Savings account that multiple people can access?

[>Reaper<]

Is it possible to have a savings account that 3 or more people can have access to?

 

[ToxicBunny]

Just give the 3 or more people access to the banking credentials...

The only issue will be the OTP aspect in the phone, unless you can tie multiple devices to the account (FNB MIGHT allow this)...

and get 3 cards issued...

 

[backstreetboy]

Use case?

 

[reactor_sa]

SARS?

 

[Polymathic]

Just give the 3 or more people access to the banking credentials...

The only issue will be the OTP aspect in the phone, unless you can tie multiple devices to the account (FNB MIGHT allow this)...

and get 3 cards issued...

My mother manages my grannys account they both get SMS notifications whenever she uses her card. I assume if my granny used her card my mother would get the notification too

 

[Gtx Gaming]

Just give the 3 or more people access to the banking credentials...

The only issue will be the OTP aspect in the phone, unless you can tie multiple devices to the account (FNB MIGHT allow this)...

and get 3 cards issued...

Fnb allow multiple devices to have SMART OTP linked. I have it on 2 devices.

 

[whatwhat]

Is it possible to have a savings account that 3 or more people can have access to?

What do you mean access? You can just share the login credentials and ask the bank for 3 cards.

 

[>Reaper<]

I felt stupid after posting when I realized that sharing the credentials is probably the easiest.

Few of us want to save some cash over the next two years then again after that. I said I had an account I could keep the cash in. One of them were concerned and said just in case we should get an account that everyone can access. So my brain immediately jumped to joint bank account. But simply put, I think I was just overthinking at the moment.

Thanks for the feedback.

 

[pinball wizard]

So, we'll check in a year from now for a thread by the OP about what to do now that someone he was saving with stole all the money.

 

[LOTR]

I felt stupid after posting when I realized that sharing the credentials is probably the easiest.

Few of us want to save some cash over the next two years then again after that. I said I had an account I could keep the cash in. One of them were concerned and said just in case we should get an account that everyone can access. So my brain immediately jumped to joint bank account. But simply put, I think I was just overthinking at the moment.

Thanks for the feedback.

Sharing credentials is bad 'cause if one individual decides to run off with the bucks, who's going to know who it was as you all share the same credential.
Open a "Stokvel" type account rather. Then multiple people can access in terms of mandate. Ensure mandate states that 2 people must authorise payments/withdrawls, then no one individual can "rob" the collective

 

[Barbarian Conan]

I felt stupid after posting when I realized that sharing the credentials is probably the easiest.

Few of us want to save some cash over the next two years then again after that. I said I had an account I could keep the cash in. One of them were concerned and said just in case we should get an account that everyone can access. So my brain immediately jumped to joint bank account. But simply put, I think I was just overthinking at the moment.

Thanks for the feedback.

Or, everyone could just save it in their own accounts...?

 

[Snyper564]

R5 Capitec account... This is honestly the most bizarre thing I have heard. Accounts are free if not dirt cheap and safer. Just each get your own...

What kind of money are you talking here... There could def be tax implications anyway...

 

[>Reaper<]

Or, everyone could just save it in their own accounts...?

R5 Capitec account... This is honestly the most bizarre thing I have heard. Accounts are free if not dirt cheap and safer. Just each get your own...

What kind of money are you talking here... There could def be tax implications anyway...

Siblings who don't have the discipline to save. Very small amounts.
I told them we could just save on our own.
(They want to watch the money grow I guess). I don't really know to be honest.

I thought I would just check what options are there.

 

[Barbarian Conan]

Depending on the minimums on the accounts and the money they can realistically save, something like a 32 day notice acc REALLY helps with saving, as you can't just withdraw when you feel like it.
Also save at the beginning of the month.