WHAT TO LOOK OUT FOR IN A GOOD AC­COUNT FOR YOUR STOKVEL

Move! Stokvel - - Ad­vice -

■ Busi says it’s im­por­tant to look out for great re­turns. Ask your bank about the in­vest­ment ac­counts that give you higher in­ter­est.

“It’s ex­tremely im­por­tant to en­sure that stokvel sav­ings yield max­i­mum pos­si­ble in­ter­est by choos­ing the right ac­count,” she says. ■ En­sure that you have the flex­i­bil­ity to with­draw and de­posit the stokvel money with­out be­ing tied down with high bank charges. Con­sider how of­ten you will need to with­draw and whether the ac­count you have cho­sen will al­low you to do that. ■ Ask about the bank charges. Great in­ter­est rates and low bank charges are the best com­bi­na­tion. Some banks do lower bank­ing costs if the amounts de­posited are high. ■ What kind of bank­ing tech­nol­ogy comes with this ac­count? Look for bank­ing no­ti­fi­ca­tions that go to all mem­bers. Old Mu­tual’s John says this is im­por­tant for the se­cu­rity of the money, es­pe­cially in a big stokvel. Choose an ac­count that al­lows all mem­bers to check bal­ances any­time.

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