Investing 100k

[RedViking]

I think the model was that you had "perceived" savings you could then put elsewhere. The R500pm you saved you could have invested every month. Sure, the R100k could have been in a 32-day notice account but if I remember correctly at that stage the interest would have been less, and you did not have immediate access to funds without penalty.
Although it is a long time ago, I don't remember exactly how the interest worked. Obviously the bank benefited too.

Or pay the car cash, take that R3000 or whatever every month and invest it.

Investing money to pay off interest is really dumb in my opinion.

 

[Rumple4skin]

Do you have an emergency fund that will last for 3 - 6 months of basic needs/bills/rent in case of redundancy, hospitalization, etc?

 

[Jehosefat]

Does anyone know if there's vehicle finance account like the one Nedbank had in the early 2000's? (pre MFC days)

It was quite interesting. You bought a car, and opened this particular vehicle finance account. What it allowed you to do was invest money in the car's account and interest earned was directly deducted from monthly installments.

So if you were paying R5000 pm for a car, you had R100 000 lying around BUT you might need tomorrow - you could put it in this account. The interest earned on the R100 000 was deduced on your next car installments so your debit order would run for R4600 or whatever. Some guys I know had so much money saved in their accounts their installments were almost 0. If you needed the funds you just transferred them out and the installment went back to normal .

It was quite ingenious, but doesn't seem to exist anymore.

Last time I bought a car through Investec the account worked similarly to that (about 3 years ago). The big deposit didn't reduce the monthly installments automatically but you did have access to it.

 

[Kornhub]

Tyme bank still a good option ?

 

[backstreetboy]

Tyme bank still a good option ?

Yes still the best.

 

[Kornhub]

Yes still the best.

Thanks. Now to get my money out of my absa notice select account

 

[SauRoNZA]

Tyme bank still a good option ?

Incredibly good onboarding process as well.

Had an account via the app in less than five minutes and like zero effort.

 

[Groggyme]

How does the GoalSave work? Is 100k the most you can put into it? What happens with the interest?

 

[zerocool2009]

How does the GoalSave work? Is 100k the most you can put into it? What happens with the interest?

You can have 10 goalsaves. You can put max 100k capital in (across all goalsaves)

The interest will be added, and it will snowball slowly