Making that fixed interest.

[beefymoocow]

I see now .... FEDGROUP offers 11.3% p.a (if invested for 5 years)

The best offer so far I have seen online (for the 60 month period)

https://www.fedgroup.co.za/wealth/secured-investment/rates-and-options

Is that an effective rate. Doesn’t African bank give you like 13.333% effective?

 

[zerocool2009]

Is that an effective rate. Doesn’t African bank give you like 13.333% effective?

Correct

"Earn an effective rate of 11.3% p.a.* when you invest R5 000 or more for the next five years. "

 

[zerocool2009]

WORDS ON WEALTH: Figuring out what you really earn on bank savings isn’t simple

A pensioner battling to make ends meet each month on his savings, is drawn to a big red Absa advertisement: 13% interest on a five-year fixed deposit.

www.iol.co.za

 

[fire2029]

I see now .... FEDGROUP offers 11.3% p.a (if invested for 5 years)

The best offer so far I have seen online (for the 60 month period)

https://www.fedgroup.co.za/wealth/secured-investment/rates-and-options

Ahhh 11.3% sounds good on paper right ! Until you read the fine print ! Note the little * on their website - the rate is 9% nominal !

That is an annual effective rate of 9.38%

So this is quite a bit below African Bank’s 10.76%, which indeed the highest fixed deposit rate offered in the SA market.

I will look to add fedgroup to my website for November update

 

[fire2029]

Nope

Is that an effective rate. Doesn’t African bank give you like 13.333% effective?

Nope not an effective annual rate ! That is "simple interest " which they and fedgroup are quoting ! This sounds a lot more attractive than the equivalent effective rate

Here is an article explaining it https://mayaonmoney.co.za/2019/08/understanding-your-interest-rate/

 

[blunt]

Ahhh 11.3% sounds good on paper right ! Until you read the fine print ! Note the little * on their website - the rate is 9% nominal !

That is an annual effective rate of 9.38%

So this is quite a bit below African Bank’s 10.76%, which indeed the highest fixed deposit rate offered in the SA market.

I will look to add fedgroup to my website for November update

assume ratecompare.co.za is yours - nice site, desperately need one of these for SA.
would be nice to compare instant / short term (eg: tyme's 10 days to get 10%) access accounts too not just fixed deposits.