundisa accounts transferrable?
Yes, once a year or in the unfortunate case of death.
What are the fees?
There is no initial fee and a low annual service fee of 1,25% that is levied monthly.
For more information on Fundisa call the Fundisa contact centre on 0860 386 3472