Savings Account

D

dyanamo

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My fiance wants to open up a simpe savings account - one basically where she can chose how much money to put in each month and decide without notice when to take it out. Which is the best bank/offer in terms of interest currently or would you recommend?
 
I would recommend the FNB moneymarket account. Look at it on the fnb website. You have to have minimum balance of R10 000 though. Has really good interest rates. You can just transfer money when you want into the account.
 
Lol minimum balance should be R0 for this account. Like I said its just a place to store money while earning more interest than a cheque account.
 
Vrigin Money will give you 7% and won't charge you any recurring fees. Their transaction costs are also quite low. It is a credit card, but I believe you can ask for a credit limit of 1c.
 
DO NOT TRUST ABSA WITH YOUR MONEY (and neither Virgin, which is underwritten by ABSA)

Savings accounts for some reason (at our dear ABSA) incur so much "work" and fee's for the poor admin staff that you'll soon see your money dissappear.

Do a 32-day notice savings account (ANY OTHER BANK BUT ABSA!!!!!)

The reason for that is she won't be tempted to draw on her savings when she sees that new pair of shoes she always wanted (trust me, it happens, and I love my new Cat's)

You'll find it hard to get an account without a minimum balance that pays decent interest. I have a Pure Save Account with Standard Bank, minimum balance is R50 so you might want to look into that.

Compound interest is awesome :) Making about R100 a month on my savings so far. Even though the "savings" is for the tax man.
 
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