Group saving bank accounts

If you form an investment club you will still need to have a bank account for the group in order to collect money and pay out withdrawals. Speak to your bank about the best account for your needs.

These bank accounts are specifically aimed at savings clubs:

Absa Club account includes accidental death cover for up to 10 members for free and family funeral cover for R25 a month per member.

FNB Stokvel Account offers free withdrawals and deposits as well as FREE inContact messaging services that alerts up to three members via SMS each time a deposit or withdrawal is made.

The Nedbank Club Account hasno transaction charges or account maintenance fees.  The account need not be closed at the end of the savings period i.e. the balance can be withdrawn to zero once a year and the account can be reinstated at the beginning of the next savings cycle.

Standard Bank’s Society Scheme is only cost effective if you maintain a balance of R5000 as they waive the R12.90 monthly fee and you have two free debits and five free cash deposits a month. There is also a Save and Win draw each month where the group could win R5000 or R50 000 in December.

This artcile first appeared in City Press

 

 

 

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aMaya on Money is a collection of articles by financial journalist Maya Fisher-French; contributions from other authors and questions posted by readers. We encourage readers to post questions and add comments to create an interactive forum where people can gain information on how to better manage their money. .

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