More than 16-million South Africans have cash in savings accounts, but according to the latest SA Reserve Bank statistics about 42% of this sits in low interest accounts that offer interest rates as low as 1% at Postbank and as high as 10% on a five year fixed deposit at Capitec.
A new, independent price comparison website allows savers to compare options online to ensure they get the highest interest, based on their individual requirements.
MyTreasury.co.za offers an efficient way to find the best savings account that offers you the highest interest rate in just a few clicks. The optimiser service is free and provides options based on a few simple questions.
If you wanted to get the best possible returns on the money you have in the bank, it has been virtually impossible to determine which savings account best matches your requirements. Until now, it has not been easy to find bank rate data, never mind comparing different rates across multiple banks and products. Trying to find the best rate for your specific profile and savings preferences is even more complex and time-consuming.
Efficient saving can make a massive difference to your wealth. Moving your cash from a call account that offers returns of 3% to a long term fixed deposit with an interest rate of 10% for example, would effectively double your wealth over 10 years.
The MyTreasury.co.za algorithm searches 670 different rates at eight deposit taking institutions (Standard Bank, Absa, Nedbank, FNB, Investec, Capitec, Postbank, Bidvest) to find you the best product. These options are constantly expanding. Clients can specify liquidity ranging from one day to five years and amounts from R1 000 to R50-million.
My Treasury was founded by partners Michael Kransdorff, Simon Shear and Daniel Rubenstein. As an economist, Kransdorff saw a need to demystify saving and wanted to make it easier for the man on the street to access the best rates.
“Savings accounts are a great starting point for encouraging smarter wealth management. Just about everyone with an income has a bank account, and by encouraging people to see their ordinary bank accounts as tools for actively growing wealth, we hope to make South Africans more excited about saving. It doesn’t cost you anything to get higher returns on your cash, but you need to know where to look,” says Kransdorff.
In seconds, My Treasury’s proprietary algorithm matches savers to the account that offers them the best returns for their savings needs. It is easy to use and the optimiser asks just a few questions to connect you to relevant, highest interest savings options that meet your needs. “My Treasury considers your personal profile, such as your age, to determine whether you are eligible for a preferential rate,” adds Kransdorff.
He says that in periods of uncertainty, it’s especially important to grow wealth wisely. “In the current economic climate, you can’t afford to leave your money sitting idly. With the My Treasury Optimiser, there’s a much more intelligent way to save.”