This is how important saving and interest rates are. If you saved R2 000 every year for 10 years, and kept your savings under your mattress, your money wouldn’t earn any interest. After 10 years it would be worth only R20 000.

As compared to saved up in a bank’s savings account that earns you interest you allow your money to grow.

Therefore with so many options, what are the top 5 saving bank rates?

 

Standard Bank AccessSave

Standard Bank AccessSave is a flexible savings option with a low minimum opening deposit and bonus interest when you reach your savings target. The opening deposit is R50 access your money, 7 days and interest up to 3%.

 

FNB EasyPlan EasyAccount

It’s exactly that Easy. It’s easy to understand, to use, and easy on your pocket. It’s a no fuss, no frills approach when you bank from only R4.95 per month.

Also through the account save while you spend with a free linked Savings Account (Savings Pocket). Is a savings account linked to your transactional account that allows you to keep your savings separate and earns you interest with no added fees.

 

Investec Bank’s Tax-Free Fixed Deposit

With a high deposit of R30 000 you can expect a higher rate of return.

Investec Tax-Free Fixed Deposit offers a protection on your returns, maximising them and delivering on exemption from income tax. This means 100% of interest earned is tax-free. Interest is paid monthly or compounded and it’s earned from day one.

 

Capitec Bank

Through its Global One transaction/savings account saving is easy. As Capitec do everything to keep their bank costs as low as possible together with their highly competitive interest rates.

Choose your deposit amount and earn from 5.35% interest per year on daily balances, there’s No monthly admin fee or minimum balance.

 

Old Mutual Money Account

The account allows you to save while you spend your money through its two linked accounts, a transactional (SWIPE) account and an investment (SAVE) account. Through its two unique features that can automatically save for you.

The SWIPE and SAVE or FOCUSED SAVE choose to have a fixed amount automatically transferred from your SWIPE account into your SAVE account. And your savings are invested in the Old Mutual Money Market Fund unit trust. This gives your money higher growth potential than saving in a normal account.