With today’s relatively low-interest rate, it might be better to invest and save excessive money rather than to leave it lying in your bank account. As savings accounts are a great starting point for encouraging smarter wealth management and efficient saving can make a massive difference to your wealth.
Get more excited about saving with these best savings bank accounts that offer highest savings account interest rates.
There’s Investec Bank’s Tax Free Fixed Deposit
It’s usually said that savings accounts that require a higher deposit may have a fixed notice period, and generally offer a higher rate of return. And it would seem no different with Investec Tax-Free Fixed Deposit, which requires R30 000 per tax year cash deposit.
A tax-free savings account in South Africa is an investment where you get your full investment return without being taxed on any of the growth you have earned. And is part of initiative introduced March 1st 2015 by National Treasury to encourage people to save.
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.
Other benefits of this savings account include:
- No monthly fee charges
- Fixed premium cash deposit rate
- 12 month fixed cash investment
- No access to your funds until they mature to ensure maximum returns
While 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.
The rates and fees below are effective as of 24 March 2016.
- Earn from 5.35% interest per year on daily balances
- Choose your deposit amount and the frequency of your deposits
- Access your plan any time through Remote Banking or our ATMs
- No monthly admin fee or minimum balance
These are just two of the savings accounts to consider that could get you the best deal and highest savings account interest rates.