Terms and Conditions

Administration Process and T & C

  1. It is at Summit Saves discretion to accept or reject this application form, and Summit Save will not enter any discussion regarding accepting the application on a particular date. An application can only be confirmed as completed once all relevant documentation (as required in terms of the Financial Intelligence Center Act No.38 of 2001) has been received.
  2. In the event that the Summit Save application form or any other written instruction is faxed or e-mailed to Summit Save, the responsibility for ensuring that the instruction has been received and actioned by Summit Save will lie with the instructor (Saver or Consultant). A fax confirmation, or printed copy of a sent e-mail, in the hands of the sender, will not be regarded as proof that Summit Save has received a specific document. If you wish to confirm the receipt of an instruction, please feel free to contact the Client Service team on (0800 SUMMIT)
  3. The business cut-off for receiving instruction is 14h00. The instruction will only be processed once supporting documents have been received. If the instruction is received before the relevant cut-off time and all the requirements are met, the instruction will be processed on that day. Should the instruction be received after the relevant cut-off time, it will only be processed on the following business day. These cut-off times apply to Summit Save applications any other instructions and withdrawal.
  4. All withdrawals must be requested in writing and will be disinvested following receipt and acceptance of such written instruction and subject to Summit Save requirements having been met and paid within 2 working days of the written request. The reflection of the payment in the savers’ account may only appear a day later, depending on which bank the saver makes use of. Withdrawal instructions which include a change in your bank details must be accompanied by a copy of a bank statement less than 3 months old.

Client Declaration and Confirmation

FAIS

  1. I am aware of the comparable products that relate to the product that I have chosen.
  2. I have read and understood the contents of the products(s) offered and that it meets my financial needs and objectives.
  3. I have been provided with the pricing and product matrix/brochure(s). Product-related costs have been explained and I have been made fully aware of the related features, benefits and term and conditions of the product(s)
  4. The information provided by myself is true and accurate.
  5. I am acting for my own account and that I have made my decisions to enter into this savings product and as to whether the investment is appropriate for me independently based upon my own judgement. I declare that I am not relying on any communication from Summit Save whether written, oral or implied as investment advice or as a recommendation to enter into this product. I understand that information and explanations relating to the terms of investment shall not be considered investment advice or a recommendation to enter an investment.

Consent

I provide my express consent to Summit Save to process my personal information as defined in legislation, including photographs and identity verification in terms of the Financial Intelligence Centre Act of 2001, for purposes of providing financial services and preventing fraud and money laundering, and to send my personal information to third parties in order to provide a service to me, and or send such information to foreign countries, when necessary, by electronic or other means for processing. I understand such countries may not have specific data privacy laws.

General Information, Terms and Conditions

While Summit Save is constantly striving to provide a service that is intended to make your saving as easy and convenient as possible, all South African FSP’s are legally obliged to verify information received from clients – both new and existing.

Therefore, apart from the information that you will provide in your application, we may require certain additional documentation and information from you. In some cases, this may even be required before Summit Save can complete the processing of your application. Should we need anything more, a Summit consultant will contact you to make the necessary arrangements.

Fee’s

Summit Save charges zero fees on opening of an account, we require no minimum deposit amount either. We also have a zero transactional fees charge, so what you save is never depleted by institutional fees.  Summit Save reserve the right to take up to a 4% clip on interest percentage earned on capital, this percentage will varies based on the prime rate changes.*