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02 Mar 2010 10:47
Portia wants a higher interest rate for her savings:
I have opened a credit card with Nedbank and I am saving R500 a month, but I receive a very low interest of 0,5%. I have opened that account because I don’t have funeral cover for my grandmother—it is so expensive for a person over 80 years of age.
How can I save this R500 so that it can generate at least a reasonable interest rate.
First of all, it is important to know that most funeral covers do not insure people over the age of 65, so you are correct in realising that you will have to fund this expense yourself.
As you do not have a specific time period for this money it is best to keep it in cash investments like a bank account, but you can improve your interest rate:
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