There are many reasons people struggle with saving money. Many factors that we are sometimes are unaware of. In this article we will discuss some of these reasons. 11 reasons you are struggling to save money 1.Cost of living It would be an injustice to talk about saving money without acknowledging the cost of living. The inflation rate keeps rising which means prices are hiking while our income remains the same. High costs of living, such as housing, healthcare, and education, leave little room for saving after meeting essential needs. 2. You don't Budget (or stick to it) A budget is to your finances what water is to your body. You might survive a day or two without it but in a long term you will feel the effects. Without a clear budget, it's challenging to track income, expenses, and savings. Overspending becomes common, making it difficult to save 3. You live beyond your means Spending more than you earn will leave you with nothing to save. Spending more than what you ear
This is a one-stop article where all the South African banks are compared. We will save you the time of searching for information on different sites. There are a lot of banks offering the 32-day notice account and we will cover everything you need to know about them all.
Although I recommend comparing all the banks (to get the best offer), You can use the table of contents to take you to the bank you are interested in.
FNB 32-DAY Flexi notice account(individual and business)
The First National Bank offers the 32-day Flexi notice account for both individuals and businesses on the same terms. You have to invest a minimum of R5000 into the account and can make regular deposits.
It has up to a 3.70 nominal interest rate over a period of 12 months. You can choose to have the interest reinvested (into the same 32-day notice account) or transferred into your account.
The FNB 32-Flexi notice account has no admin fees, however, you will pay a fee if you withdraw sooner than 32 days.
FNB also offers a 7- day notice account which is explained on the table below.
7 Day Notice Account
Published at 2021-07-01
Nominal rate per annum (NACM): This is the annualised interest rate that you will earn daily and is capitalised monthly. This rate does not take into account the compounding interest effect.
Annual Effective Interest rate: An annualised interest rate that takes into account the compounding interest effect for one year assuming interest is not withdrawn.
Absa Notice Select account
Absa offers a notice select account. It is similar to the 32-day notice account in the sense that you have to give the notice to access your money. However, with the Absa notice select account allows you to choose your own notice period.
The minimum required deposit is R1000.00 but you can make additional deposits at any time. The interest rate ranges from 2.10% to 3.45% depending on how much you invest.
There are no administration fees for the Absa Notice Select Account.
Nedbank 32-day notice account
The Nedbank 32-day notice account is a lot similar to the FNB 32-day notice account. There is a minimum required deposit of R250.00 and a minimum withdrawal of R100.00.
The interest rates are tiered so if you have a high balance then your rate will be higher. You can choose to withdraw or reinvest your interests. The exact percentage is not disclosed by Nedbank so you will need to contact their consultants.
You can link the account to your online banking for easy access. There is a cash deposit fee and you automate your savings (create a stop order).
Standard Bank 32-Days Notice
You need a minimum of R250.00 to open a Standard Bank 32-days notice account. The amount will be subjected to the cash deposit fees. However, there are no monthly fees.
The interest is calculated daily and paid monthly. According to the standard bank website, the interest rate is linked to the account balance but they do not disclose the actual rate.
They guarantee capital gain and easy access to the funds after 32-days.
You will need to contact their consultant for more info.
Old Mutual 32-day notice account
Old Mutual offers 7-days, 32-days, and 90-days notice accounts. The interest rates on these accounts vary and are explained better by the table below.
Interest rates are quoted on a per annum basis and are valid for today only as they may change over time.
What do you need to Apply?
The existing clients will need:
Your valid South African barcoded ID, smart ID card, or passport (for non-residents).
The new clients will need:
Your valid South African barcoded ID, smart ID card, or passport (for non-residents).
Proof of residence; such as a utility bill, rental invoice, or phone account that displays your name and physical address and is not older than 3 months.
Discovery Notice Savings Account
With Discovery Bank you can choose how much to save and how often you do with a notice savings account. They offer three types of notice accounts. A 32-day notice account with up to 4.8% interest, a 60-day notice account with up to 4.90% interest, and a 90-day notice account with 5.00% interest.
There are no monthly fees and there is an undisclosed penalty fee for withdrawing without giving the required notice.
Conclusion
Most of these banks offer the 32-day notice account with similar requirements and terms and conditions. The interest rate, therefore, is very important and should be prioritized.