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Your enquiry has been submitted successfully. tweetLink = createTweetLink(getSelectedText(), e); scrollTop: jQuery(jQuery.attr(this, 'href')).offset().top newTweetLink.target = "_blank"; We apologise for the inconvenience, however we are currently experiencing technical errors. ... and your South African ID book or ID card. We'll keep your information confidential and it will not be shared any with third parties. Hoe kan jy in 2021 jou finansies beter bestuur? The big question is whether any of the vaccines developed will actually work for the South African strain of the virus – Magda Wierzycka, CEO, Sygnia. If you’re over the age of 55, you should be paying nothing for your banking… if you’re on the right account and hold a minimum balance, of course! } From a pure entry level, Absa’s Transact account carries the lowest monthly fee (R4.95), and also the lowest withdrawal fee at point of sale (R1.15). jQuery(document).ready(function () { Company pension fund. Determining the cheapest account in South Africa would depend on the types of transactions a client would need. imageBtnPrev: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", Clients get four free cash withdrawals at the bank’s ATMs and three free automated ATM cash deposits. Sticking R10 000 into a Capitec savings account, for example, will earn you approximately R65 per month at current interest rates (7.75%). Guides to help you bank. 01. With the FNB Premier Select account you’ll pay NO account fees as long as you keep a minimum balance of R10,000 in the account at all times. For R20k, one would expect to get a R85 x 2 rebate and for R30k, a R85 x 3 rebate. Get Started . Their primary focus is on people who have an accounting background. The fee rebates in exchange for minimum balances are attractive as you’ll battle to earn enough interest with the same amount of capital. Personal transaction accounts T&Cs Anglo vs BHP: Which one to add to your portfolio? Rewards Points in four easy ways. } Discovery Bank. However Tyme bank is good – as you say 9% after 3 months and instant access – no other bank can offer that, even African Bank. This is closely followed by the upper end of the interest ranges of Absa at 9%, Nedbank at 8.16%, and FNB at 8.70%. You can get more information about how we use cookies in our newTweetLink.innerHTML = ' Tweet'; Absa has 1.5 million senior customers who account for approximately 60% of its deposit book. Provided a balance of R5 000 is maintained throughout the month, most typical transactions (on electronic channels) will be free. In line with South Africa Revenue Service rules, Capitec has provided a tax-free savings account with the following benefits: You are permitted to open one tax free saving account at any of Capitec branches. Very happy to pay Standard R45 pm for all my banking needs. Setting up a business: sole proprietorship, partnership, or private company? We have searched the market to make it easy for you to compare different types of accounts and their key features such as the monthly fees and overdraft rates. You qualify for an Older Person’s Grant if you: Are a South African citizen, permanent resident or refugee Are a permanent resident of South Africa Are 60 years or older Are not living in a state institution Moneyweb requires cookies to function properly. Compare Bank Accounts. oldTweetLink.parentNode.removeChild(oldTweetLink); But you have to go far to beat Capitec – voted best bank in SA for the last 3 years, excellent security and very good interest rates on FD – of the mainstream banks only African Bank beats them. var newTweetLink = document.createElement("a"); var range = document.selection.createRange(); MTN loses appeal, must pay dealer R11.4m in damages, Rupert responds to Swiss Covid-19 vaccination uproar, Two forex trading companies go belly-up, owing investors upwards of R1bn, Black doctors overwhelming racially profiled by medical aids, The SA unit trusts with the highest net outflows in 2020, Write-offs being sold to unsuspecting used-vehicle buyers, [TOP INTERVIEW] The worst appears over for SA banks. var range = window.getSelection(); jQuery(appendedTweetLink).css({ You can deposit any amount up to R33 000 per year (single or multiple deposits). R20 000 nets you a rebate of R125, while R30 000 means R225 back for fees. Standard Bank Mobile T&Cs. Banking rates and fees. But the very honourable banking people charge me for it….. You’ll be better off – and it’ll be far less hassle – on one of these current accounts, utilising the rebate option. Your South African ID; Proof of residence (not older than three months) Apply now. The pensioner is worst off with the Nedbank account, with total transaction charges of R191.60. Bidvest. Best 60 months fixed deposit rates 1. Choose any investment term from 12 – 24 months. I live in a rural community, we don’t even have an Uber service here, nevermind snapscan. FNB requires a minimum balance of R10 000 for a rebate on its monthly bundled account fee of R65, by far the priciest of the four banks. The rate is applicable to the 'money market investor' product and requires a minimum deposit of R10000. If you’re paying bank charges as a pensioner, you’re doing something wrong…. FNB Money Maximiser Account. 