PARTNERS THE WAY TO GO
Joining a partner plan can be a big help as it provides a feasible savings option to offset some of your expenses. There are various types offered by several institutions including banks, building societies, or those that are operated by individuals.
According to Annette Atkinson, corporate communication manager at RBTT, "the bank developed a partner plan particularly to assist small savers to develop a culture for savings, and to be consistent with their savings.”
Atkinson said the RBTT plan allows savers to earn more money, security and flexibility as they can save money on a weekly, fortnightly, or monthly basis, and allows you to keep tract of your money.
OPTIONS: You can open the plan with a minimum of $500.00 either on a weekly, fortnightly, or monthly basis for 16 weeks, 24 weeks, 36 weeks, or 48 weeks. Only one person can join at a time. You are given a bonus on whichever plan you choose
16 weeks you will receive 1/5 of a week's throw 24 weeks plan you will receive ½ throw 36 weeks plan you will receive one week's throw, 48 weeks you will receive two weeks throw
The bonus is in addition to the original sum deposited and only if you allow the money to mature to the time for the draw date, and if the you are consistent in throwing their partner.
REQUIREMENTS: Atkinson said it is easy to join their partner plan: · Two references (work, pastor, lawyer, or police in high ranking or someone who has an account with RBTT. · An identification, whether National, Driver's Licence, or Passport, · Tax Registration Number · Proof of address in the form of a utility bill
INDIVIDUAL PLAN On the other hand, you can join an individual partner plan, which can be operated from someone's home or place of business. This plan can accommodate as many individuals as possible provided the plan has a good banker. With this type of arrangement more than one person can join in to help offset the cost. But the disadvantage is that some individuals might falter in making payments, or drop out of the partner, and the banker has to put money in the plan for them.
Another disadvantage is that persons might want an early draw if they have more than one hand in it, and can pose a problem for the others who are in the partner plan to get their draw when they want it. This can cause lasting fall-out, and can lead to serious implications at times, but overall can be a good way to save.