Do you have a lump sum to put away in a savings deposit and are not sure which bank will give you the best interest rate? A new price-comparison website allows you to compare savings options to ensure you get the highest rate, based on your individual requirements.
MyTreasury.co.za offers an efficient way to find the savings account that offers you the highest interest rate in just a few clicks. The website’s algorithm searches 670 different rates at eight deposit-taking institutions (Absa, Bidvest Bank, Capitec, First National Bank, Investec, Nedbank, Postbank and Standard Bank) to find you the best product. You can specify the term of your deposit, ranging from one day to five years, and amounts from R1 000 to R50 million.
The site is easy to use, needing you to answer just a few questions to come up with a choice of relevant savings options that meet your needs. “My Treasury also considers your personal profile, such as your age, to determine whether you are eligible for a preferential rate,” Michael Kransdorff, a co-founder of the site, says.