Best Savings Accounts in South Africa

South Africa boasts of a multitude of financial and banking institutions which provide various products and services.One category of products to have immensely grown in popularity are the savings accounts. Below are some of the best savings accounts available in South Africa.

Absa depositor plus – This account requires a minimum balance of R1,000 with R0 monthly fee.Some of the benefits associated with this account include the fact that you can make additional deposits at any time,this account can be linked to all your Absa accounts,you can do inter-account transfers through an ATM,internet and cellphone banking and you can have immediate access to your investment.

Absa Islamic Savings – This is a Shariah compliant account which requires a minimum balance of R50 and comes with a monthly fee of R16.There is immediate access to your investment with no minimum or maximum investment period. You are able to conduct all types of electronic payments and transfer transactions, and can access your funds via ATM’s or Absa branches. If you have R10 000 or more in your account, certain transaction fees will be waived.You also get statements on request.

Nedbank4me – This account demands a minimum balance of R0 and monthly fee of R0.This account which is also called the Green Affinity is designed to appeal to clients who are committed to environmental conservation and the development of South African arts and culture.

FNB Easy Account – This account comes with R0 minimum balance and R4 monthly fee. Some of the benefits accrued through this account include a Gold Visa card,free subscription to cellphone and internet banking,free subscription to inContact and a low monthly fee and some of the cheapest bank charges around.

Standard Bank Notice Deposits – This account from Standard Bank has R0 monthly fee but requires R250 minimum balance.By having this account, you can give notice on all or part of your investment – provided it is for at least R250. 32 days after giving us notice, you can withdraw your money at your branch or have it paid into another account. The higher your balance, the higher your interest rate. Interest rates are variable, and any rate change will be effective immediately. Interest is calculated on your daily balance and paid into another account or re-invested monthly.

Capitec Savings Account – This account which is also popularly known as Global One allows you to earn highly competitive interest rates, pay lower fees and you can have up to 4 additional savings plans.You can earn from 4.40% interest on daily balances, choose your deposit amount and the frequency of your deposits.You are also allowed to choose a name for your plan.The monthly fee is R5 and the minimum balance is R25.