Don’t get into a panic when looking for the best ways to save money

28/08/2019

A savings account has benefits your piggy bank only dreamed of

If you have been researching the best savings account interest rates, you will no doubt have noticed just how much information is out there – terms like notice deposit, deposit rates and interest income.

Is your head spinning a little? If so, there is no need to panic.

We are pleased that you are thinking about saving money. We’re excited to help you on your way to achieving your goals.

Our attitude towards money as adults often stems from lessons and habits we were taught in childhood. How often did you hear your mom say money doesn’t grow on trees or do your chores for pocket money or save up if you want to buy that bike?

These statements would have nurtured good money habits, teaching you to save and/or work for what you want in life.

If you put money into a piggy bank you could not open before it was full, how exciting was it when the day finally came and you broke it open to count your money?

Having a savings account at a bank is very much the same, except today you can benefit from the best savings account interest rates too – something your piggy bank could not offer you.

Take the African Bank notice deposit account as a good example of how to earn an interest income. You can open the account with just R500 and then make deposits as small as R100 every month. In return, expect impressive growing interest rates which will offer you above-market returns on your money. You also have access to your funds at short notice (seven, 32 or 90 days). 

Simple, isn’t it? And, you can earn these market-leading rates for as long as you like.

There are many other ways to invest money each month to earn a return. We also have a fixed deposit, access accumulator and tax-free investment account option, all of which offer excellent returns.

These products are aimed at helping customers achieve their savings goals for the future.

We have dealt with many people who have realised they need to start saving for retirement. Some of these people are already in their 50s, while others are just starting out in their first jobs.

Our philosophy is that it is never too early or too late to start saving for your retirement. Understandably, however, the earlier you start, the better. The person who opens, for example, a notice deposit account the day they start working will yield a far more secure financial future than someone who only starts saving 10 years before they stop working.

A lot of people find saving money difficult though. Many believe they simply do not have enough money to save.

The truth, however, is that everyone can save money. You simply need a money mind-shift.

4 common personal finance MYTHS (mentalfloss.com):

  1. My money situation is too far gone to be fixed.
  2. Debt is just a part of life.
  3. Personal finance is too complicated.
  4. I’ll never have enough money to reach my goals.

Do any of these sound familiar? Maybe you believe all of these are true in your own life?

There is more you can do about your finances than you think.

Take a look at our five rules of successful saving to give you the motivation you need to start saving for a bright future.

Up Next

How to save money monthly
Many people are unsure of the best way to save money. As a result they’re not saving smartly, or not saving at all. Follow this guide on how to save money monthly.

Publish Date: 07/03/2019
Read more
Budgeting is as easy as 50/20/30
While most people know that a budget is necessary, many simply don’t know how to put one together. We’re here to tell you, drawing up a budget isn’t as confusing as you think it is.

Publish Date: 01/12/2017
Read more
Investing in women: An African Bank priority
Many women are now the main breadwinners in their families and form the support structures of their communities.

Publish Date: 01/12/2017
Read more
Three types of credit card fraud – and how to protect yourself
Read this blog post to familiarize yourself with these scams and know how to protect yourself.

Publish Date: 17/04/2018
Read more
Know your rights when applying for a loan
With times being so tough for many consumers, applying for a loan could give you the means to change your circumstances.

Publish Date: 17/04/2018
Read more

About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.