Are you wondering how does FNB Stokvel Savings Account Work? Chances are you have or be recommended to open an FNB stokvel savings account as a group.
You may have heard right, or the recommendation is fabulous.
However, I know you have come to hear because you would like to know how the FNB stokvel savings account works.
You’ll find this article useful and right for you as I have researched how FNB stokvel savings account.
In addition, you will know the benefits of this account, why it is good for groups or partners who would like to save together for a common goal.
How Does FNB Stokvel Savings Account Work
The FNB stokvel account to start with is meant for groups, not individuals.
Hence, to open the account, you have to be in groups.
The account’s main purpose is to help save as much as possible as a group.
You have to decide when to make the savings that can be done directly to the account by each member and decide how long you would like to save (the savings maturity period).
The bank allows you to decide how to use your money.
There is no influence of the bank on how to use the money.
The bank only protects the savings on behalf of everyone by ensuring every member has access to the account only to view the FNB Stokvel Savings Account and transactions made.
When you need to withdraw, the bank allows three signatories for the payments to be approved by the group member, given the mandate when opening the account.
FNB allows the groups to request either monthly payout or annually.
It is up to the group member to decide when to get the payout after saving their amount, and the bank paid the interest.
The interest depends on the amount you have saved and for how long.
The longer you save and the huge amount, the more interest the group earns from their savings.
The formation of a stokvel and being a member is voluntary, and in most cases, members come together due to a common goal.
A few years ago, the groups could only do informal agreements.
But today, there are contracts signed by each member after forming the stokvel.
The contract is to actually prevent the occurrence of where the signatory walks away with the group money.
The contract is for security purposes.
FNB stokvel account is meant for any type of group, no matter the financial status.
No matter if it is a well-established group or start-up group.
All the groups are allowed to open the account by First National Bank.
That is all we have for you on how does FNB stokvel Savings Account Work