NBS has a special savings account aimed specifically at savings clubs, stokvels and burial societies. Called the NBS Club Savings account, it offers a simple legal way in which a group of friends or colleagues who share a common bond can pool their money for the benefit of members in the group.
Depending on the rules of the club or stokvel, the money, or a portion of it, can be drawn by members in rotation or as the need arises.
When opening a Club Savings account, you need to take along the constitution or set of rules of your club and a mandate with three of the officers of the club who have signing powers. The product has special measures in place to protect members against fraud or mismanagement of the club's money.