Standard Bank Savings Accounts Review – A Choice of Terms and Rates

Standard Bank Savings Accounts Review – A Choice of Terms and Rates

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Standard Bank
Screenshot Savings Home Page Standard Bank

Standard Bank is at the forefront of providing customers with world class products. It is also known for its great savings products, which encourages their customers to save. South Africa is an emerging market, which means interest rates are fairly high. While this makes credit very expensive, those who have access to disposable cash have the benefit of high savings rates as well. Customers choose between immediate access or term accounts according to their needs and personal situation. Standard Bank Savings Accounts have various options and terms available, and this review measures these accounts against their peers.

We recently did a full review of Standard Bank. Read it here.

What to Look for in a Good Savings Account

Savings accounts are designed to encourage customers to save. These are a few aspects to consider before opening a savings account.

Check for Fees and Penalties

Savings accounts that provide customers with transactional access, often carry transactional service fees as well. This is especially true for those accounts that provide customers with access to a debit card. Furthermore, customers need to check whether the account charges a monthly maintenance fee as well, as this will eat into any growth the customer might expect. Also, fixed investments carry penalties should customers wish to access the funds before the end of the term.

Compare Interest Rates

In order for customers to benefit from the best deals, it is important that they have access to all the information. If the interest rates are readily available, this makes the decision a lot easier. Furthermore, those who wish to remain with their institution should request a higher rate if a competitor offers them a better one. Often banks do this in order to retain their customers.

Have Funds In Various Forms of Accessibility

It’s not always wise to have all funds fixed up, especially if customers don’t have access to emergency funds. Emergency funds should be accessible in a time of need, and anything more than that can be considered for longer term savings.

Branch Investments and Financial Planning Investments

In South Africa, banks often refer to their in-house savings as investments. These are not to be confused with the investments offered by the financial planning houses, as they have the various risk levels to consider. In-house investments are on the bank’s liability books and fund their loans.

One of the most popular savings accounts is the online savings from Ally Bank. Read the review here.

Standard Bank Savings Accounts Product Offerings

Access Now

Standard Bank
Screenshot of Some Save Now Options Standard Bank
MoneyMarket Select

This is the ideal account for those who are able to maintain a minimum balance of R250,000. Furthermore, the interest rates on this account are very competitive.

  • Customers enjoy an unlimited number of deposits and transfers into the account.
  • Also, there is quick and easy access to their funds if they have a Standard Bank current account.
  • The interest on the account is calculated daily and added monthly.
  • Finally, customers pay cash and check deposit fees, as well as a monthly management fee.
Tax-Free Call Investment Account

Customers who wish to save and not have to worry about paying tax on the growth of their plan will find this ideal. Also, the account requires a low opening deposit of R250.

  • This account allows customers to invest a maximum of R33,000 per annum. Also, customers can save a maximum of R500,000 in this account in their lifetime.
  • The returns on the contributions are tax-free.
  • Furthermore, customers have the opportunity to gain higher interest on higher balances.
  • Customers can access their deposited funds at any time.
  • The account may incur charges on certain transactions.
  • Finally, customers can add funds to the account when and how they like.
PureSave Savings Account

This is a simple account that is often the starting point for anyone who wishes to save. Furthermore, customers enjoy a competitive interest rate.

  • The opening deposit on the account is R50.
  • Customers who are over the age of 16 can open the account. Minors require the permission from their parent or guardian.
  • Finally, customers can top up their account or access their funds whenever they want.
Marketlink Investment Account

This account provides customers with the flexibility of a current account, however, they have the opportunity to earn competitive rates.

  • The account requires a minimum opening deposit of R1,000.
  • Minors may open the account, as long as they have permission from their parents or guardian.
  • Furthermore, the cash held in the investment account is guaranteed.
  • There is no defined term for this investments.
  • The investment enjoys a tiered interest rate structure. Deposits over R20,000 enjoy higher rates.
  • Finally, the account can be linked to a Standard Bank ATM card.
MoneyMarket Call Investment Account

This account allows customers to benefit from competitive interest rates, even though they have access to their funds. Furthermore, the capital is guaranteed.

  • The account requires a deposit of R20,000. This balance needs to be maintained in order for customers to benefit from special offers.
  • Customers enjoy an unlimited number of deposits and transfers into the account.
  • The account can be linked to a Standard Bank Current Account, which provides customers with easy access.
  • Also, the account has a tiered interest rate system, which means higher balances receive higher interest.
  • Finally, customers are charged a cash deposit fee on the account only.
Call Deposit Investment Account

This is the ideal account for those who want instant access to their funds and still earn a good interest rate. Furthermore, the opening deposit on this account is R1,000.

