Simple. Social. Saving.
FAQ
What is ADDaBIT?
ADDaBIT is a Simple Social Saving platform, where you can collect and save towards anything you dream of, for yourself or someone else. All you have to do is register and create a fund for whatever your heart desires, either now or in the future. It could be an Ipad, a mountain bike, a jungle gym or your child’s Harvard tuition. You are now ready to collect and save! Simply share your fund link with friends and family so that they can contribute online towards something truly meaningful on birthdays or special occasions or just because they love you.
Do I need a bank account to register for ADDaBIT?
No, anyone with internet access can register on ADDaBIT and start using the Simple Social Saving platform immediately.
Is ADDaBIT a bank?
ADDaBIT is not a bank. We provide a secure online platform for you to save and collect money towards your fund, either on your own or with the help of friends and family. When you are ready to redeem your fund we will provide you with a voucher in order to purchase your dream gift. Invested funds are redeemed via EFT into your South African bank account (each contribution to an Invested fund has a 15-day clearing period before it can be redeemed). Because we know that sometimes we need a little more time to save for the things we really want we have made sure that you can invest your hard earned contributions with a market leading investment company and earn competitive returns or growth along the way.
Do I need an email address to register?
Yes, you will need the following details to register:
- Your first and last names,
- A unique and valid email address that will be your username. You will login to ADDaBIT using this email address and your password,
- A password that consists of a minimum of eight characters, including at least one numeric digit and one uppercase letter.
What other information do you collect from me?
Once you have registered, you will be asked to capture some additional information depending on what type of funds you create and how long these funds may take to be completed.
Investor Registration requires the following information:
- Occupation
- Nationality
- Country of birth
- Bank account details for investment redemptions
- Tax numbers for countries in which you are a taxpayer
The Financial Intelligence Centre (FICA) requires us by law to verify your identity and your residential address.
We require that you upload the following 3 documents to your profile:
- Copy of your Green bar coded ID or passport or the front and back of your new smart ID card,
- A copy of your utility bill in your name that shows your home address and that is less than 3 months old,
- If you do not have a utility bill in your name you may use the following that are not older than 3 months old:
- A signed letter from a municipality on municipal letterhead confirming your address, provided that the municipality confirming the address is the municipality of the area where you reside
- A letter from your bank confirming that a physical site visit was conducted to verify your residential address provided that: it is on the bank’s letterhead, and contains the official bank stamp
- A signed confirmation of address letter from the bank on a bank letter head which displays your physical address
- Copy of Telkom statement
- Copy of your bank, building society or credit card statement which displays physical address
- Copy of your mortgage statement which displays physical address from a bank or other lending organisation
- Recent pay slip or salary advice
- Letter of employment reflecting employee’s address
- Copy of your M-Net or DSTV account
- Copy of levy certificate issued by the body corporate, homeowners association or managing agent for properties in sectional title, cluster or share block developments
- A copy of a confirmation of residence from a Retirement village / Retirement home on their letterhead if the investor is 55 years or older recent letter of employment reflecting the employee’s (investor’s) residential address
- Copy of long or short term insurance policy / communication excluding MiWay
- A signed affidavit or proof by a Tribal Authority Council on letterhead confirming physical address in a rural settlement
- Copy of a retail account
- Copy of a Loan Statements from Credit Providers
- Letter from the Rental company on a rental letterhead
- Copy of a cell phone contract statement which displays physical address
- These documents will also be accepted if less than 12 months old:
- Copy of SABC license or SABC license card which displays physical address
- Copy of motor vehicle license which displays physical address
- Copy of SARS document (excluding assessments or e-filing documents) which displays physical address
- Copy of lease or rental agreement which displays physical address (it is acceptable to only accept the first and last page of the lease agreement if the lease period is reflected in these pages)
- A letter (signed by a Commissioner of Oaths) will be accepted where another person (spouse/landlord/partner, etc.) confirms that the investor resides with them; the person confirming the address must also be identified and verified (provide proof of ID and address)
- If you do not have a utility bill in your name you may use the following that are not older than 3 months old:
What information do you collect about my children?
When you add your children or anyone else as a beneficiary on your ADDaBIT profile, we need the following information about them:
- First and last names,
- Email address, if available,
- Date of birth,
- Gender.
Why do I need to provide an email address or mobile number for the beneficiary?
Depending on the age of your beneficiary you may want him/her to be notified of contributions by their granny or aunty real time, our system allows for both sms and email notifications. We are also working on a gamification platform that will allow the beneficiary to log in and learn more about his/her funds in an age appropriate manner. The user name to access this profile would be the beneficiary’s email address.
Ssshhh… it’s a surprise! Remember that if you want the fund or gift to be a surprise to the beneficiary, simply add them as a Virtual Beneficiary.
Can the Beneficiary login using his/her own profile and see his or her funds?
Yes the Beneficiary is able to login to ADDaBIT to view and track the growth and the additional contributions to their funds. An email address is always needed for each Beneficiary to access their own profile.
What does ADDaBIT do with my data? Who has access to it?
