If there’s a run on a local bank, will you lose your deposits? In all likelihood, no, given South Africa’s strong regulatory system, good management and excess capital requirements, writes SimonPB.
With the recent collapse of a number of US banks and concerns once again about Credit Suisse, how safe is money in a South African bank?
First, we don’t have deposit insurance but we do have it in the works. The Deposit Insurance Scheme planned for the first quarter of 2024 will be limited to R100,000. According to the Reserve Bank, this will cover the 90% of account holders who have less than that limit, and it will pay out within 20 days of a bank collapse...If you have already registered or subscribed, please sign in to continue.
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SIMON BROWN: Is my money safe?If there’s a run on a local bank, will you lose your deposits? In all likelihood, no, given South Africa’s strong regulatory system, good management and excess capital requirements, writes SimonPB.
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