If you want to put money away safely to save for something then a savings account is ideal. It is more important than ever to get a good deal on your savings to ensure that the money you put aside is in the right place. Many people in South Africa have a savings account and because they are so popular there are many different accounts on the market. Whatever you want to save for you can be assured that you are getting some of the best interest rates available. You can compare a variety of savings accounts available in the country in the table below. Savings accounts comparison allows you to find the best account tailor made for your saving needs. Please make sure that you read the terms and conditions of any savings account in detail before you invest your money.
Compare Savings Accounts
Help your money grow with a Savings Account. Make sure you find the right account that suits you and your saving needs.
What is a Savings Account?
Saving money for the future is becoming more and more important. If you want to put money aside then a savings account is where you can safely put your money, where it will earn interest over time. Savings accounts are bank accounts that people use, first and foremost, for keeping excess money safe. Savings accounts are a really easy way of growing your personal fortune and there is little risk involved.
Why do you need to save?
People put money away for any number of reasons. You might want to save for something in specific like a house, car, a holiday or wedding, your children’s future. It could be that you want to put some money way so you are covered should anything unexpected happen like you lose your job or need to pay for emergency home or car repairs. Savings accounts are a great way of saving for the future and being prepared for any unexpected emergencies.
Savings Accounts and interest rates
One of the most important factors to consider is the interest rate that you will earn on your money and this should be priority. You need to shop around for a savings account that offers the best interest rates. Think about whether you want a fixed interest rate or if you don’t mind for it to vary. You may also be given the decision as to whether you want the interest paid monthly or annually.
Make sure you get the most for your money
You need to find an account that suits you so you will get the most out of your money. When choosing an account consider firstly how much you want to save for, for how long and how much money you can afford to save on a monthly basis. When searching the market look at whether you need a certain amount just to open the account. Also watch out for any fees for using the account as some providers may charge you for withdrawing cash from a cash machine or an annual fee just for using the account.
It can be very convenient to open a savings account with the same providers as your currrent account because you can manage your everyday expenses through your current account and quickly transfer money into your savings account. However, you may find you could be making better savings elsewhere.
Make sure you compare different savings accounts before you decide on the right one for you. Use the table above to help you.
How to compare savings accounts?
Comparing savings accounts online enables you to search the market for the best savings account available and suitable for you. Look into top rate easy access savings accounts, to regular savings accounts and fixed rate bonds. When looking at savings account ensure you check the access terms and conditions. If you need to obtain quick access to your funds, you should ensure that you will not be penalised for this.
08 August 2015
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