Saving is delaying immediate spending until you accumulate enough to spend on something more worthwhile in the future.
Savings enable us to reach our goals. One of the things that keep us disciplined and motivated in saving is when we have a goal in mind, and we know that we are saving towards that goal. For example, if we know that we are saving towards tertiary registration fees, a deposit for a house or a car, a tombstone, or towards buying an appliance such as a TV or a fridge we know exactly what the purpose of our saving is, and this can motivate us.
This account gives you access to your money almost immediately, at a very short-notice period. (Within a day or 24 hours).
This type of account allows you to save, earn some interest and allows for flexible, immediate access to your money.
You can also save in a savings account earn some interest and have immediate access to your money. If possible, open a separate savings account from your transactional account to avoid temptation to use the money.
Tax free savings account allow consumers to save up to R36 000 per year tax free with a lifetime limit of R500 000 that can be saved in a Tax Free Savings Account. The money can be accessed within seven days of giving notice.
Some banks have a notice deposit account where you need to give the bank 7 days’ notice before you can access your account. This may be used for emergencies, but you will need to allow for 7 days before the money is available to you.
Unit trusts are a type of investment that are managed by a fund manager and they are invested in various assets classes such as shares (part ownership of a company on the stock exchange), bonds (where money is lent to governments and municipalities and they pay it back to the investors with interest) and property (where investors own part of commercial and industrial property and earn money when tenants pay rent). People saving through unit trusts can contribute via a monthly debit order or a lump sum deposit. Funds are usually accessible within seven days after giving notice.
These are accounts give you access to your money after a fixed amount of time. For example, if you choose a five-year fixed account it means you will only have access to your money after five years. It helps you earn higher interest.
are also a way of saving for the long term. They help you save money for your retirement years whilst you are still employed, you can only access the money saved when you get to retirement age. We will discuss Tax free Savings, Unit Trusts and Retirement Savings options in more detail under the investing topic.
Designed to help South Africans strike a balance between long-term retirement savings goals while providing prior access to retirement savings for emergencies and life’s other unexpected events.
This account gives you access to your money almost immediately, at a very short-notice period. (Within a day or 24 hours).
This type of account allows you to save, earn some interest and allows for flexible, immediate access to your money.
You can also save in a savings account earn some interest and have immediate access to your money. If possible, open a separate savings account from your transactional account to avoid temptation to use the money.
Tax free savings account allow consumers to save up to R36 000 per year tax free with a lifetime limit of R500 000 that can be saved in a Tax Free Savings Account. The money can be accessed within seven days of giving notice.
Some banks have a notice deposit account where you need to give the bank 7 days’ notice before you can access your account. This may be used for emergencies, but you will need to allow for 7 days before the money is available to you.
Unit trusts are a type of investment that are managed by a fund manager and they are invested in various assets classes such as shares (part ownership of a company on the stock exchange), bonds (where money is lent to governments and municipalities and they pay it back to the investors with interest) and property (where investors own part of commercial and industrial property and earn money when tenants pay rent). People saving through unit trusts can contribute via a monthly debit order or a lump sum deposit. Funds are usually accessible within seven days after giving notice.
These are accounts give you access to your money after a fixed amount of time. For example, if you choose a five-year fixed account it means you will only have access to your money after five years. It helps you earn higher interest.
are also a way of saving for the long term. They help you save money for your retirement years whilst you are still employed, you can only access the money saved when you get to retirement age. We will discuss Tax free Savings, Unit Trusts and Retirement Savings options in more detail under the investing topic.
Designed to help South Africans strike a balance between long-term retirement savings goals while providing prior access to retirement savings for emergencies and life’s other unexpected events.