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.