How to make Money make more Money

Save without interest

Leaving your investments for a longer term, the investments not only grow every year, but grow at an exponential rate. Had you been saving R1 000 every year for 10 years and kept your money under your bed, your money would not yield interest. While few of us have the luxuries of flat-rate investments, regular investments of smaller assets over the years can be just as efficient at building assets without having too drastic an effect on your budgets.

Mutual funds give you the agility to adapt your investments to changing conditions without penalty.

There are 4 ways to get more interest on your money

If you deposit your money into higher return bank deposits, you can make a hundred more in a year. Instant banking has no branch offices, but they usually have lower charges and higher interest rate. The saving ratios at on-line banking institutions can rise by 1.5% - compared to the domestic saving rate of 0.09% on average.

If you move part of your money to an on-line banking account, your bag will be filled with a little more money. See three of our low-cost ways to save money below or check out our best high Yield low-cost deposits page. A number of current account balances have interest levels at the level of those of good value saving account balances.

Note that interest-bearing current accounts often have springboards to earn interest, such as combining payments directly or using a single credit line several time. Try to abstain from having to pay money each month so that it is not charged to your income. A " CD leader " divides your money and puts it into several CD's with different maturities.

This way you have better control over your money, but still get the highest CDR. Because five-year CD's have higher APY', you get good prices while still having your money with you. Loan cooperatives often have slightly higher averages of interest rate on deposits than conventional bank deposits; they paid an annual 1.81% on five-year CD's in March 2018, up from 1.47% at the SNB.

Please consult your nearest cooperative bank for tariffs or check out our best cooperatives page. Whether interest levels remain relatively constant or are rising at a slow pace, it is always a good move to look for the highest interest rate account.