Hippo.co.za will soon compare all of South Africa’s leading savings accounts instantly and find the best deal for you. We have searched the market to make it easy for you to compare the most important savings account features such as the interest rate you will earn on a positive balance and the minimum deposit you will need to make. Compare and apply in minutes.
Savings accounts are a popular way to save money and grow your capital. It sounds obvious but you will be surprised how often the interest rate you will earn on a positive balance can be overlooked, in the face of other savings account features and benefits. The more interest you earn on your savings the more likely you are to close the gap on inflation, however, be aware that the real value of your money today will change in the future. As an example, a loaf of bread that may have cost R1 a few years ago could cost 20 times that in the future. It is important that the interest rate earned keeps up with, or ideally ahead of, inflation. This way the value of your money will grow.
One of the key criteria for opening a savings account, which can influence the interest you earn on your hard-earned cash, is the initial amount you add to your account - known as the minimum opening deposit. Some lower interest rate savings accounts require a small opening balance of just a few Rands whilst others may require as much as R25 000 or more. Those savings accounts that require a higher deposit may have a fixed notice period, though generally they offer a higher rate of return.