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.
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