Comparing Bank Interest Rates for Savings Accounts
When it comes to saving your money, opening a savings account is one of your best options to consider. But this means that you have to compare various savings accounts, including the benefits as well as the fees. All major banks in South Africa offer savings accounts, and each has different features, so do your research to find the best savings account.
It’s also a good idea to find out what the bank interest rates are so that you can ensure you get the best possible returns on your savings. Savings accounts need to help build and grow your money so you can look for this features when comparing accounts.
Capitec
Capitec bank offers you a savings account where you can earn up to 9.75% interest. The boss from highly competitive interest rates you also benefit from lower fees and you can have up to 4 additional savings plans. As long as you update a minimum of R25 in your account your account will remain open and you can access your money using their mobile app as well as cell phone and Internet banking.
FNB
FNB offers a range of savings account options, and this includes their smart account, you can get salary switching facilities, FNB rewards, e-mailed statements, a debit card, as well as free subscriptions to online banking, cellphone banking and telephone banking.
Tax-Free Savings Accounts
You can also get tax-free savings accounts at various financial services providers, including FNB and Old Mutual. These accounts offering you the ability to save your money while benefiting from not having to pay tax on interest or dividends. You will still have access to your cash in emergencies, and with FNB, you don’t have to pay any monthly fees.
Depending on which type of savings account unique, you can find one that suits your individual needs, so that you can save your money effortlessly and have cash available during an emergency. You can also decide to set aside a certain amount of money every month to gradually build up your savings account over the longer term.
