If you are looking to save money for opening a savings account is the best solution as the money will be earning interest while you put away money for the specific goal like retirement. You can also choose to invest in a fixed term deposit savings account, earning you even better rates.
All major banks in South Africa offer savings accounts, and each has different features, so do your research to help you find a the ideal savings account for your needs. Depending on which type of savings account you need, you can find one that suits your individual needs, so that you can save your money effortlessly and have cash available during an emergency. You can also decide to set aside a certain amount of money every month to gradually build up your savings account.
Capitec bank offers you a savings account where you can earn up to 9.75% interest. The boss from highly competitive interest rates you also benefit from lower fees and you can have up to 4 additional savings plans. As long as you update a minimum of R25 in your account your account will remain open and you can access your money using their mobile app as well as cell phone and Internet banking.
The investment rates at Capitec Bank are very good and you can choose between various products, including the Global One account that offers you great savings of up to 9.75%. You can also invest in a Fixed Term Deposit, that will earn you up to 9.75% depending on the amount you save. If you want the option to access your money after a specific time, you can get up to 7.25% interest.