Savings accounts are a popular way to save money and grow your capital. As obvious as this may sounds it’s often that the interest rate you’ll earn on a positive balance can be overlooked.
In the face of other savings account features and benefits what’s the best savings account interest rate.
Well for starters when it comes to savings account there’s usually a minimum deposit required that you’d need. And this deposit will assist you to make the most of your most important savings account feature. The interest rate you’ll earn on a positive balance.
The initial amount you add to your account is one of the key criteria for opening a savings account. As this influences the interest you earn on your hard-earned cash.
Therefore the best savings account interest rate is from a savings account that requires a higher deposit. As this savings account may have a fixed notice period, and this would generally offer a higher rate of return.
Also the best savings account interest rate would be one where the more interest you earn on your savings the more likely you are to close the gap on inflation. As by now we should know that the real value of money today does change in the future.
You just have to look at the price of petrol, which constantly rises and food as a loaf of bread that may have cost R8 for instance a few years ago. Is today R12-R13 and could cost 20 times that in the future.
Therefore it would be important that the best savings account interest rate earned keeps up with, or ideally is ahead of, inflation. This way the value of your money will grow. As that’s the basis of earning interest on your savings.
These are the estimates you can work towards when looking for the best savings interest rate in SA.
South Africa Interest Rates
|Fixed Deposit||up to: 13.73%||Apr, 2017|
|Savings Accounts||up to: 7.23%||Apr, 2017|
|All Loans||from: 7.87%||Apr, 2017|
|Home Loans||from: 10.50%||Apr, 2017|
|Credit Cards||from: 10.50%||Apr, 2017|
|Investing||up to: 26.17%||Sep, 2016|