Finding a savings account that offers the highest reward has never been an easy task – there are so many different options available from a variety of banks. Each account has different requirements, unique benefits and mysterious fine print. You need a lot of patience and persistence if you really want to do a thorough investigation of SA’s saving account options.
A new site called My Treasury aims to change this.
The My Treasury site works on a very basic 3-step system that claims to help you find the savings account with the highest interest based on your requirements.
This is how it works:
Step 1 – Complete your requirements
The site requires you to fill in a short form to get an indication of what you are looking for. You need to specify how much you want to save, how regularly you want to add to your savings, and how easily you need to have access to your money.
Step 2 – Get your results
After submitting your requirements, the site does a quick scan to find you the best options based on your requirements. The site provides you with a list of bank accounts at various financial institutions in SA, as well as their annual return, liquidity and minimum investment amount.
Step 3 – “Put your money to work”
If you are interested in any of the accounts suggested by the site, you can submit your details to receive more information.
This is yet another great tool that you as a budgeteer can use to make sure your money works for you, and not the other way around.
You can visit My Treasury here.