Weekend Argus (Saturday Edition) - - GOODPOSTER -

The Fundisa Fund is a sav­ings ac­count that pays in­cen­tives to par­ents or in­vestors who save for a child’s ter­tiary ed­u­ca­tion.

Ev­ery year, your sav­ings are en­hanced by a re­ward of 25 per­cent of your con­tri­bu­tions, up to R600 a child. The bonus is made pos­si­ble through a joint ven­ture be­tween gov­ern­ment and com­pa­nies that be­long to the As­so­ci­a­tion for Sav­ings & In­vest­ment SA.

Fundisa was cre­ated to help learn­ers from low-in­come fam­i­lies pay for an ac­cred­ited qual­i­fi­ca­tion at ei­ther a pub­lic col­lege or a univer­sity.

Any­one can open a Fundisa ac­count, but the learner who ben­e­fits from the sav­ings must come from a fam­ily that does not earn more than R180 000 a year.

The money you save be­longs to you un­til it is paid over to a pub­lic col­lege or univer­sity recog­nised by the Na­tional Stu­dent Fi­nan­cial Aid Scheme. You can with­draw your sav­ings at any time, but you will lose the bonus money if you do so.

You can open a Fundisa Fund ac­count at any Absa, Ned­bank or Stan­dard Bank branch.

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