Do you want to know how?
Over 16 million South Africans have cash in savings accounts, but according to the latest SA Reserve Bank statistics a large percentage (about 40%) of this sits in low interest accounts that offer very low interest rates, if any interest at all. However South Africans could be earning as much as 10% on their savings if they switched to higher interest paying accounts.
MyTreasury.co.za, an independent price comparison website allows savers to compare options online to ensure they get the highest interest, based on their individual requirements. The easy to use My Treasury optimiser offers an efficient way to find the best savings account that offers you the highest interest rate in just a few clicks. It’s for all ages with our youngest user in his teens and our oldest in her 90s. The optimiser service is free and provides options based on a few simple questions.
Efficient saving can make a massive difference to your monthly income. Moving your cash from a saving account that offers returns of 5% to a long term fixed deposit with an interest rate of 10% for example, would effectively double your monthly income.
So with such big potential gains from switching to higher interest rate deposits, why do so many South Africans continue to keep their money in low or no paying bank accounts? The explanation is that the savings market is opaque and complex. Without MyTreasury.co.za, it is virtually impossible to determine which the highest paying savings account that best matches your requirements. Some Banks offer higher rates for seniors but do a terrible job of marketing this. It has not been easy to find bank rate data, never mind comparing different rates across multiple banks and products. Trying to find the best rate for your specific profile and savings preferences is even more complex and time-consuming.
The MyTreasury.co.za algorithm searches 600 different rates at ten financial institutions to find you the best product. These options are constantly expanding. Clients can specify liquidity ranging from one day to five years and amounts from R1000 to R50 million.
My Treasury is run by Michael Kransdorff, Warren Kopelowitz and Daniel Rubenstein. They saw a need to demystify saving and wanted to make it easier for the man on the street to access the best rates.
“Savings accounts are a great way to encouraging smarter wealth management. Just about everyone has a bank account, and by encouraging people to see their ordinary bank accounts as tools for actively generating income, we hope to make South Africans more excited about saving. It doesn’t cost you anything to get higher returns on your cash, but you need to know where to look,” says Kopelowitz
In seconds, My Treasury’s proprietary algorithm matches savers to the account that offers them the best returns for their savings needs. It is easy to use and the optimiser asks just a few questions to connect you to relevant, highest interest savings options that meet your needs. “My Treasury considers your personal profile, such as your age, to determine whether you are eligible for a preferential rate,” adds Kopelowitz. He says that in tough economic times, it’s especially important to grow wealth wisely. “In the current economic climate, you can’t afford to leave your money sitting idly. With the My Treasury Optimiser, there’s a much more intelligent way to save.” Try it now by clicking the button below.