Savings Account Comparisons

South Africa has a well-regulated banking system, so bank savings are relatively safe. When individuals are looking to save, it pays (literally) to make sure that they take some time to assess various savings account comparisons. 

According to an article in Fin24: “Many people like to keep a certain percentage of their savings in a bank account where it earns some interest; but they can get access to it, in case of emergencies.”

Savings accounts could give you a chance to earn rewards and discounts and give you access to internet banking facilities.

The major banks have various savings account options available.

Nedbank: 

Nedbank’s Savvy Account is an all-in-one transactional account that caters for all your banking needs. For R87 per month individuals are able to access vehicle finance, overdrafts, home loans as well as credit and garage cards. To qualify for this type of account, individuals need to be at least 18 years of age and earning a gross salary of R8300.

Capitec:

The Global One Account is one of the most affordable Savings accounts available. The account allows individuals to transact, get credit and most importantly, save. Applying for this account is simple, as there is no unnecessary paperwork to fill out or admin fees. There are also zero credit card fees.

FNB:

FNB Current Accounts, include the Smart Account and the Smart Cheque account. From R85 per month, individuals can get access to a Silver cheque account, Gold account or a Platinum account.

Absa:

The Absa Silver account you get a fixed monthly fee, a bundled account or an option to pay as you transact. The Gold account is tailored for clients with a regular income of R10 000 or more per month, while with the Platinum account you get access to personal bankers, among various other benefits.

Standard Bank:

The Classic Current Account provides access to electronic banking, while Elite banking is designed for graduates earning R7000 or more and Prestige Accounts are for those earning R25 000 or more.