Your data and personal information will be kept confidential and secure in our Simple Social Saving platform and no third party will have access to it. Internally your information may be used for our own market research and analytics however, your credentials and identity will always remain highly confidential.
How does ADDaBIT protect my credentials and data?
ADDaBIT's simple social saving platform ensures that all information and transactions are completely secure. You are required to provide your own password as part of the registration and login process. We will assess the strength of your password against our internal security controls and advise on its strength. We encrypt all your credentials and data with advanced encryption algorithms within our data centre to ensure that nobody other than you can access them.
What does ADDaBIT cost?
Access to ADDaBIT is free to everyone. Your investment funds attract market-related fees.
Who do I contact if I have any additional questions or require technical support?
Don't panic, our online support team are here to help. You can send an email to support@addabit.com. Alternatively, contact us on Facebook.
What browsers/devices are supported?
ADDaBIT supports the following browsers:
- Chrome
- Mozilla Firefox
- Opera
- Safari
- Microsoft Internet Explorer (Version 9 and above)
- Microsoft Edge
ADDaBIT supports the following devices: smartphones, tablets and personal computers.
When will ADDaBIT be available with an Android or iOS App?
We are in the process of developing these apps and will communicate to all registered users as soon as the app is available on the app stores for the various operating systems.
Am I able to pay additional money into my child's ADDaBIT fund?
Yes, if your child receives additional money for something like a birthday, you are able to make an additional contribution to a specific ADDaBIT fund.
Can I add a beneficiary if I did not specify one when creating a fund?
Yes, you can add a beneficiary at any stage. Once logged in, you can add a beneficiary to any of your ADDaBIT funds.
What happens if my details change?
You can change your details at any stage, simply login and click on the "Profile" option from the drop down menu icon on the top right hand side of your screen.
Will my bank credit or debit card account be debited when I contribute towards an ADDaBIT fund?
Yes, ADDaBIT will debit the credit or debit card used to make the contribution real time. If you choose to use the EFT option, you will need to EFT the contribution amount from your own bank account to the ADDaBIT bank account using the unique reference number provided for each contribution.
What is an ADDaBIT fund?
An ADDaBIT Fund is a fund that is created by the Fund Manager, either for themselves or someone else, to collect and save towards a particular dream, goal or gift. The fund link can be shared with friends and family called fund followers for them to contribute towards for a birthday, special occasion or specific cause.The Fund Manager can track and monitor contributions made to the fund.
You can create as many ADDaBIT Funds as you like. An ADDaBIT Fund can have 3 different roles depending on the target date you select when creating the fund:
- When selecting the uninvested fund option funds do not earn returns and are redeemed as a voucher.
- When selecting an invested fund the funds will be invested, earning competitive returns.
- When selecting an invested fund the fund owner is able to select 1 of 3 different risk profile funds. There are low risk, medium risk and high risk options, depending on your risk appetite for each of your funds. These funds are then invested.
For more information, have a look at the the fund factsheets below the risk profile selection criteria in the "Create Fund" screen or on the investment page.
How do I delete/cancel an ADDaBIT fund?
You can delete an ADDaBIT fund if it has not received any contributions, via the "Edit" option in the fund window, accessible when logged in.
Can I edit a fund?
Yes, you can edit a fund at any stage. You are able to edit the following items:
- The fund name
- The target date
- The target amount
- The motivation message
- The beneficiary
- The fund image
What is an fund follower?
An individual who would like to contribute financially to an ADDaBIT fund.
How do I add fund followers or share my fund with others?
Once you have created your fund, you will receive an email with a link to that particular fund, you can forward this link onto family and friends to contribute. Alternatively, you can add followers by clicking on the "Share Button" within the fund. You will have the following options to share your fund:
- Fund Code for fund followers to access the Fund from the ADDaBIT home page
- Fund URL for fund followers to access the Fund via a link
- QR code to scan
How do fund followers make contributions?
Once you share your fund with a fund follower and they receive the link to your fund, they are able to click on the link which will take them through to your unique fund page. They can simply click on the "ADDaBIT" button in order to contribute online. They can choose to contribute anonymously without signing in or they can sign in so that their contribution is identified as coming from them.
Contributions can be made via debit or credit card or using the EFT option.
How do I remove a fund follower?
You can delete an ADDaBIT Fund Follower by removing the Follower from the fund he or she has been invited to or has contributed to by clicking on the red "X" when hovering over the fund’s list of followers.
What is the target date?
The target date is the date which you set as the target date by when you need to have reached your savings goal or target amount for a particular fund.
What is the target amount?
The target amount is the amount that you set as your savings goal for a particular fund.
How do I redeem my fund?
To redeem your fund simply click on the redeem button within the fund and chose the redemption option which you would prefer.
What is an invested fund?
An invested fund requires a once off investor registration and Fica submission. Invested funds are then invested and earn competitive returns. These funds are redeemable via EFT into your South African bank account.
What is an uninvested fund?
An uninvested fund is fund that does not require Fica documentation to be uploaded or investor registration. These funds do not earn returns and can only be redeemed for vouchers of our choice.
What is a virtual beneficiary?
A virtual beneficiary is a beneficiary who does not have an email address of their own or for whom you have not entered an email address.