A Stokvel in South Africa is very common and has been in operation for a very long time. Back then, our elders would appoint someone who will take care of the cash and put the money in their households which was not ideal but it worked. In some instances, there was a lot of fraud and dishonesty going on until banks in South Africa took the initiative to get involved.
FNB has a book-based Stokvel Savings account, specially designed for a group of individuals who have a common financial purpose and save money together with guaranteed returns.
You can appoint more than one individual who will do most of the signing when there are changes in the account, and or making withdrawals. If the account has a minimum of R5 000, you get 10 free transactions. You also get immediate access to your fund; just visit any FNB branch for withdrawals, as it requires signatures of the appointed individuals.
FNB Stokvel Features
- Track your banking transactions with FNB’s inContact
InContact is a great way of receiving banking transactions through a free electronic messaging system straight into your phone. This can help you identify unauthorized transactions and in such a discovery, it is advisable to report fraud immediately.
You will be able to manage your account and you can choose when to receive your message, can be during the day (7 am – 8 pm) or, my personal recommendation, 24-hours a day (Anytime). You can also choose to receive notification exceeding a transaction specified by you. You can receive an SMS, email or both, the choice is yours.
One of the great features is a “Decline inContact messages” where you get notified why your transaction was unsuccessful.
- Add more funds to your account using FNB ATM
Use FNB ATMs to deposit cash into your Stokvel account, you won’t be able to access cash on your Stokvel account as it requires you to visit the branch with appointed signatory members.
- Check your balances for free
There are no incurring fees when you check your balances. This is a great feature to know your financial status.
- Earn interest with your positive balance on your account
It works like this, earn more money for having the money into your account, and as per usual, when you save for a longer period, you will receive even more interest, and you can also earn interest ON interest.
How to Apply
- Ask FNB to call you back or visit the nearest branch
- There is no minimum deposit balance required
- You must be a South African Resident
- Your Valid South African ID or Smart ID Card
- Proof of residence that’s not older than 3 months
- Visit the branch to understand more about how to add members to the account (See Stokvel prices)
Other Stokvel Accounts