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The best savings account available in SA


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Depends on what you mean with "savings account" and what you intend to do with it.

 

If you want to save every month but also use the money during the month:

 

* cheque account

 

If you want to save every month but use the money in the short term future (say in the next two years):

 

* 32 day account

* flexi deposit 

 

If you want to save one lump sum and only use it in 3 to 5 years but do not want to risk losing it:

 

* fixed deposit

 

If you want to save a lump sum or every month and only use the money in 10+ years

 

* invest in shares/ETFs/unit trusts

 

 

 

As far as savings, cheque, 32 day accounts go - any bank. The difference is really minimal.

 

Fixed deposits - I believe Bidvest Bank and African Bank gives slightly better interest rates. Not worth it unless you are already a client, but that's personal preference.

 

Shares/ETFs/Unit Trusts - now that's a completely different ball game

 

 

 

Anybody here feel different?

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Could be an interesting exercise.

 

But let's assume Standard Bank has an account that gives slightly better interest rates than FNB. I'm already an FNB client though and pay a monthly fee for the "privilege" of being their client.

 

So if I want to take advantage of the better interest rate at Standard Bank I'll need to pay monthly fees withthemas well.

 

So unless the better intrest rate offsets the mo they account fees you're doing nothing but complicating your financial life and pitentially losing money doing it.

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Don't you think we should capitalise on these high rates while African bank is still offering such rates?

 

Risky.

Side note savings accounts etc are just that...to save for emergencies, holidays etc they are not their to grow money over time, for that you need 90 day accounts at a minimum, fixed deposits, ETF's, unit trusts etc... I wouldn't be too worried about what saving account at what bank you use.... just my point of view.

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Thank you for the PDFs @Morgan yea African bank looks attractive, but with their reputation I am not sure if I would ever be able to switch to them.

I think we need to check how they have been performing since their downfall ( financially and corporately). Personally, I feel that they have done a great done at turning African Bank around. I'm strongly considering putting some money with them.

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On 10/11/2017 at 4:13 PM, LentilSoup said:

Who wants to compare the interest rates of each of these accounts and make a list for us?

 

Ok so I had some spare time. Browsed through all the SA banks' websites, scraped their fixed deposit rates, read the fine print and converted them to effective annual rates.

 

I have made this research public & now you can see all of SA's fixed deposit rates on offer at https://www.ratecompare.co.za . I plan to update the rates on a monthly basis. Comments welcome for other banks to add or any feedback in general.

 

I hope someone can draw value from this!

 

 

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