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1) 9 Best Bank investments in South Africa for beginners.
If you are new to the investment world and are looking for investments with best return then read this.
If you are new to the investment world and are looking for investments with best return then read this.
2) NB: Always Choose Effective Interest over Norminal, Effective take a into effect the compound effect whole Norminal doesn& #39;t, compound is king, l hope you know that by now.
Now here is the thread.
Now here is the thread.
3) 1. African Bank (5 to 11%)
African bank comes first with a nominal interest rate of 9.23% for a 60 months fixed deposit investment. The effective interest is calculated at 11.11% while the semi-annual interest is calculated at 9.03%.
African bank comes first with a nominal interest rate of 9.23% for a 60 months fixed deposit investment. The effective interest is calculated at 11.11% while the semi-annual interest is calculated at 9.03%.
4) The minimum investment for a 60 months fixed deposit account is R500.00. This is one of the best Fixed investments you can get in the land. As long as you keep your money there then it keeps on growing and the interest doesn& #39;t fluctuate.
For 30 minutes l have been trying to upload guys lm failing. Let me try tomorrow morning coz wow. Or l will ask my partner to try and upload for me. Apologies for the inconvenience
2) Discovery Bank
They offer a number of fixed deposit accounts with competitive interest rates. The bank’s 60 months fixed deposit account require a minimum of R10,000.00 to be deposited.
They offer a number of fixed deposit accounts with competitive interest rates. The bank’s 60 months fixed deposit account require a minimum of R10,000.00 to be deposited.
For a 60 months fixed deposit account, investors get to earn 8.35% effective interest rate on their investment. The nominal interest rate is 7% per annum.
3. Tyme Bank& #39;s GoalSave (4% to 6%)
The GoalSave account isn’t like everyday savings account, but if you want to deposit your money and hold it in the account then it might be a good option.
The GoalSave account isn’t like everyday savings account, but if you want to deposit your money and hold it in the account then it might be a good option.
Their interest rates are 4% up to 6% depending on the days you keep your money there.
Here is days matched with their respective rates.
1–30=4%
31–90=5%
91+=6%
Apparently a bonus of 7% if you give them 10 days notice before withdrawing your investment after the 90 day period.
Here is days matched with their respective rates.
1–30=4%
31–90=5%
91+=6%
Apparently a bonus of 7% if you give them 10 days notice before withdrawing your investment after the 90 day period.
Your maximum initial investment is capped at R10,000, dont be dismayed, you can own a maximum of 10 of these accounts l think, which means you can invest a maximum of R100,000 in total.
4. Capitec Global& #39;s One Account Fixed Term Savings Plan (4.59 % to 7.76%)
This one offers you the opportunity to earn an interest rate of up to 7.76%. you’ll need a minimum deposit of R10,000 and the minimum period you can keep your money in the account for is 6 months.
This one offers you the opportunity to earn an interest rate of up to 7.76%. you’ll need a minimum deposit of R10,000 and the minimum period you can keep your money in the account for is 6 months.
So it’s not your everyday savings account. So it& #39;s just a great way to save, long term
5. FNB (3% to 7.8%)
FNB has a high initial interest rate of 3.05% on a low deposit, and max out at around 7.8% interest rate for investments of R10,000 plus, which isn’t bad considering what other banks have been offering.
FNB has a high initial interest rate of 3.05% on a low deposit, and max out at around 7.8% interest rate for investments of R10,000 plus, which isn’t bad considering what other banks have been offering.
The amount of interest you earn obviously depends on the account you choose, so you will need some due deligency there.
6. Nedbank (2.75% to 7.51%)
Nedbank offers a wide range of flexible and fixed-term savings accounts that like other banks ranges their interest rates depending on how much money you have, and how long you keep it in your account.
Nedbank offers a wide range of flexible and fixed-term savings accounts that like other banks ranges their interest rates depending on how much money you have, and how long you keep it in your account.
Just like FNB, there is too much information to write here, best you visit their respective websites for more specific information.
07. Capitec Global One Savings Account (2.25%)
This account is more of your every day account that doesn’t require an initial deposit. The biggest drawback is, you can only earn 2.25% interest per annum if you have less than R100,000 in the account.
This account is more of your every day account that doesn’t require an initial deposit. The biggest drawback is, you can only earn 2.25% interest per annum if you have less than R100,000 in the account.
And if you have more than R100,000 things don’t get much better. Your interest rate crawls up from 2.25% to only 2.5%. I mean why did they even bother?
8. Standard Bank (1.35% to 6.42%)
Standard bank offers interest rates from as low as 1.35% to as high as 6.42% depending on the account you choose, how much you deposit, and how quickly you would like access to that money.
Standard bank offers interest rates from as low as 1.35% to as high as 6.42% depending on the account you choose, how much you deposit, and how quickly you would like access to that money.
Again if you opt for Standard, you can visit their page, nothing extra ordinary to share.
9. ABSA Bank (0% to 6.75%)
Absa interest rates for savings account sits bottom of the table here, it ranges from 0.00% to 0.45% which is extremely poor. I highly suggest you rather look into their dynamic fixed deposit account if you do decide to go with ABSA
Absa interest rates for savings account sits bottom of the table here, it ranges from 0.00% to 0.45% which is extremely poor. I highly suggest you rather look into their dynamic fixed deposit account if you do decide to go with ABSA
because it’s a bit higher from 3.75% to 6.75%
Dynamic fixed deposit accounts offer interest rates between 3.75% to 6.75% which is a lot higher than your everyday savings account.
Dynamic fixed deposit accounts offer interest rates between 3.75% to 6.75% which is a lot higher than your everyday savings account.
Please note that Rates change everytime. I did this research a while back and by the time you read this, one or two things may have changed. Kindly do due deligency as you research further. I wish you luck. Love you all.
Credit :Rate web
Finance Briefly
Finance Briefly
