We Find the Top 3 Investment Account Interest Rates
Overview
If you are sitting with cash savings in your bank, it is worth finding out whether you are earning the best rate possible for your money.
Banks offer a range of investment products, depending on the size and length of your investment. But even within those investment options, you could further maximise your return.
We’ll look at the top 3 investment account interest rates these include:
If you have R5 000 and want easy access to your money, then transfer to a JustInvest money market account. The account pays 5.5% on balances between R5 000 and R9 999, and 6% on balances between R10 000 and R19 999.
If you have R50 000 or more, opt for Money Trader, which also provides immediate access but pays 7% on R50 000 compared with 6.6% on money invested in JustInvest.
If you have R15 000 in an Absa account and want easy access, invest in the Depositer Plus, which starts at R15 000 and offers 5.7% interest a year. The rate increases along with the balance. For example, on R75 000 you would earn 6.55%.
If you have R100 000 to invest, your best option is the Money Maximiser account, which provides immediate access at 7%. This compared with Money on Call, which pays 5.4% on R100 000.
As sourced from City Press article, dated May, 12 2016 by Maya Fisher-French
