Money market question

D

desraid

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Hi mates.

1) Is money market, the best option to put your spare cashes away?
2) And is it safe? (ie. no risk of losing the capital)
3) Any recommendations regards to money market products?

Investec's Top Five product sounds good from my little research.

Top Five - an exclusive 90-day notice deposit product from Investec Money, offers you competitive
rates, consistently to maximise your investment returns.
By investing in the Investec Top5, you receive a market related interest rate based on the average of the top five
South African money market funds on a daily basis*
 
FNB MM only returns 5.9% now. Does anyone know if Virgin CC offers better returns? - they return 5%.
 
Last edited:
There is an upfront percentage (I think 0.43%) for deposits into a money market, but at least at ABSA there are no bank charges after that. The returns are not bad at ABSA - was around 10% for most of last year. The minimum amount used to be R 20 000, but it may well be higher now...
 
rpm said:
There is an upfront percentage (I think 0.43%) for deposits into a money market, but at least at ABSA there are no bank charges after that. The returns are not bad at ABSA - was around 10% for most of last year. The minimum amount used to be R 20 000, but it may well be higher now...
Click to expand...

Currently getting 7% at absa.
 
the question is how much do you want to invest, as money market is now 100k +, although absa has now a money advantage (unsure the exact name) which is like a mini money market account, starting from 25k (maybe 20)...

...otherwise look at opening a saix acc if you want shares,

or get a virgin money credit card (no service fees) and deposit all your cash in it, but destroy the card so you don't use the money
 
thanks for the informations. so i guess ABSA pays off better.

as all my money is sitting in the property, investment would be minimal.

is there any risk of losing the capital in money market?

looked at some banking sites, but did not read any risk warning on money market accounts.
 
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