Find the best Savings Account for you
If your Savings Account is offering you less than 4% interest per annum, you are losing money! That is because at a rate of more than 4%, inflation is outgrowing your money…quickly and rapidly. But, there is no need for you to panic anymore. Hippo.co.za has formed a partnership with My Treasury.co.za to help you maximise your saving’s earnings.
Whether it is for a rainy day, your wedding or your children’s education, saving money is among one of the most important financial responsibilities you may have. However, according to MyTreasury.co.za, as much as 40% of the money South Africans save is in Savings Accounts that offer little to no capital growth.
In response, our new Savings Account offering means that, before you decide where to save, you can compare interest rates across 9 South African financial institutions in minutes and online. This offer will assist you with the ability to choose the best Savings Account for you. Before you decide on the best Savings Account offer, there are a few important boxes you need to tick. Consider your unique savings needs and requirements such as:
- The ease of access to your funds
- The frequency with which you want to add funds to your Savings Account
- The interest rate you will be offered
Once you are clear as to what your savings needs are, start comparing with Hippo.co.za.
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.
A quick guide to Savings Accounts
Simple interest vs. compound interest
The type of interest earned on your savings will determine your overall savings returns.
Variable vs. fixed interest rates
It’s important to know the difference between fixed and variable interest rates.
Top up deposits
Do you have a large amount of money to invest or save once-off, or would you like to make regular monthly deposits?
