Starting an account with a group of community members has grown to show the importance of saving money, not just as a group but as an individual as well. You learn a lot more in a group than when you do things on your own.
Standard Bank is one of the banks in South Africa that offers a Stokvel Investment account. This is a type of account that requires an opening deposit of R100.
Your funds are accessible at any time and earn an interest of up to 3.60%. You can save together either as a Stokvel or burial society, alternatively, you can save as a social or investment club for standard bank’s unique benefits.
It is as simple as that, save together – earn high-interest rates, you can make unlimited deposits to your Stokvel investment account and still gain access to your full or partial savings.
Win cash for saving money with Standard Bank. When your average monthly balance is above R5 000 – you stand a chance to with cash prizes.
Effective from 23 November 2018
|Balance||Monthly Rates (Nominal)|
|R 0 – R 249||1.75%|
|R 250 – R 499||1.75%|
|R 500 – R 999||1.75%|
|R 1 000 – R 4 999||2.10%|
|R 5 000 – R 9 999||2.10%|
|R 10 000 – R 14 999||2.35%|
|R 15 000 – R 19 999||2.35%|
|R 20 000 – R 24 999||2.35%|
|R 25 000 – R 39 999||2.35%|
|R 40 000 – R 49 999||2.35%|
|R 50 000 – R 74 999||2.85%|
|R 75 000 – R 89 999||2.85%|
|R 90 000 – R 99 999||2.85%|
|R 100 000 and above||3.60%|
Standard Bank Stokvel Account Costs
You will not be charged monthly fees provided that your monthly balance of R5 000 or more is maintained. After 5 free branch or ATM deposits, you will be charged cash deposit fees. (See 2019 fees)
How to Apply
In order to open a Stokvel account (Society Scheme), you will need to provide the following documents:
- 5 signatories or more from your savings members of the group (This is regarded as the informal savings group, and the signatory should be over 18 years)
- A valid Identity Document or passport for non-SA citizens
- Provide proof of residence that’s not older than 3 month to verify the validity
- A clear fraud history (This can possibly be found at the nearest SAPS)
For more information visit the Standard Bank Stokvel Account Page, or call 0860 123 000 for clarity, Standard Bank is a licensed financial services provider in terms of the Financial Advisory and Intermediary Services Act and a registered credit provider in terms of the National Credit Act (See NCR)
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