With no monthly fees, and regular shopping retail hours for banking – 7 days a week, Shoprite’s Money Market Account is targeting the banking needs of those in the lower income brackets rather effectively with a new entry-level bank account.
Shoprite has entered the banking world, endeavoring to offer customers of lower income brackets basic transactional banking at a fraction of the charges from conventional banks.
In a statement, the retail confirmed that its Money Market Account is now a full-fledged, transactional bank account and it the first of its kind offering from a South African retailer. It was described as the lowest cost entry-level bank account on the market.
Clients pay a flat R5 fee for cash withdrawals. Every other transaction is free, and there are no monthly fees.
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The Money Market Account has rapidly added functionality and customers since its launch in 2020, and now gives almost two million banked and unbanked customers access to basic transactional banking.
Jean Olivier, General Manager for Financial Services for the Shoprite Group says that the development and roll out of the entry-level bank account has been driven entirely by customer needs. “They wanted a straightforward account which allows them to be in full control of their money and does not surprise them with any hidden fees,” Olivier added.
Shoprite Money Market Account benefits
Customers will be able to deposit and withdraw cash at any till point at Shoprite, Checkers and USave supermarkets nationwide.
They can also send money, buy airtime, data, electricity, send grocery vouchers, pay bills and pay for groceries from their phones.
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There are no debit orders or deductions, so customers are in full control of their money.
Besides low-cost banking, the Money Market Account also offers simplicity, with no physical forms (everything is digital), and – probably its best feature – retail hours (not banking hours), seven days a week.
Rival entry-level bank account options
To date, Tyme Bank and African Bank have offered South Africans the cheapest banking options on the market.
With Tyme Bank’s EveryDay account, there are also zero monthly bank fees, while sending money, swiping your debit card and withdrawals from Pick n Pay or Boxer till points (amongst other offerings) are also free.
The bank only charges minimal fees on other transactions such as SMS transaction notification, cash withdrawals at retailers other than Pick n Pay and Boxer, and cash withdrawals from ATMs.
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African Bank offers the MyWorld account at no monthly charge to its customers. The MyWorld account comes with the option of linking up a second person to your account, with their own bank card that allows them to withdraw cash allocated to them from the primary account holder.
There are no additional charges for these services or the swipes made from either card holder. There are, however, charges on ATM balance enquiries, card replacements, unsuccessful transactions (where there are insufficient funds), deposits where cash acceptor machines are used.