Terms and Condtitions

Terms and Conditions for The Savings Club

1. Introduction

Welcome to The Savings Club. These Terms and Conditions ("Terms") govern your participation in our lottery feature ("Lottery") available exclusively to users in South Africa. By participating in the Lottery, you agree to comply with these Terms.

2. Eligibility

● Participants must be 18 years or older.

● Participation is limited to residents of South Africa with a valid South African ID.

● Participants must be employed at a company that has signed up for The Savings Club benefit.

● Employees of The Savings Club and their immediate family members are not eligible.

3. How It Works

● Savings Contributions: Users contribute funds to their savings, which serves as an entry into the Lottery.

● Lottery Draws: Periodic draws are conducted, and winners are selected randomly.

● Prize Pool: The prize pool is funded by interest earned on pooled savings and additional contributions as applicable.

● Entry Tickets: For every R100 saved, participants receive one entry ticket into the Lottery.

4. Draw Mechanics

● Draw Method: The draw is conducted using a certified random number generator to ensure fairness and transparency.

● Frequency: Draws occur monthly unless otherwise specified.

● Entry Criteria: Each R100 contribution equates to one lottery entry ticket.

5. Winning Criteria

Number Matching: Participants must match at least 3 out of 6 drawn numbers to qualify for a prize. The more numbers matched, the higher the prize tier.

Prize Tiers:

● Match 3 numbers: Entry-level prize.

● Match 4 numbers: Mid-tier prize.

● Match 5 numbers: High-tier prize.

● Match 6 numbers: Jackpot prize.

6. Prize Allocation

● Winnings are allocated to the participant's predefined financial goals, such as debt repayment or savings accounts.

● Prizes are non-transferable and cannot be exchanged for cash.

7. Fairness and Transparency

● All draws are final and not subject to appeal unless procedural errors are identified.

● The draw process is periodically reviewed to ensure compliance with fairness standards.

8. Fees and Charges

● A once-off administration fee of 2% applies to all ad-hoc or once-off deposits.

● A recurring maintenance fee of 1.5% per annum (charged monthly at approximately 0.125%) applies to monthly balances.

● A portion of the interest earned on pooled savings (approximately 30%) is retained by The Savings Club to cover operational costs and support prize funding.

● No further hidden charges are applied beyond the fees stated above.

9. Dispute Resolution

● Any disputes arising from the Lottery will be resolved through internal review by The Savings Club.

● If unresolved, disputes may be escalated to relevant South African legal bodies.

10. Amendments

The Savings Club reserves the right to amend these Terms at any time. Notice of changes will be provided through official communication channels.

11. Governing Law

These Terms are governed by the laws of the Republic of South Africa.