Today’s article is about FNB Stokvel Savings account review for South Africa.
Learning how to save is not easy as the word may sound.
However, like the ways, it gets easier when exerting with friends so it is easier to learn how to save when saving with friends.
In this guide, we shall give you the FNB Stokvel Savings Account review.
The account comes in place to help friends save together to achieve a common goal.
The idea of Stokvel was discovered in South African a long time ago. From history, the term Stokvel was dated back to the 19th century.
The English settlers used the term when describing their auctions, referring to them as “stock fairs.”
The fairs, in reference, were between the farmers and laborers where they used to contribute what each one has and buy livestock.
From this phenomenon, the term Stokvel term was born, and the first Stokvel was recorded in 1932.
Since then, over R40 billion have been saved in South African in that Stokvel spirit.
Even today, First National Bank promotes Stokvel’s spirit by allowing people to open the account and grow together.
However, there is a need to understand what this account is all about and how it will benefit you as a group.
Table of Contents
What Is FNB Stokvel Savings Account?
The FNB Stokvel account refers to the top type of account where there are book-based savings of all the group members committed to saving towards a common goal.
The account is not meant for the individual but for groups of people.
The bank pays interest on the saving done by the group members and competitive interest rate.
What The New FNB Stokvel Account Offers In South Africa
Several offers come with this type of account. Among them, the bank doesn’t charge a monthly fee.
Other FNB South Africa Stokvel savings account offers include the following:
1. Promote Transparency
The FNB Stokvel account promotes transparency of the savings made to the account.
Every member can open the account and view the balance without the other member knowing.
The ability of each member to have access to the account helps in monitoring the account.
2. The FNB Stokvel Savings Account Ensure Security
After making savings FNB ensures your savings are protected, and to make any truncation, it has to be approved by two signatory members.
More so, other members get to know the transaction has occurred as they can access the account. With these features, every member’s contribution is protected by the bank.
3. The Stokvel Account Promote Growth
The First National Bank understands people come together to uplift each other, and the bank encourages this by offering this type of account.
The savings attract competitive interest from the bank hence promoting growth.
That is all we have for you about FNB Stokvel Savings Account Review.