About Savings Accounts in South Africa

Within South Africa like in other countries in the African continent as well as around the world, banks provide basic banking services including issuing debit cards, money transfers, access to ATM, branch and internet banking as well a secure storage of cash funds. Similar to banks internationally, South African banks also offer various options for what customers can decide to do with any excess funds that remain in customer bank accounts. These include keep funds in basic bank accounts, invest in products such as a fixed deposit or put funds in savings accounts.

Savings accounts in South Africa can be offered from banks in conjunction with a basic transaction account, e.g. one account for transacting with another account for excess funds available with ability to transfer between each. They offer a higher rate of interest for a savings account than a basic bank account and as well as offering liquidity that can be equal to a basic bank account.

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