A Stokvel in South Africa is literally part of our lives, even at this instant; I know my aunt has joined at least 2 Stokvel clubs. These types of accounts have always been a way of survival when it comes to saving money.
Many communities in South Africa still save Stokvel money in their own households which isn’t a good idea at all. It is best to have your money saved with a bank that requires a couple of signatories to authorize account transactions for security measures and fraud prevention.
With Absa, you can choose from 2 Stokvel or club accounts, namely: Club account and Investment Club Account.
This is an account that’s ideal for a Stokvel – when you have the account opened, you can be able to make contributions to the account at any Absa branch in South Africa. Deposit anything from R50 per month, and there are no management fees.
With the club account, you will be provided with tip and investment options to choose from, and other information to help you save as a group without any conflicts.
The Absa Club account comes with a R2000 accidental death cover.
10 things you should know about Absa Club Account
- The account needs an initial R50 deposit to open it.
- At least 3 members are needed to save as a group
- Funds are available on 32 days’ notice
- Members (up to 10 members) get R2000 accidental death cover (Read More)
- Up to 3 signatories are required
- NotifyMe alerts for signatories of the account
- Have a balance higher than R50 to earn interest
- Balances below R50 don’t earn interest.
- The accidental death cover is underwritten by Absa Life Limited Authorized Financial Services Provider
- Get free tips and group advice and information
How to apply for the club account
You cannot apply for a Club Account online; this is for security reasons and fraud prevention. You have to visit the nearest branch and make sure you have the following documents with you:
Investment Club Account
Have you ever considered investing as a group? Well, Absa offers an easier way to save and invest as a group with a club investment account. This is an ideal account when you want to save together as a group towards a common goal, even so, you will get all the incredible features as well as value-added benefits to get more out of your invested funds.
With the Investment Club Account by Absa, you will get invitations to Absa Stockbroking events as well as get free annual consultation with a professional and qualified financial adviser.
Investment Club Account
How to Apply for an Investment Club Account
As with the cub account, you cannot apply for an Investment Club Account online; this is for security reasons and fraud prevention. You have to visit the nearest branch and make sure you have the following documents with you:
- Provide 3 IDs of Signatories (You have to provide 3 IDs of the elected group members who will be signing and authorizing any chances of the account)
- Provide Proof of residence for all 3 signatories
For more information on both accounts the nearest Absa branch, or call 0860 111 515, alternatively, you can email firstname.lastname@example.org. Absa is an Authorized Financial Services Provider and a registered credit provider (see NCR)
Visit www.absa.co.za to find and read on a different account, or visit our ABSA page on iBusiness for Absa’s financial products or visit the Investing Sector of our website.
Investments are always a good idea. Saving money can never be a bad idea – people often are afraid of saving money because of the fear of leaving it behind should anything happen to them – however if you look at it, you are in most cases securing a better future for your family, and if not for that reason, you don’t want to leave your family behind stranded – consider investing, have an insurance, and protecting all areas of your life.
Invest your money as a group today by visiting the Absa nearest branch with the documents needed, remember the group must consist of at least 3 members, and 3 signatories are required. Do not save your Stokvel money under the mattress, consider a bank that works and goes an extra mile for your financial need.
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