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Best Savings Account in South Africa in Aug 17, 2022– finding the right account for your savings with good interests is a very simple but daunting tasks.

We have more than 5 good and most popular banks in South African that you can choose from, but which one is the best one out of all of them.

There are many ways you can use to ensure that you have the best account for your savings, first of all, good savings accounts will never have fees and won’t offer their customers competitive interest rate.

Stashing savings away is not an easy journey and it is only fair that you also want to have a great partner to take of your savings as much as you have did.

Finding the best savings account in South Africa that will meet your needs may seem to be a simple task, this is a much more calculated decision which needs lot of thinking.

Let us look at what are the most important factors that should contribute to your final decision when choosing the right guard for you investments.

Interest Rate, Very Important

One of the most important factors of any investment, whether you are purchasing a brand new car, buying a new house or simple fridge on installment, we go for interest rate.

Always make sure that with any financial investment decision you make, you receive the best interest rate.

Why is the interest rate important?

It is very important to always keep in mind that the overall trend of interest rates can have a major effect on any investments, thus, as an investor it is important to pay close attention to these trends.

Best Interest serves several crucial functions in every economy would wide. This process involves the coordination between borrowers and savers.

This is how it works, savers are paid interest for investing off their consumption until a specific future date, while with borrowers, and they pay interest to consume more in the present.

The whole idea of choosing the best savings account In South Africa with good interest is, when you save money, you want your money to work for you.

The only problem with many banks would wide is, for any savings account, they will offer extremely low interest rates.

Online banks are the only banks which will offer many investors best competitive interest rates. Online banks are very easy to use, most secure and also offers many benefits of mortar banks.

The reason why this banks offer best interest rates and many benefits which physical banks don’t offer is because they don’t pay too many overheads like rent and salaries.

No Fees

If the bank you choose makes you pay no fees, it is one of the few that provides best savings account in South Africa.

We will all agree that, no one wants to pay unnecessarily fees, more especially if you want to just save money, why lose money to save money.

So, if you can find a bank that won’t charge you an arm and leg on fees that is the best financial provider to go with.

There are many ways to avoid bank fees, all that you need to do is ensure that you take time to read the fine print and avoid banking activities that will cost you money.

Many people get carried away, more especially when it comes to tech, banking apps and online banking and SSID mobile services.

Using this services unnecessarily can cost you money, login for buying airtime, making small amount Electronic Funds Transfers (EFT) can cost you money.

When choosing a bank to save your money, you need to ensure that you know how much money you can have in your bank account and maintain the minimum balance.

Some banks will charge you fees for keeping and saving funds higher than the recommended minimum.

Automatic Transfers

Find a bank that will allow you to setup automatic transfers, this will help you to commit to your savings goals.

For an example, if you know that your salary is paid on the 25th, you can setup a stop order to collect set amount on your bank account on that day.

This also is a great benefit because, we all know that sometimes it gets very tight in a month, and we skip one or two months during our savings journey.

Many best savings account in South Africa have an option of stop order, this funds are debited from your main account to a specially child account or pocket savings account.

Please ensure that you are well aware of the time frames when it comes to transfer of funds between your accounts.

Since the banks operate differently, they have different names of the type of savings account that they offer.

Within their savings account, they have different options that differ from each bank, some banks will give you an option to have you funds after 7 days, some 30 days and some 90 days.

Make sure that you always choose an option that will best suit you, most importantly, choose an option that will allow you to have your funds easily and freely should something that require lots of amount of money happen.

Some banks will strictly not allow you to have funds before the agreed set time frame, but in South Africa, many of our banks will charge you a little penalty fee should you honor the agreement between you and them.

Mobile Access

Technology is of extreme importance more than anything else when you do a review on which bank to go for.

Ensure that the institution you choose to go with are enhanced enough to protect you funds from online intruders.

Many people lose money to hackers simply because they choose an institution that is low on fees but also less advanced on technology.

There are simple technics that you can use to ensure if you are with the right banking institution, simple thinks like online banking functionality.

Online banking functionality should be advanced enough to allow you to do simple things like, block your card online, change pin, increase daily limit, transfer funds and etc.

If the institution you choose to go with is limited on their online banking functionality, you might need to review others and see what they have to offer.

Mobile app is important, every bank needs to have their own mobile banking app, if the bank you choose does not have a mobile app, then you might need to redo your review.

Conclusion

When you choose best savings account in South Africa, ensure that you choose an institution that will not only provide you with best interest rate, but also a banking institution that will protect your money.

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