Shoprite’s Money Market Account is now a transactional bank account
It’s official: Shoprite’s Money Market Account is now a full-fledged, transactional bank account, the first ever offered by a South African retailer – and 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. No other South African bank account matches this offer.
Using data from a recent Business Tech article, a cost comparison against other entry-level bank accounts shows the Money Market Account emerging clearly as the most affordable entry-level bank account in the country.
“The development and roll out of the 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.”
says Jean Olivier, General Manager: Financial Services for the Shoprite Group.
Shoprite Money Market Account benefits:
- Customers can skip long queues and high fees at ATMs by depositing and withdrawing cash at any till point at Shoprite, Checkers and USave supermarkets nationwide.
- Customers can also send money, buy airtime, data, electricity, send grocery vouchers, pay bills and pay for groceries from their phones.
- 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).
- Retail hours (not banking hours), seven days a week.
- Easy access on any mobile phone (both feature and smart phones); and available via the Shoprite app, USSD (*120*3534#), WhatsApp (087 240 5709) or Shoprite’s Xtra Savings card.
Money Market Account is a division of Shoprite Checkers (Pty) Ltd (FSP7332) with banking services provided by Grindrod Bank Ltd (FSP6317). Ts & Cs apply.