a Matter of interest.
#1
I was recently browsing through the FNB offerings, in regards to "investment" accounts. I was specifically looking at the various amounts of interest you could earn through the various products they had on offer.
As such, I started comparing it to the interest I was earning on the money I had in my Savings pocket.

I realised that I had been shafting myself for the past year and a couple of months, with the interest I was earning, compared to what I could be earning if I moved some of my funds to another product.

I was specifically looking for something where I had immediate access to my funds. I decided to go the following route, to maximise the amount of interest I could generate, as I was currently only earning 2.5% P/A on the money in my Savings Pocket account. I have always been transferring extra money into the Savings Pocket without keeping track of the interest earned.

I opened a Money on call account, as the Money Maximiser is out of my reach, and transferred everything apart from 19K from my Savings pocket (to stay in the 5.5% range) to the new Money on call account (which would put me at 5.25%)

Below are the comparative Products and the amount of interest per amount in the accounts:

Linked Savings Pocket: Gold
R1 - R9 999 - 5.50%
R10 000 - R19 999 - 5.50%
R20 000 - R49 999 - 2.50%
R50 000 - R99 999 - 3.00%
R100 000 + - 3.50%

Money on Call:
R5 000 - R19 999 - 3.50%
R20 000 - R29 999 - 5.25%
R30 000 - R39 999 - 5.25%
R40 000 - R49 999 - 5.25%
R50 000 - R59 999 - 5.30%
R60 000 - R69 999 - 5.30%
R70 000 - R79 999 - 5.35%
R80 000 - R89 999 - 5.35%
R90 000 - R99 999 - 5.35%
R100 000+ - 5.40%

Money Maximiser
R100 000 + - 7.35%

#2
I use Nedbank Just Invest account for that same thing, can get your money within 24 hours.

Their rates go from a minimum of 5.5% on R5000 and maximum 6.75% on R500 000

Scroll down the link for more rates on different amounts

https://www.nedbank.co.za/content/nedban...rates.html

#3
The problem with Money Maximiser is that if you drop 1c below R100,000 you start earning an interest of jack, 0, nothing, boggerall.

What I do is keep R5000-R10000 in a Money on Call for immediate access, the rest of my emergency fund in a 32-day account and a large credit limit on my credit card. The idea being that if I suddenly need a lot of cash I can use the credit card and because it is 55-days interest-free I have enough time to give notice on the 32-day account. It'll work in theory but luckily I've never had to "test" my setup before :p

7-day notice account is another option.






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