FNB Stokvel Account
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- 3 signatories are required to open the Stokvel Account
- Identification document (South African ID book/card for each signatory)
- Proof of residence for each signatory on the account
- Group's Constitution detailing the nature of their operation
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- No Montlhy Account Fee
- All members can view Stokvel account via FNB App, Online Banking and Cellphone
Banking
- All payouts must be approved by at least 2 signatories for complete security
- Grow your savings through a competitive interest
- No need for cash handling during deposits or pay-outs
- All members can get funeral cover at discounted premiums through the Stokvel
Group
Funeral Plan
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- All Stokvel members can view account balances, view account statements and
recieve
inContact
SMSs
- All Stokvel members can do cardless cash deposits at FNB ATMs for free
- All Stokvel members can deposit funds via EFT
- Signatories can invite members to your Stokvel
- Signatories can edit or delete members from Stokvel
- Signatories can payout directly to their members' chosen accounts
- Signatories can approve pay-outs , as well as instructions to edit or delete
members
|
Between 7-9% |
PostBank
Bakgotsi Stovel Account |
- A group must have a constitution or written declaration of goals
- Identity documents all signatories.
- proof of residential address of all signatories
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- Record all transactions with a Savings book
- A minimum of R50 is reqquired to open the Bakgotsi account
- There is no minimum or maximum balance
- Choose how long you want to save for
- No monthly management or service fees
- Unlimited online withdrawals at the Post Office branch
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- Three authorised signatories are required on the account
- Two signatories must always be present when making withdrawals
|
Between 4-7% |
Nedbank
Stokvel Account |
- A minimum of R100.
- A valid South African identity document or card, or permanent resident permit
for
each member
- A copy of your stokvel's constitution
- Proof of address for each member of the stokvel (eg a phone bill)
- A copy of the minutes of the meeting in which the decision was made to open a
stokvel account
|
- R10 000 burial cover* for each member for only R25 per member per month. You
can
use it to cover any
costs associated with the burial and we'll also arrange transport of the deceased to anywhere in
South Africa
- A discount of up to 10% on groceries or school supplies when you shop at our
selected partner
stores
- Zero account maintenance fees
- Access to a Nedbank Pay-as-you-use Account on the Nedbank Money app, with zero
monthly maintenance
fees
- Easily add or remove members using USSD cellphone banking
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A Nedbank Stokvel Account is a standard group savings account that offers additional benefits to all
members. Stokvel members
can enjoy great offers, including a discount of up to 10% on groceries or school supplies and R10 000
burial cover for each
member. |
|
Standard Bank Society Scheme Savings Account |
- ID copy (or passport if not a SA citizen)*
- Proof residence not older than 3 months
- At least 5 members from your stokvel, savings club or burial society
- A minimum of 3 to maximum of 4 signatories
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- Unlimited deposits with immediate access to savings
- Ability to make deposits and withdrawals at any branch
- First 5 branch or ATM deposits are free
- Transfer part or all of the balance to other investments
- Interest is calculated daily and paid out monthly
- Capital is guaranteed
- Be automatically entered into our monthly Savers Draw competition where your
group
stands a chance to win the monthly prize of R5 000
|
|
Betweeen 4-6% |
Absa Grocery Stokvel
Account |
- You need two or more members to open the account
- The IDs of elected group members who will act as signatories
- Proof of residence for elected group members (not older than three months)
- Your initial R50 investment to open your account
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- Pay out members anywhere anytime using EFT on Absa Online
- Access an electronic statement on Online Banking
- Track member contributions
- Reduce some transactional fees
|
- All you need is an initial deposit of R50 to open your account
- You need two or more members to open the account
- NotifyMe alerts can be sent to up to three signatories
- You pay no monthly management fees
- Register for internet banking to reduce fees
- The group benefits for the Grocery Stokvel Account are not for individual use
|
Fixed 5.25% |
Absa Absa Club
Account |
- The IDs of three elected group members who will act as signatories
- Proof of residence for three members (not older than three months)
- All you need is an initial deposit of R50 to open your account
- The account requires 3 or more members to save as a group
- Your savings are available on 32 days’ notice
- Balances below R50 do not earn interest
|
- R2000 Accidental death cover for up to ten nominated members
- NotifyMe alerts can be sent to up to three signatories
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With the Club Account, all members of your savings club or stokvel can contribute from any Absa branch
across the country. Contribute from only R50 per month, with no management fees. You get tips,
investment options and other helpful group saving information. |
Between 4-7% |