Grocery Stokvel Account, a new savings option for consumers

Stokvels in South Africa have historically been formed by communities or groups of people with common savings goals, Northen Natal Courier reports.

The money saved by these groups is usually kept in homes posing the risk of theft or money being deposited into accounts where the interest rate isn’t tailored specifically for them.

Arising out of the urgent need for a savings solution that would address Stokvel members’ needs to save for groceries safely and securely, but also one that provides a competitive interest rate on savings, Absa Bank in collaboration with Pick n Pay stores have introduced the Grocery Stokvel Account.

With the new account, Stokvels are able to earn a very competitive interest rate on balances of as little as R50. This account also doesn’t charge monthly management fees or for the Absa ATM or in-branch cash deposit each month, so the money saved goes to building the stokvel’s value.

Users of this unique facility also get to spend their money safely and conveniently at Pick n Pay, where they receive further savings on groceries. These saving benefits on groceries include:

-If you spend R30,000 or more, you earn a R500 Pick n Pay voucher.

-Delivery is free in a 15km radius of your store when you spend R30,000 per purchase.

-Pick n Pay provides a Stokvel champion dedicated to assist you when shopping.

-There is a Stokvel magazine for members, with buying guides, competitions, recipes and more.

All you need to open this account is an initial deposit of R50, IDs of three elected group members who will act as signatories and proof of residence for three members (not older than three months).

The Grocery Stokvel Account will certainly go a long way in helping Stokvels save better.