Type of savings accounts

Whether you want to save in the short-term, or invest your money for longer, there are many different kinds of savings and investment accounts to choose from. Standard Bank offers the following options:

Short-term savings accounts

  • PureSave is an easy, affordable savings account that pays interest on even the smallest balance. It takes as little as R50 to open the account and you can add or withdraw any amount whenever you like.
  • ContractSaveis a simple but disciplined savings plan that you can design to suit your needs. All you have to do is set up a monthly debit order of at least R100 for at least twelve months and after that, you decide how much you want to save and for how long.
  • 32 Day Notice Deposit is perfect if you want to protect your savings from impulsive withdrawals. It takes just R1 000 to open an account, you can add deposits of R250 or more at any time, but you must give at least 32 days’ notice before making a withdrawal.

Longer-term savings accounts

  • Fixed Deposits - with a Fixed Deposit, all you need is a minimum investment of at least R1 000. You choose your investment period – anything from 33 days to 5 years. The interest rate is fixed for the full period of your investment.
  • Tax-Free Call Deposit– this premium investment allows you to save up to R30 000 a year – up to a limit of R500 000 over your lifetime – and pay NO TAX on the interest you earn!  You can open a Tax-Free Call Deposit account with just R250.  Interest is earned daily and capitalised monthly, and the higher your balance the higher your interest rate will be.

Remember: Saving takes discipline, so choose your savings account wisely!  Before you open an account, make sure you find out where your money is going to be invested, how much interest you will earn and what the conditions are for withdrawing your money.

Next article: The secret to successful saving?

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