Where your money actually livesWe don't hold your stokvel's money. Here's who does it properly.
Stokvel Chommie tracks contributions, payouts, and confirmations — it never touches your group's actual cash. That money belongs in a real bank account, in your stokvel's name. Every major South African bank now offers one built specifically for this. Here's how they compare.
Quick reminder: you're legally allowed to do this yourself
Under the Banks Act exemption for stokvels, a group with fewer than 36 members and under R9.99 million in total savings can hold its own money in its own bank account without needing anyone's licence — including ours. That's exactly why we built Stokvel Chommie to run alongside your bank account, not instead of it: you keep full control of the actual funds, and we keep everyone honest about who paid what.
Banks offering dedicated stokvel accounts
All six below let multiple signatories (your treasurer, chair, and secretary) control the account jointly — the same three-way check stokvels have always used, now done digitally. Rates and terms change, so always confirm current details directly with the bank before you commit.
🟢 FNB Stokvel Account
Fully digital onboarding
- Account opening, deposits and payouts all done in-app — no branch visit needed for any signatory
- Three-signatory control retained digitally
- Islamic (Shari'ah-compliant) option available
Visit FNB →🟩 Nedbank Stokvel Savings Account
Competitive interest, no fees
- No monthly account fee
- 4.25%–6% interest per annum
- Opens with a minimum deposit of just R100; funds available on demand
- Optional group funeral cover add-on (R25/member/month, R10,000 payout)
Visit Nedbank →🔵 Standard Bank Group Save
Free transactions
- Competitive interest on the group balance
- Free transactions on the account
- Backed by Standard Bank's broader stokvel education resources
Visit Standard Bank →🟠 Capitec Club Save
Up to 7.5% interest, zero fees
- No monthly fees
- Among the highest advertised interest rates for a group savings account
- Simple app-based management
Visit Capitec →🟣 TymeBank GoalSave
Up to 9% interest, no fees
- Highest advertised interest rate among the mainstream options
- No monthly fees, digital-only bank so setup is fast
- Good fit for smaller, newer stokvels wanting maximum growth on savings
Visit TymeBank →🔴 African Bank Stokvel Account
Digital access for up to 100 members
- Trusted with over R1 billion in stokvel savings as of December 2025
- First deposit fee-free (minimum deposit R1); standard transactional fees apply after that
- Requires a branch visit to open, with 2-of-3 executive sign-off (all three screened for FICA/AML) on every payment instruction
- Will help draft a stokvel constitution if your group doesn't already have one
Visit African Bank →
💡 Rates, fees and features shown are indicative and change over time — this page isn't financial advice. Compare current terms directly on each bank's site before opening an account, and pick based on your group's actual size, cash-out needs, and whether members want optional extras like funeral cover.
How the two pieces fit together
01Open the account
Pick a bank above, open a stokvel/club account with your usual signatories.
02Set up your stokvel here
Create your group on Stokvel Chommie — rotation or pot, members, payout order.
03Members pay into the bank
Contributions move bank-to-bank, exactly as your group does today.
04Confirm it here
Both sides confirm the payment in Stokvel Chommie — logged, visible, disputed-proof.
On the roadmap🔗 Read-only bank feed reconciliation
We're exploring a connection that lets your bank account feed its balance and transaction history straight into Stokvel Chommie — read-only, so we can automatically verify a contribution actually landed, instead of relying on manual confirmation alone. We'd never gain the ability to move money; only to see it, with your explicit permission. If this matters to you, tell your bank you'd like to see it — the more stokvels ask, the sooner it happens.