Four savings tools to kick-start your journey to financial freedom
Standard Bank's Thopi Mhloli says you can put money away hassle-free with their PureSave, MarketLink, group and tax free savings accounts to help you reach your goals
In 2019, the National Treasury released an alarming report which said that only 6% of South Africans will be able to maintain their current living standards, even after retirement.
The SA savings culture has been under the spotlight, with up to 60% of South Africans dipping into their savings to make ends meet. Before Covid-19, the savings statistics were already low and only got worse during the pandemic.
With these alarming figures, it has never been more important to consider the various savings options available. Thopi Mhloli, solution owner for savings and investments at Standard Bank, outlines some great options to help you get started on your savings journey.
Standard Bank’s PureSave savings account is a great way to get started as this offering has plenty of benefits attached to it.
- You can earn interest while using the account for daily transactions.
- No debit orders may go through this account.
- There are no monthly fees attached to this account
- You get three free ATM cash deposits a month.
Another great savings tool is the MarketLink account. To get started you would need an opening deposit of R1,000 with an interest of up to 3.5%. With this savings tool you qualify for the following:
- Monthly paid out interest
- Two free ATM cash deposits monthly
- Once your balance reaches R20,000 you qualify for a higher interest rate
- Anytime access to funds
3. Society scheme savings account
Society schemes are a great way to save money together as a group. Whether the money is used for burials or investment purposes, saving together towards a common goal will lead to gratifying results. Standard Bank has a society scheme savings account that you and a group of friends or family can save through. The benefits attached to this account include:
- Immediate access to savings
- First five deposits are free of charge.
- Cash prizes from regular draws are available should the bank balance be R5,000 and above.
- Members are not liable to pay an account fee should the balance be above R5,000.
4. Tax free savings
This type of savings account allows you to put money away without having to worry about the taxman. Individuals are only permitted to have one tax free savings account in their lifetime with a limit of R500,000. This account also carries an annual limit of R36,000. Standard Bank has a tax-free savings offering that will give your savings portfolio a great boost. It has the following features and benefits:
- The opening balance is set at R250.
- Interest on the account currently stands at 3.50%.
- Individuals have access to the funds in their accounts at any given time.
Everyone dreams of a better future and Standard Bank is committed to giving its customers the tools and support to resolve their challenges — ensuring South Africans experience tomorrow’s victories.
These are just some of the savings’ tools that you can make use of to get started on your savings journey. Mhloli recommends starting early to get ahead of your goals and secure a better, brighter financial future.
This article was paid for by Standard Bank.