OTE2601
ASSIGNMENT 3
DUE DATE: 8 JULY 2025
, OTE2601
ASSIGNMENT 3 2025
DUE 8 JULY 2025
QUESTION 1
Stokvels are popular and even banks offer stokvel options. Opening a stokvel
account with a bank provides members with the security they do not get
with informal stokvels. Compare the stokvel account from FNB or Standard
Bank with the stokvel account of ABSA or Nedbank. In your answer, elaborate
on the types and roles of various stokvels.
(Study guide Pg. 148)
Comparison of Bank Stokvel Accounts
Standard Bank Stokvel Account
Standard Bank’s stokvel account caters to groups of at least five members, with two to
four authorized signatories. It allows unlimited deposits and withdrawals at any branch,
waives the account fee if the balance remains above R5 000, and guarantees capital
protection. Interest is calculated daily and paid monthly at tiered rates from 1.30% for
balances up to R249, rising to 3.15% for balances of R100 000 and above. The first
five branch or ATM deposits each month are free; thereafter standard cash deposit
fees apply. Because funds can be transferred into other Standard Bank investment
accounts, groups can easily shift surplus savings into higher-yield vehicles.
FNB Stokvel Account
FNB’s stokvel account requires only ID and proof of residence, plus a written group
constitution. There is no monthly account fee, and members receive free SMS or
inContact notifications on all deposits. FNB offers competitive, tiered interest rates: a
modest 0.25% on balances under R1 000, but up to 4.65% for balances above R100
ASSIGNMENT 3
DUE DATE: 8 JULY 2025
, OTE2601
ASSIGNMENT 3 2025
DUE 8 JULY 2025
QUESTION 1
Stokvels are popular and even banks offer stokvel options. Opening a stokvel
account with a bank provides members with the security they do not get
with informal stokvels. Compare the stokvel account from FNB or Standard
Bank with the stokvel account of ABSA or Nedbank. In your answer, elaborate
on the types and roles of various stokvels.
(Study guide Pg. 148)
Comparison of Bank Stokvel Accounts
Standard Bank Stokvel Account
Standard Bank’s stokvel account caters to groups of at least five members, with two to
four authorized signatories. It allows unlimited deposits and withdrawals at any branch,
waives the account fee if the balance remains above R5 000, and guarantees capital
protection. Interest is calculated daily and paid monthly at tiered rates from 1.30% for
balances up to R249, rising to 3.15% for balances of R100 000 and above. The first
five branch or ATM deposits each month are free; thereafter standard cash deposit
fees apply. Because funds can be transferred into other Standard Bank investment
accounts, groups can easily shift surplus savings into higher-yield vehicles.
FNB Stokvel Account
FNB’s stokvel account requires only ID and proof of residence, plus a written group
constitution. There is no monthly account fee, and members receive free SMS or
inContact notifications on all deposits. FNB offers competitive, tiered interest rates: a
modest 0.25% on balances under R1 000, but up to 4.65% for balances above R100
