Saving money is always encouraged and this is why you should choose a savings account that works for you and supports your goals. You have many options to choose from. One option is a savings account, and some banks offer a higher interest rate on term deposits. This means you have to invest your money for a minimum term in order to benefit from these interest rates.
All banks offer savings accounts and they all have different benefits, which is why you should do your research to ensure that you find the best high interest savings account option for your needs.
FNB offers a Fixed Deposit account where you invest a minimum of R10,000 and get interest rates of up to 8.55% depending on the amount you save. You can save your money for up to 5 years, and the longer you save the higher interest rate you’ll receive.
Standard Bank offers a variety of savings accounts, including the AccessSave, which is great for people who want to start saving, with an opening deposit of as little as R50. You can also choose the Fixed Deposit savings account, earning you up to 8% interest. You can invest anywhere from 33 days to 5 years and the opening deposit is R1000.
Capitec bank offers you a savings account where you can earn up to 9.75% interest. The boss from highly competitive interest rates you also benefit from lower fees and you can have up to 4 additional savings plans. As long as you update a minimum of R25 in your account your account will remain open and you can access your money using their mobile app as well as cell phone and Internet banking.
Each account will have its own benefits and it’s important to always compare the different features too. Choose one with great interest rates and low fees, so that you can save as much as possible and know that you’ll have money for your specific savings goal.