Is it safe to keep large amounts of money in your savings account?

[Corelli]

I can move it for you to Switzerland

 

[richjdavies]

Taking this into account too:


Interest received by or accrued to an individual is taxable. However, an exemption applies to the first ZAR 23,800 of local interest income (ZAR 34,500 for taxpayers who are 65 years of age or older)

23800 /3.5% (current base rate) = 680k... 45k USD... Or 33k GBP.
So any more than 680k and you're not going to get that.

 

[rietrot]

Why not keep it in your trading account?
Why move it in and out?

 

[TheMightyQuinn]

You melt it down, make it into jewelry and sell it at an inflated price. I probably made a coupla bars profit doing that over the years.

 

[Snyper564]

Why not keep it in your trading account?
Why move it in and out?

I use instant clearing from my bank so timing is not an issue. I prefer to keep it in the bond till I execute a trade and save on interest. Thats just what I do wont work for everyone

 

[Aghori]

Do you have a Jewellers precious metals license?

Because melting gold without one will get you in deep sht if the the wrong people find out.

Yup, taxes paid and all above board.

 

[itareanlnotani]

The real question is would you take financial advice from someone who doesn't understand what a few is.
The Rand hasn't been 6 to the dollar in over a decade. You'd have to go back 15 years for that.

View attachment 1154194

A week later, and the rand is over R15/USD
Thats 3.5% loss in a week.

I'd still suggest sticking my money in another currency, one thats a bit more stable, and has long term value. The rand does not.

 

[Willie Trombone]

A week later, and the rand is over R15/USD
Thats 3.5% loss in a week.

I'd still suggest sticking my money in another currency, one thats a bit more stable, and has long term value. The rand does not.

I can assure you I watch it closely and you'd still be down from two years back at the current rates

 

[C4Cat]

A week later, and the rand is over R15/USD
Thats 3.5% loss in a week.

I'd still suggest sticking my money in another currency, one thats a bit more stable, and has long term value. The rand does not.

Interest rates aren't great in foreign currency though, at least the more stable ones you're taking about

 

[rietrot]

A week later, and the rand is over R15/USD
Thats 3.5% loss in a week.

I'd still suggest sticking my money in another currency, one thats a bit more stable, and has long term value. The rand does not.

Doesn't really make sense to measure it in dollar terms for the average South African.

You should use inflation/buying power.