Savings Account

[DrewChan]

This has probably been asked before but can anyone suggest a simple/good savings account.

Just want something I can throw money into (and then not easily access) like a 32 day call account ^_^

Thanks

 

[^^vampire^^]

Best I have found is the Bidvest 121 day account, 6.5% P/A

 

[Cool E]

This has probably been asked before but can anyone suggest a simple/good savings account.

Just want something I can throw money into (and then not easily access) like a 32 day call account ^_^

Thanks

fnb have flexi 32 day notice product.

 

[Ice2Cool]

Bank of Baroda - they give a 6.5% on a 30 day fixed deposit. Beats the pants off any bank!

 

[I.am.Sam]

Best I have found is the Bidvest 121 day account, 6.5% P/A

can i get more info ?

Bank of Baroda - they give a 6.5% on a 30 day fixed deposit. Beats the pants off any bank!

whos this ?

 

[Ice2Cool]

whos this ?

Its the largest bank in India - they have operations here in South Africa as well . Small bank here in SA - but good service.

 

[I.am.Sam]

Its the largest bank in India - they have operations here in South Africa as well . Small bank here in SA - but good service.

no branch in CPT tho...thanks

anyone know what FNB and other banks interest rate is

 

[hellfire]

Bank of Baroda - they give a 6.5% on a 30 day fixed deposit. Beats the pants off any bank!

Er... except for what vampire posted. Before you.

Best I have found is the Bidvest 121 day account, 6.5% P/A

 

[sutekj]

Capitec Daily Savings Account gives 5% for amounts under R10 000, and you can deposit and withdraw as and when you feel like it, no notice periods.

 

[zululami]

Capitec Daily Savings Account gives 5% for amounts under R10 000, and you can deposit and withdraw as and when you feel like it, no notice periods.

I think I like a savings option that requires a notice period... it stops one from acting irresponsibly when a new super TV comes along...

 

[Burnblaze]

@DrewChan How much notice (days) are you willing to live with?

Best I have found is the Bidvest 121 day account, 6.5% P/A

6.50 Effective, 6.30 nominal.

 

[SaiyanZ]

From next month I'll have R10k pm spare which I want to save up towards a deposit on a house/flat in 2 or 3 years time. Not sure which is the best route to go for this. Equity or money market? I have zero savings at the moment.

 

[Burnblaze]

From next month I'll have R10k pm spare which I want to save up towards a deposit on a house/flat in 2 or 3 years time. Not sure which is the best route to go for this. Equity or money market? I have zero savings at the moment.

7.35% Capitec fixed deposit for 25 months.
7.00% 3 year retail bond no fees

 

[Stokstert]

Go with Capitec


Fixed Term Savings Plan / Multiple Deposits Option
Term (Months)

 

[hellfire]

I think I like a savings option that requires a notice period... it stops one from acting irresponsibly when a new super TV comes along...

I think the solution is to rather act responsibly?
In all seriousness, we are talking about your money here - you need to have some willpower.

 

[zululami]

I think the solution is to rather act responsibly?
In all seriousness, we are talking about your money here - you need to have some willpower.

You are right!! a relative passed on a few years back and I remember how I struggled to free the cash due to the 'notice period' ...

 

[SaiyanZ]

7.35% Capitec fixed deposit for 25 months.
7.00% 3 year retail bond no fees

Those rates are pretty decent.

http://www.capitecbank.co.za/personal-banking/save/rates

Think I may opt for something where I have access to my cash in case of emergency. The daily savings accounts give 4.75% which is still pretty good. Could be a safer option.

Does any other bank have a better rate than that? My main bank is ABSA and I also have a small (only R5k for paypal transactions) savings account with FNB. What about money market accounts? I remember the interest on money market accounts were huge around 15 years ago and you could have access to all your cash with just one months notice.

 

[SaiyanZ]

See my post on the Investec account.

The problem I have with that is the "up to 5.30%".

I've just checked my options at ABSA. They have:

- Investment Advantage which earns 5% p.a. Minimum required amount of R20000. Instant access to all cash.
- 90/10 Notice deposit account which earns 5.35% p.a. Minimum required amount of R50000. Access to 10% of cash over a 60 day rolling period. Can access the full amount with 60 days notice.

Think it will be easiest to stick with ABSA and get the above guaranteed rates. Transaction fees will also be lower for transfering cash to my savings account since it will be ABSA to ABSA. I'll probably save up R50000 and just open up the 90/10 account for the 5.35% interest rate.


-

 

[SaiyanZ]

Oh ok, I see. Shucks there are lots of options. I was just looking at the Allan Gray unit trusts. Something like a Balanced portfolio could be a much better idea.

http://www.allangray.co.za/individualInvestors.aspx#balanced

 

[Flidiot]

I would make the effort and go into your nearest Capitec branch.

I earn 5% on my plain-vanilla savings (daily account) but they various options with various interest rates. Not too full of crap if you need to withdraw earlier either - there is obviously a penalty, but also not as hectic as other banks from what I can tell.

Edit: SaiyanZ, Sending you a PM...