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