Looking for a smart way to grow your group savings with some added perks? The Nedbank Stokvel Savings Account is built for stokvel groups who want interest on their money, instant access when needed, and even funeral cover for members.
What the Account Is For
This account is perfect for groups saving together—whether it’s for groceries, December spending, school fees, or a big event. It’s made for stokvels who want peace of mind knowing their money is safe, growing, and easy to access when they need it.
You also get bonus benefits, like:
- R10,000 funeral cover per member, and
- End-of-year stokvel rewards if your group consistently saves.
How the Account Works (with Examples)
Your stokvel group opens one account, with a minimum deposit of just R100 to start. You can add money any time—either through Nedbank’s cellphone banking, the Money app, or direct transfer.
Let’s say your group has saved R50,000. At that level, you’ll earn 5.00% interest per year. That’s R2,500 earned in one year—without lifting a finger.
Interest is calculated on the total balance, and the more you save, the better your rate.
Pros and Cons
| 👍 Pros | 👎 Cons |
| No monthly fees | Only for formal stokvel groups |
| R10,000 funeral cover per member | Minimum withdrawal is R100 |
| Interest grows with your balance | Teller deposits have extra fees |
| Instant access to funds | Three or more signatories needed to open the account |
Who Should Consider This Option
If you’re part of a savings group, burial society, or any kind of collective that wants secure, flexible savings with extra benefits—this account is made for you.
You’ll love it if:
- You want immediate access to funds when your group needs it.
- You want to earn better returns as you save more.
- You want built-in funeral cover and rewards for consistent saving.
Interest Structure (Tiered Interest Rates)
This account pays interest based on how much your stokvel has saved:
| Balance | Interest Rate (Nominal p/a) |
| R1,000 – R4,999 | 4.00% |
| R5,000 – R9,999 | 4.00% |
| R10,000 – R14,999 | 4.25% |
| R15,000 – R24,999 | 4.25% |
| R25,000 – R39,999 | 4.25% |
| R40,000 – R49,999 | 4.25% |
| R50,000 – R74,999 | 4.75% |
| R75,000 – R99,999 | 5.25% |
| R100,000+ | 5.75% |
That means if your group saves over R100,000, you’ll earn 6% interest per year—that’s R6,000 in a year. For the most accurate and up-to-date interest rates, please visit nedbank.co.za)
Tax Implications (South African Laws)
Interest earned in a stokvel is not tax-free by default.
Here’s how it works:
- If your stokvel earns more than R23,800 in interest in a year, you may need to declare it.
- Nedbank will send your group an IT3(b) tax certificate showing the total interest earned.
- Make sure your treasurer keeps these documents for tax season.
Note: This is not a tax-free savings account, so the interest earned can be taxable.
How to Apply (For SA Citizens & Foreign Nationals)
| Group Type | Requirements |
| South African Stokvels | – SA ID documents for all members |
- Proof of address (not older than 3 months)
- Minimum 3 signatories |
| Foreign Nationals | – Valid passports for all signatories - Proof of residence
- Work or residence permits
- Group registration documents |
You can apply by dialling 120001# from your cellphone or visit a Nedbank branch.
Once your group account is open, manage everything using:
- Nedbank Money App
- Cellphone Banking (120001#)
- Online Banking
Why Buti Recommends It
Saving with your crew shouldn’t be stressful. This account gives your stokvel flexibility, real returns, and safety. Plus, you’re rewarded just for staying consistent.
If your stokvel deposits at least R1,000 each month from January to October, you could qualify for end-of-year rewards like digital vouchers or even cashback.
Quick Recap
Zero monthly fees
4.25% to 6.00% interest per year
R10,000 funeral cover per member
24/7 access to funds
Apply easily using 120001#
Want to start earning interest as a group?
[Click here to apply now] or dial 120001# on your phone to open a Nedbank Stokvel Savings Account.