  • Minors may open the account as long as a parent or guardian gives permission.
  • The account carries a tiered interest rate, which means higher balances provide higher rates.
  • Customers can make withdrawals at the branch or transfer to their other Standard Bank accounts.
  • Finally, the account charges cash deposit fees.
Society Schemes Savings Account

Customers who wish to save together as a group can open this type of savings account. This is ideal for stokvels, burial societies, social clubs, and investment clubs.

  • These accounts require a minimum opening deposit of R100.
  • Customers enjoy a competitive interest rate.
  • The first 5 branch or ATM deposits are free.
  • Finally, these accounts attract no service fees if the balance is higher than R5,000.

Those who prefer a transactional account should consider the Standard Bank Current Account range. Read about it here.

Access Later

Standard Bank
Screenshot of Some Access Later Savings Standard Bank
Tax-Free Investment Account

Customers have the opportunity to invest up to R33,000 per year on the JSE. Furthermore, the returns on this investment are tax free and customers can invest up to R500,000 in their lifetime.

  • The account requires an opening deposit of R250.
  • This account levies charges such as broker fees and statutory charges.
  • Customers are required to have an Online Share Trading account (OST).
  • The account provides customers with a selection of exchange traded funds (ETF).
  • The account does not levy securities transfer tax, capital gains tax, or dividend withholding tax.
  • Finally, there is no charge to open an OST account, however, a R10 monthly admin fee is charged.
Tax-Free Fixed Deposit Account

This account provides customers with a tax-free return on their investment. Furthermore, the rate and term are fixed which allows customers to accurately determine the outcome of the investment.

  • The account requires an opening deposit of R1,000.
  • Customers can choose a term between 3 to 24 months as their investment term.
  • This is a fixed deposit, which means that customers can’t add to their investment.
  • This investment type is restricted to R33,000 per year, and R500,000 per lifetime.
  • Finally, interest on this investment is paid monthly. Quarterly, annually, or at maturity.
Flexi Advantage Investment Account

This is a fixed deposit account which allows customers access to up to 40% of their funds whenever they need it. Furthermore, customers enjoy a competitive interest rate on the account.

  • The account requires an opening deposit of R1,000.
  • Customers benefit from a tiered interest rate. This means a higher balance enjoys a higher rate.
  • The interest on the investment is calculated daily and paid monthly.
  • Finally, customers are allowed an unlimited number of deposits and transfers in the account. However, access is to 40% of the investment amount.
Fixed Deposit Investment Account

This investment type allows customers to determine the period of their investment. Also, it requires a R1,000 opening deposit.

  • The capital in this account is guaranteed and protected.
  • Customers choose a term between 33 days and 5 years.
  • The interest on the account is paid monthly, quarterly, annually, or on maturity.
  • The investment is fixed, therefore, customers can’t add to it.
  • Customers over the age of 55 enjoy an extra 12 months for amounts under R100,000.
  • Finally, the account levies a cash deposit fee and early redemption fees are applicable as well.
Notice Deposit Investment Account

Customers decide the period of the notice they wish to give with this account. Furthermore, it requires an opening deposit of R250.

  • The notice periods are between 7 and 60 days and customers access their funds at the end of the notice period.
  • The interest on this account is calculated on the daily balance and paid monthly. Furthermore, the interest can be reinvested.
  • Finally, the account has a cash deposit fee and an early redemption fee.
ContractSave Savings Account

Customers who wish to reach a savings goal will find this account ideal. The account allows customers to investment a fixed amount monthly over a specified period.

  • The account requires a minimum lodgement of R100 per month.
  • Customers choose a term between 1 to 20 years, and the account also carries bonus interest.
  • The account allows additional deposits at any time.
  • Finally, the account levies cash deposit and early redemption fees.
SharePlus Investment Account

This is a fixed investment where the return is based on growth on the JSE Top  40 index equity market. Furthermore, it requires an opening deposit of R25,000.

  • The invested capital of this account is guaranteed.
  • There is no maximum investment amount.
  • Finally, SharePlus is made in tranches at the bank’s discretion.
AutoShare Investment Account

Customers can invest in shares and securities listed on the JSE with the simple online trading platform.

  • The account requires a minimum opening deposit of R500.
  • Customers buy and sell securities on the JSE on a month-to-month basis.
  • There are over 200 well-known securities.
  • Finally, the account levies brokerage rate, statutory charges, and an inactivity fee.

Critical Reviews Rating Standard Bank Savings and Branch Investments – 10 of 10

Whether customers have millions to save or just starting out with a few Rand every month, Standard Bank has a product to suit their needs. The accounts provide flexibility and structure when needed in their respective state. Furthermore, the interest rates are competitive and to a certain degree negotiable. A well deserved perfect score for Standard Bank.

Another favorite bank where savings accounts are concerned, is Bank of Ireland. Read the full review here.

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