Please see information on Savings Accounts below.


Savings Accounts

What is a Savings Account?

If you want to put some money away to save for the future you should consider opening a savings account. A savings account is a bank account that you can deposit money into, where it will earn interest over time. You may not be able to access your money as directly as with other accounts meaning you might not be able to access it from an ATM.

Savings accounts are offered by a range of banks and financial institutions across South Africa. They are a safe and easy way of growing your personal fortune over time and are a low risk product; some accounts can even be opened online. You can usually deposit money into the account at any time but this will vary according to the account provider so you should consider this in your comparison search.

There are various types of savings accounts available. It is wise to shop around carefully and compare offers from as many banks and providers as possible so you can be sure you are getting the best deal.

Why get a Savings Account?

A savings account carries many benefits. You can open a savings account for you or sometimes for someone else like your children. They are a safe way of investing and saving money. It could be that you want to save for something in particular like a house, car or holiday or you might want to make sure you are covered financially for anything unexpected.

There a large variety of account types so you are likely to find one that suits you.

Will I earn Interest?

A savings account is designed to earn interest on the money that is in it. The interest rate will vary according to the banks so it is important to shop around so you can get the best for your money. As most savings accounts carry a variable interest rate you should always keep an eye on the rate of your account. Some accounts might offer a fixed interest rate to protect against rate changes. You may also want to research how often the interest is paid into your account.

How to choose the right Savings Account?

You need to find an account that not only suits your saving needs but one that will also get the most out of your money. You need to think about:

  • How much you want to save and for how long
  • The interest rate that you will earn on your money
  • How much money will be put into the savings account
  • Whether you risk having your interest rate or other bonuses cut by making withdrawals
  • Some providers may charge a regular fee for the savings account while some are completely free so you should check this when you are comparing offers

Am I Eligible?

To open a savings account, you will need to provide some documents and fill out some forms which could be online or in person at a bank branch. Applying for a savings account is an easy and straightforward process.

In general these are some requirements:

  • There might be a minimum age requirement
  • You might need a certain amount of money as an opening deposit but this will depend on the account provider
  • You will need to be a South Africa citizen and have identification
  • You may need to be able to link your savings account to another account with the same company but this may not always apply


Please note that Which Way To Pay South Africa is not authorised to give personal financial advice under the South Africa financial regulations.

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