Choose the right bank account to grow your savings

Despite the fact that an estimated 16 million South Africans have cash in bank savings accounts, a staggering 40% of people have placed this money in low interest-bearing savings accounts, says Vera Nagtegaal, executive head at Hippo.co.za.Subscribe to Fin24’s newsletter here

Statistics South Africa placed inflation at 4.5% in March 2019. So, if you want to see"real growth" of your savings, the interest you earn must exceed inflation and bank fees. "The major benefit of having a savings account is typically a no-risk decision. You earn interest on the money you save; your initial capital is guaranteed and it's more easily accessible if and when you need it," says Nagtegaal.A savings account offers easy accessibility to your money. For example, a notice deposit account protects your savings from impulsive withdrawals because you are required to provide notice of your intention to withdraw cash.

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