/ 4 August 2010

Shopping around your own bank

Annette asks: My money is currently at Nedbank where I earn 4% per month on R60 000. My money is available whenever I need it. Can I earn more interest anywhere else?

Maya replies: Absolutely, in fact you can start with Nedbank so you do not even have to change banks.

Nedbank has introduced a new product called JustInvest which is a money market account where your funds are available within 24 hours. Currently on R60 000 they are paying an interest rate of 6%.

This is possibly the best rate you will get from any bank for funds that are immediately available. If you were prepared to put your money into a fixed deposit for six months, Capitec would pay just over 7%,

Nedbank has just recently launched JustInvest which replaces its Park-It and Money-24 accounts.

This is a good example of why it is important to keep checking, even with your own bank, that you are getting the best interest rates as banks are always changing their offerings.

Some salient features of JustInvest:

  • Minimum deposit amount is R5 000
  • Additional deposits and withdrawals are a minimum of R500
  • Only 24 hours notice of withdrawal is required, on cleared funds
  • Free monthly stop orders can be loaded
  • Rate increases and decreases are applied immediately
  • Highly competitive interest rates, which are tiered according to the balance

Read more news, blogs, tips and Q&As in our Smart Money section. Post questions on the site for independent and researched information.