Satrix not for the short-term

Jabulani asks: I belong to a saving club where we save money on 32-day notice for the whole year and withdraw the money in January before the opening of schools. We want to migrate to Satrix. Is that best option? If not please advise.

Maya replies: Satrix invests into the stock market and is therefore only for long-term investments of at least three to five years. For investments of only one year it is best to stay with bank deposits. However, it is important to shop around and make sure you are getting the best rate possible.

Capitec, for example, offers a fixed deposit that you can add to each month while still benefiting from the higher fixed deposit rate of over 6%.

But Capitec does not allow for multiple account holders at this stage so the account could only be in one person’s name.

FNB Easyplan also offers higher interest earning accounts.

The big four banks all offer accounts suitable for stokvel savings and can include funeral cover, for example (read related articles). But do your homework and make sure you are receiving a good rate.

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

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever. But it comes at a cost. Advertisers are cancelling campaigns, and our live events have come to an abrupt halt. Our income has been slashed.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years. We’ve survived thanks to the support of our readers, we will need you to help us get through this.

To help us ensure another 35 future years of fiercely independent journalism, please subscribe.

Maya Fisher French
Guest Author
Advertisting

Tension over who’s boss of courts

In a letter, Chief Justice Mogoeng Mogoeng questions whether Justice Minister Ronald Lamola has acted constitutionally

SABC sued over ‘bad’ clip of Ramaphosa

A senior employee at the public broadcaster wants compensation for claims of ‘sabotage’

Soundtrack to a pandemic: Africa’s best coronavirus songs

Drawing on lessons from Ebola, African artists are using music to convey public health messaging. And they are doing it in style

In East Africa, the locusts are coming back for more

In February the devastating locust swarms were the biggest seen in East Africa for 70 years. Now they’re even bigger

Press Releases

New energy mix on the cards

REI4P already has and will continue to yield thousands of employment opportunities

The online value of executive education in a Covid-19 world

Executive education courses further develop the skills of leaders in the workplace

Sisa Ntshona urges everyone to stay home, and consider travelling later

Sisa Ntshona has urged everyone to limit their movements in line with government’s request

SAB Zenzele’s special AGM postponed until further notice

An arrangement has been announced for shareholders and retailers to receive a 77.5% cash payout

20th Edition of the National Teaching Awards

Teachers are seldom recognised but they are indispensable to the country's education system

Awards affirm the vital work that teachers do

Government is committed to empowering South Africa’s teachers with skills, knowledge and techniques for a changing world

SAB Zenzele special AGM rescheduled to March 25 2020

New voting arrangements are being made to safeguard the health of shareholders