Publish Date: 07/03/2019
Many people want to start investing, but are put off or confused by all the different options and technical terms. Relax — you don’t need to be a banker, risk-taker or super wealthy to invest and see your money grow. All you need is some knowledge and the right investment product for your goals and your pocket.
What are some investment tips and what are some of the best ways to invest money? The most important step is simply to start investing, however small the amount is. The sooner you start investing, the sooner your money and savings will start to grow.
Everyone has a reason for investing — usually, it’s a goal they’re working towards. This is important as it will influence how you should invest. If your goal is to save for one to three years, you should look at the best short-term investments for you.
Types of investments
An African Bank Notice Deposit may work for you as you have access to your savings at short notice if need them. With this Investment you can grow your money with extra deposits from as little as R100. Choose your notice of withdrawal for either 7, 32 or 90 days.
There is also the African Bank Access Accumulator, which allows you to save over a two-year period and which gives you access to your money in 24 hours if you need it. There are no penalties if you access your money before two years is up.
If you’re saving for a long term goal that is more than five or 10 years away, like retirement, and know you won’t need access to your money before then, then you should look at the African Bank Fixed Deposit investment. You can choose how long you want to keep your money invested for. The longer you’re prepared to keep it invested, the better your interest rate will be.
For long term investing, the African Bank Tax-Free investment account allows you to invest as little as R100, and up to a maximum of R33 000 each year. Any interest you earn won’t be taxed, which over time will give you more money to invest, especially as your investment grows.
There are some restrictions though: you can only invest R500 000 over your lifetime and the annual limit is currently R33 000. These figures can change going forward and will be announced in each year’s National Budget Speech.
For more information on how to open an investment account, go to the African Bank investment page.
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'.