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Shoprite MoneyMarket account review 2022

Individuals can save money in a secure way with the Shoprite MoneyMarket Account. The account can be used in a variety of ways, including at any Shoprite store in South Africa, as one might expect. Purchases at Shoprite may result in discounts on selected items.

The Shoprite MoneyMarket Account can be used online to purchase food, prepaid vouchers, and other items, among other things. The MoneyMarket Account allows account holders to make purchases in the following stores:

  • Shoprite, 
  • Checkers, 
  • Checkers Hyper, 
  • USave, 
  • FoodWorld Butchery, 
  • Hollywoodbets, 
  • K Net mobile, 
  • Vodacom, 
  • MTN, and
  • Telkom

The MoneyMarket Account is not the typical bank account that you can use anywhere. A Visa or MasterCard-powered account, for example, can be used where a Visa or a MasterCard is accepted. The MoneyMarket account is designed to help account holders save money and conduct simple transactions at any Shoprite or its partner stores.

Because the account does not serve the same purpose as those issued by banks, the fees are low and some transactions are free. Before we get into the fees of a Shoprite MoneyMarket Account, let’s first discuss what a MoneyMarket account is and how it works.

Shoprite MoneyMarket Account Summary

The Shoprite MoneyMarket 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 MoneyMarket Account to an Xtra Savings Account. 

Account-holders can deposit funds into the Shoprite MoneyMarket Account, allowing them to save and transact. The daily cash deposit limit into the account is R5,000.00. The balance on the Shoprite MoneyMarket Account should never exceed R25,000.00.

Withdrawals from the MoneyMarket account are permitted and can be made at any Shoprite or Checkers location. The maximum cash withdrawal from the MoneyMarket account per day is R5,000.00. Money transfers are also included on the MoneyMarket account.

Transfers to registered MoneyMarket Account holders are also limited to R5,000.00 per day. Those without a MoneyMarket 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 MoneyMarket Account, money can be transferred by sending out a voucher. Transferring funds to MoneyMarket account holders requires the use of the recipient’s Shoprite MoneyMarket account number.

How the Shoprite MoneyMarket Account works

To begin using the Shoprite MoneyMarket Account, you must first create an account. Online or in-store registration is available to those that want to open a MoneyMarket 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 MoneyMarket 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 MoneyMarket account by registering their profile on the Shoprite app.

The Shoprite MoneyMarket 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 MoneyMarket 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 MoneyMarket 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 MoneyMarket Account Fees 2022

#DescriptionAmount
1Monthly account feeFree
2Cash deposit feeFree
3Cash withdrawal feeR5.00
4Money transfer feeFree
5Send voucher feeFree
6Pay for groceries in storeFree
7Prepaid airtime purchase feeFree
8Prepaid Electricity purchase feeFree
9Balance enquiryFree
10Prepaid data and airtime purchase feeFree
11Non active accountR5.00 pm after 180 days

Advantages of the Shoprite MoneyMarket 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. 
  • Comes with a promotion of R10.00 for every R100.00 spent. 
  • 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 MoneyMarket 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 MoneyMarket 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 MoneyMarket 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 MoneyMarket account is ideal for saving funds and stashing the money for future use.

Staff Writer

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