Saving Accounts Explained

06 August 2013 - Which Way To Pay

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Two minute guide to choosing a suitable savings account

In recent years it has been hard to get a decent rate on your regular bank account. Which Way To Pay outline your options to choose the best savings account.

Fixed deposit savings account

A fixed deposit savings account is an account where you deposit a lump sum of money for a pre-determined period of time. You can choose the time frame from three months to one year. The interest rate is very competitive and higher than a ‘normal’ day to day savings account. Usually, the longer the term, the better the interest rate.

Money market account

With a Money market account, your money is invested in a mixture of short-term debt instruments like Treasury bills, bankers’ acceptances, negotiable certificates of deposit and savings products. With these accounts there is usually a minimum investment of around R25 000 and the return is often good.

32 Day notice account

With this type of account you have to give 32 days’ notice prior to withdrawing your funds. Usually you will need to invest at least R100 – R1000, however, this will vary from bank to bank. Watch out with this type of bank account, if you try and withdraw your money without giving a 32 day notice period, you will end up paying a hefty fee. This is good if you would like to set up a debt order to your transactional account.

Having both savings accounts and investments is the perfect way to make sure you are covered not only in the short term but in the long term too.

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