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Banking
Friday, June 1, 2007
Liquid Rennies bring relief

Sanlam recently launched a debit card that allows clients to manage their money in an everyday account while earning the high interest rate of a money market fund.

Susan van Staden from Sanlam Personal Finance: Strategic Business Development says, “Throughout the world, debit cards are becoming the most convenient alternative to cash and cheques. However, traditional debit cards offered by banking institutions offer very low, if any, interest to clients.
“We believe people want the liquidity of a money market account, combined with the attractive interest rate offered by such an account and the functionality of a bank account.”
The product is called Sanlam Liquid, and  links clients with the Sanlam Money Market Fund when they open an account. Their deposits (including their salary, if they choose) are invested in the money market fund, and are protected by strict collective investment regulations.
“Clients enjoy 100% transparency on the fees they are paying,” she affirms. The Sanlam Liquid card offers clients a day-to-day account with total liquidity and access to their money via a VISA Electron debit card, as well as a full-fledged internet transactional capability for transfers and online payments, as well viewing account balances and statements.
The Sanlam Liquid card can be used at any point of sale or ATM where the Visa Electron sign or SASWITCH signs are displayed. Funds can also be drawn at any ATM abroad and may be used at international POS terminals displaying the VISA Electron logo.
Since only banks may issue payment instruments and partake in settlements through the National Payment system in terms of current legislation, Rennies Bank acts as issuer of the debit card. This however does not affect the fact that the deposit is actually in the Sanlam Money Market Fund.
Van Staden says opening a Sanlam Liquid account is easy. The entire process is handled by completing an application form and faxing it to (021) 957 1012. The form and more information can be found at www.sanlamliquid.co.za.

Note on account restriction. The only restriction is that Sanlam Liquid card holders must have a minimum balance of R1 000 in the money market account at all times.
Costs:
• Monthly fee (includes internet) R25
• Saswitch ATM withdrawals R4.85+0.85 per R100 after the 1st R100
• Debit orders R4.50

Copyright © Insurance Times and Investments® Vol:20.5 1st June, 2007
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