The Shoprite Money Market account is a transactional account with no monthly service fee and only charges a withdrawal fee of R5.00. The account includes a R5,000.00 daily in-store cash deposit limit.
A daily limit of R10,000.00 applies to eDeposits and EFT transactions. The cash balance limit on the Shoprite Money Market account is R25,000.00.
The Shoprite Money Market Account allows individuals to save money in a secure manner. The account can be used in a variety of ways, including, as one might expect, at any Shoprite store in South Africa. Shoprite purchases may result in discounts on certain items.
The Shoprite Money Market Account can be used to buy food, prepaid vouchers, and other goods online, among other things. Account holders can use their Money Market Account to make purchases at the following retailers:
- Shoprite,
- Checkers,
- Checkers Hyper,
- USave,
- FoodWorld Butchery,
- Hollywoodbets,
- K Net mobile,
- Vodacom,
- MTN, and
- Telkom
The Money Market Account is not your typical bank account that you can use wherever you want. A Visa or MasterCard account, for example, can be used anywhere Visa or MasterCard are accepted.
The Money Market account is intended to assist account holders in saving money and performing simple transactions at any Shoprite or its partner stores.
The fees are low, and some transactions are free, because the account does not serve the same purpose as those issued by banks.
Shoprite Money Market Account Summary
The Shoprite Money Market Account is a savings and transaction account that can be used at any Shoprite or its partner store. The account does not include a personalized card, but it is accessible via a Shoprite Xtra Savings card or a mobile phone. This is accomplished by linking a Shoprite Money Market Account to an Xtra Savings Account.
Account-holders can deposit funds into the Shoprite Money Market Account, allowing them to save and transact. The daily cash deposit limit into the account is R5,000.00. The balance on the Shoprite Money Market Account should never exceed R25,000.00.
Withdrawals from the Money Market account are permitted and can be made at any Shoprite or Checkers location. The maximum cash withdrawal from the Money Market account per day is R5,000.00. Money transfers are also included on the Money Market account.
Transfers to registered Money Market Account holders are also limited to R5,000.00 per day. Those without a Money Market account can only send amounts ranging from R0.01 to R4,999.99.
If one wishes to make a payment to someone who does not have a Shoprite Money Market Account, money can be transferred by sending out a voucher. Transferring funds to Money Market account holders requires the use of the recipient’s Shoprite Money Market account number.
How the Shoprite Money Market Account works
To begin using the Shoprite Money Market Account, you must first create an account. Online or in-store registration is available to those that want to open a Money Market account. The cash account and the voucher account are the two options available.
Only South African ID holders are eligible for the cash account. To begin using the cash account, one must make a deposit, which can be done online or via an EFT.
One can link their Money Market account to an additional savings account, which they can use to make payments and deposits at any Shoprite or Checkers stores. Alternatively, the account holder can link their Money Market account by registering their profile on the Shoprite app.
The Shoprite Money Market Account can be used for the following:
- In-store deposits and withdrawals are available at any Shoprite or Checkers location in South Africa.
- Send money to family and friends by sending a voucher or transferring funds to another Shoprite Money Market Account.
- Pay for your groceries in store.
- Purchase prepaid airtime, electricity, gaming vouchers, and other services.
- Put as much money as you can into the account, up to R25,000.00.
- Receive cash from others.
The cash account is the one that can be used for the purposes listed above. The voucher account has limitations and is intended to assist shoppers access and purchase vouchers.
Since it is not your typical day-to-day cheque account or savings account, the Shoprite Money Market Account has limitations. The account has the following transaction and spending limits:
- R5, 000.00 cash deposit daily limit,
- R25,000.00 account balance limit,
- R5,000.00 cash withdrawal daily limit, and
- R5,000.00 cash transfers for registered users and R4,999.99 daily transfer limit for non-registered users.
Shoprite Money Market Account Fees 2024
| # | Fee Description | Amount |
|---|---|---|
| 1 | Monthly account fee | Free |
| 2 | Cash deposit fee | Free |
| 3 | Cash withdrawal fee | R5.00 |
| 4 | Money transfer fee | Free |
| 5 | Send voucher fee | Free |
| 6 | Pay for groceries in store | Free |
| 7 | Prepaid airtime purchase fee | Free |
| 8 | Prepaid Electricity purchase fee | Free |
| 9 | Balance enquiry | Free |
| 10 | Prepaid data and airtime purchase fee | Free |
| 11 | Non active account | R5.00 pm after 180 days |
Advantages of the Shoprite Money Market Account
- The account doesn’t have monthly service fees.
- Prepaid can be bought without incurring any fees.
- The account limits are high for daily use.
- The account is easy to apply for and takes less than 10 minutes to get started.
- Application process is paperless and only requires an ID number or a cell phone number for voucher account registrants.
- The account can be used at checkout point in-store, and gaming vouchers can also be bought using the account.
- The account is pin secured, therefore, every time a transaction is made a one-time pin will have to be provided.
Disadvantages of the Shoprite Money Market Account
- The account can only be used at selected stores, unlike accounts that are powered by Visa and MasterCard which can be used in nearly every store that accepts cards.
- The maximum account balance that can be kept in the account is low.
Shoprite Money Market Account Requirements
- Have a South African ID number for those that want to open a cash account.
- Have a working South African cellphone number.
Conclusion
The Shoprite Money Market Account is a less demanding account that can be used by anyone. The account does not have service fees, which is a plus for someone who will only use the account occasionally. A Money Market account is ideal for saving funds and stashing the money for future use.
