Shoprite's Money Market account is now fully fledged – how it fares against some low-cost peers | Businessinsider

For more stories go toRetailer Shoprite's Money Market service has just been developed into a fully-fledged transactional bank account.

The service, which has garnered nearly two million customers since its launch, will now offer users essential transactional banking services and save on high fees, such as ATM fees. Customers can withdraw or deposit cash at Shoprite, Checkers, and USave stores. It also allows customers to run additional services such as sending money, purchasing airtime, data, and electricity, and sending grocery vouchers from a phone.

The account limits in-store cash deposits to R5,000 and R10,000 for EFT deposits per day. Cash transfers are also limited to R5,000 to other Money Market Account customers and R4,999 to non-customers.This is what Shoprite's Money Market account offersShoprite's Money Market account has become the latest entrant in the low-cost banking space and will compete with several digital banks available in the market and cheap alternatives offered by traditional banks.

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