29.1. Balances held in the GoalSave product earn interest at rates that increase with time. The rates applicable for each time period will go up or down in the future, but at bank launch, the maximum effective interest rate will be 10%. From 1 July 2020, the maximum effective rate earned will be 7%. Interest earned on balances held up to July 2020 will not be impacted by the rate change:
- 4% for the first 30 days after money is added to the GoalSave account
- 5% from day 31 to 90
- 6% from day 91 onwards
29.2. Interest rates quoted are annual rates, and compounding is monthly, calculated on the first day of the month, and based on average monthly balances. Average monthly balances are based on daily end of day balances.
29.3. Interest on the money in each GoalSave goal is calculated daily, on the balance at the end of the day, and at the interest rate for that day. The daily interest builds up during the month and is added to the balance in the GoalSave account on the 1st day of the next month.
- Contributions into a GoalSave goal can be made using the SmartApp or Internet Banking channel. Contributions can only be made from your own EveryDay account.
- Others can contribute to the GoalSave goals you have created by making a payment into the EveryDay transactional account and using the GoalSave account label as the reference. Contributions into a GoalSave goal can be made using the SmartApp or Internet Banking channel. Contributions can only be made from your own EveryDay account.
- There is no limit to the number of contributions that may be paid to each GoalSave goal. Each customer is allowed to have up to 10 GoalSave accounts at any time. The total capital contributions to all active GoalSave accounts may not exceed R100 000