25 September 2022
By : Quick Insurance Guru
In search of the best bank to save your funds? It can be very perplexing because there are so many banks in South Africa that each offer multiple savings accounts.
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I know because I’m in the process of finding the best savings bank account myself.
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I was astounded by the lack of information online so I thought I better research my findings.
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1. African Bank fixed deposit account
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Their interest rates start out at 7.7% interest for the first 3 months and can be increased to as much as 10.75%.
2. Tyme bank GoalSave account
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They offer the best interest rate at 6% interest per annum from 1-30 days after the money has been added to your account.
3. Capitec Global One account
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Offers 4.75% interest on your everyday account which can be increased the more you deposit.
4. Nedbank
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A fixed term savings account offers from 6.5% to 8% interest rates depending on the term and amount you deposit.
5. Absa
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Interest rates for savings account ranges from 3.5% to 6.9% depending on the account selected and amount deposited.
6. Standard bank
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They offer interest rates from as low as 2% to as high as 9% depending on how much you deposit, and how quickly you would like access to that money.
7. FNB
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However on the other side of the spectrum they max out at only a 6% interest rate for investments of R100,000 plus.
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