Teamwork is important in just about any environment, because it creates a sense of the sum being greater than its parts. With the concept of teamwork as its background, Bank Windhoek’s GroupSave product aims to cater to the needs of clients that want to save collectively towards a common goal.
“With a GroupSave account, social groups, or clubs, will earn above average interest on their savings, enabling their funds to grow. Additionally, the banking costs on the GroupSave package are very low, with no monthly service fee and a reduced over the counter withdrawal fee,” said Jacquiline Pack, executive officer for marketing and corporate communication services.
“The GroupSave product is an example of our client-centric approach and offers clients the opportunity to benefit from higher interest rates at lower costs,” said Pack. The GroupSave account is based on a tiered structure, in other words – the higher your balance, the higher interest the group gets. To encourage even more group savings, the bank does not charge fees for deposits and neither are monthly service fees charged.
In addition to the other benefits, free balance enquiries within the branch are offered on the account and there is a reduced over-the-counter withdrawal fee, plus a free balance statement per month. The opening balance for the account is N$100 and a minimum deposit of N$100 per month is required. The maximum cumulative deposit is limited to N$60 000 per year.
“So, during the festive season, a time when we usually have time to reflect on our new year resolutions, get together with friends and family to discuss how you are going to save as a team for those memorable moments such as weddings, holidays or sports spectaculars, make your dreams come true by planning and working together towards a common goal,” Pack concluded.