Making that fixed interest.

what about Kruger coins?
Gold is Gold and always climbs over the yrs/decades/centuries
Seems a safe option to me and good thing to own should you need to flee the country one day, i will drive over the border with my Kruger coins inside my spare tyre :thumbsup: :ROFL:
 
Tomtomtom said:
Zero risk and we're suggesting a bank that's basically a startup?

afaik there's no deposit insurance in SA. So to my mind a low-risk means one of the old banks at 7% or so.

Or turn it into physical gold - something pretty cool about converting a super-modern currency that could and probably will be gone by the time the grandchildren are born, into an ancient metal currency that predates the USA. Obviously no interest but just a thought.
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We don't have deposit insurance in law but in practice retail deposits of under R100 000 are paid back. The Reserve Bank has stepped in multiple times.

I'd go with the African Bank 60 month option for the highest return.

Tyme is lower return but instant access.
 
cr@zydude said:
We don't have deposit insurance in law but in practice retail deposits of under R100 000 are paid back. The Reserve Bank has stepped in multiple times.

I'd go with the African Bank 60 month option for the highest return.

Tyme is lower return but instant access.
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I read up about AB interest rate saga, read the fine print. I went the TymeBank way
 
zerocool2009 said:
I did ....

60 months on month to month payout -> 10.26%
60 months on payout on expiry ONLY -> 13.33% (this isnt compounded)
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But who offers better than 10.26% nominal over 60 months?
 
Pretty much this. If you want higher returns, you have to go to riskier assets, and be prepared to invest for longer.

It's nearly impossible to lose money over a 5-year period with a well-diversified investment though. (Obviously not if you just put your money in one asset like gold, bitcoin or Steinhoff shares...)
 
Johnatan56 said:
View attachment 724188
www.africanbank.co.za

African Bank | Fixed Deposit Account | SA's Best Interest Rates | African Bank Investments

SA's Best Investment Rate at 13.33%* on Fixed Deposit Investment. Guranteed Returns on 3-60 Mths Deposits. Manage your Money 24/7 Online. Open in Less than 3 Mins!
www.africanbank.co.za www.africanbank.co.za
All depends on how long you're putting away your money. I'm still not sure whether I trust African Bank.
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Hear from a mate of mine, a couple of weeks ago, he called up AB and asked for info on the account that gives you that sweet sweet 13%. He got transfered a few times and then they dropped his call. So no, AB is very much off the table.
 
John_Phoenix said:
Hear from a mate of mine, a couple of weeks ago, he called up AB and asked for info on the account that gives you that sweet sweet 13%. He got transfered a few times and then they dropped his call. So no, AB is very much off the table.
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LOL .... dont judge bad service to great interest rates !
 
I came here to preach TymeBank but others beat me to it.

I still think you need to give a hard think about what you want to do with the money though. Purpose to me sort of guides me to what I want to do with it. Here are my thoughts:

* Short term: Savings account
* Medium to long: Equities
* Long term:
- RA
- TFSA
- Equities

I wouldn't HODL cash that generates interest over whatever the annual limit is (R23800 or something). It can be used better elsewhere.

My cash stash and emergency fund is pretty much one "fund". All of it sits in TymeBank. In this scenario, I am really using a savings account which I have no intention of dipping into for time to come. The interest rate and quick access is a fair compromise though. I wouldn't do this with a basic savings account earning ~5% interest though.

TFSA's are a great vehicle which you can use to buy equities, local or international. The tax benefits with these are real. I preach using these as part of ones retirement portfolio, but if you don't really care about the downsides of withdrawing early, that works too.

RA's - well, I struggle with these.
 
Doesn't TymeBank have a limit of R100k savings to get the 9% interest? Not sure what happens if you reach the limit. So it might work for the OP but not for everyone.
 
SaiyanZ said:
Doesn't TymeBank have a limit of R100k savings to get the 9% interest? Not sure what happens if you reach the limit. So it might work for the OP but not for everyone.
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In short, Tyme Banks work on profiles. If you are new, your limit is R20K, then R50K, then R100K and so on.

I would say, open an account (profile) online. Its paperless and free

Open 5 goalsaves with R1 in each (starting at 6%) ... and wait 3 months, then it is 9% (then you dump money in)
 
zerocool2009 said:
Open 5 goalsaves with R1 in each (starting at 6%) ... and wait 3 months, then it is 9% (then you dump money in)
Click to expand...
If your money would otherwise be sitting in a cheque account, just dump all of it. Don't bother waiting 3 months.

Unless you've got some different interest bearing account where the interest is greater than 6%. (or, after one month, 7%.)
 
John_Phoenix said:
So, lets say you cashed out some crypto a while ago, and you've got a couple of scheckles sitting around doing nothing much.

Which interest bearing account would you drop it into and why?

Risk appetite: Basically Zero.
Size of contribution: North of R50000
Timescale: Years

Asking to see what the wisdom of the crowd says.
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What is your goal for this money, and when do you need it? "Years" is a bit too broad.
 
John_Phoenix said:
A massive thank you to everyone who has posted so far! Varied strategies for sure! Once this post has run for a week or so, I'll summarise the answers and their implied benefits and drop some charts into this post.

Finding information that speaks to us mere mortals isn't always easy.

Cheers!
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