Personal Finance | While borrowers are struggling with increasing interest rates, the increases have been a bonus for savers who are getting better returns on their bank deposits, especially those who are prepared to lock their money away in fixed deposits
For individuals who only want to invest their money for a year, TymeBank is offering the best interest rate at 10.44% nominal and 11% on maturity. TymeBank does not offer a fixed deposit rate for longer than one year Photo: iStock
A fixed deposit account is where you agree to leave your money invested for a period of time. You can select to have the interest paid out, but the returns are higher if you leave the interest to be re-invested.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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