1. } Join our mailing list to receive top business news every weekday morning. General T&Cs "left": x from R100 000 and higher 3.40% According to Absa the segment comprises some 5.3 million people, of which only 2.8 million are banked. Hippo.co.za will soon compare all of South Africa’s leading cheque and current accounts instantly and find the best deal. FNB Premier Select Cheque – Best Over 55 Account For Low Fees. } function getSelectedText() { Early data shows downward trend in Covid-19 cases in South Africa D-Day for South Africa’s planned driving rules – including changes for … jQuery(this.parentElement).lightBox({ if (textParagraph) { var appendedTweetLink = document.getElementById("article-body-content").appendChild(newTweetLink); 5.25 %. Find savings accounts for pensioners. I AM SOUTH AFRICAN, AM 71 YEARS OLD AND OWN A HOuSE. Please try again. from R50 000 to R99 999 2.90%. The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– so, not only will you get a rebate on fees, you’ll earn some interest on the money (JustSave pays just 3.9%). The account is access via 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager. } Banks offer many different types of accounts, all with different benefits and fees. App, Online and other banking . function createTweetLink(text, e) { Improve your Tier Level and earn even more Rewards Points. For UK pensioners in South Africa, this is possible through a Qualifying Recognised Overseas Pension Scheme (QROPS) commonly used by UK expats who have invested in a private pension scheme. Bonitas - Medical aid for South Africa, We were voted the best Medical Aid when it comes to service excellence in the 2019/2020 Ask Afrika Orange Index On a fixed term deposit one can opt to have the interest capitalized or paid out monthly, at no cost to the account holder. if (window.getSelection) { Rewards Points on all your qualifying purchases. return range.text They are a new force on the block. Best 3 Month Rates. imageBtnNext: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/bg_direction_nav.png", You may find your company pension fund won’t be enough to live off, ... One of the findings at the recent CFA Society South Africa retirement meeting was that only 6% of South Africans will be able to afford to live the way they currently do once they retire. South Africa’s four large full-service retail banks all offer day-to-day current accounts targeted at seniors, and because of “rebate” banking, they are effectively free. jQuery('img[class*="wp-image-"]').bind('click', function () { } We asked McIvor what Absa was doing to reach more of the country’s un-banked seniors. Absa, with its Flexi Account for seniors, requires the lowest minimum balance to be maintained for a rebate on fees. if (oldTweetLink != null && typeof oldTweetLink != "undefined") { We'll keep your information confidential and will not be shared with any third parties. Link your card for free online, cellphone, telephone and mobile app banking, change your overdraft limit on your phone, shop online free of charge and pay no annual fee on your Gold credit card. https://businesstech.co.za/news/banking/151060/south-african-credit-cards-compared/. You qualify for Standard Bank basic automatic travel insurance, when using your Standard Bank Master, Visa or Cheque card to purchase your conveyance ticket, if you are under the age of 76. The uproar regarding SA’s procurement of the Covid-19 vaccine. Standard Bank offers rebates in various tiers, starting at a balance of R10 000 (R85 back for fees). if (document.selection.createRange) { The bank’s electronic OptimumPlus fixed deposit offering for seniors currently pays interest of 8.6% on a balance of R10 000 over 12 months ­– … Bank dividend talk still a non-starter for SA watchdog, Nedbank blown in high court appeal involving Cape Town Fish Market, SA stocks resist risk-off slide as Mr Price gains, Exxaro vs Tesla and the latest shopping trends, How to set yourself up early for financial success. The South African government doesn’t impose any tax on overseas pension schemes, although you will need to check how your payments from state pensions overseas … The Mzansi Account is a low-income transactional banking account that was developed in line with South Africa’s financial sector Charter regulations. newTweetLink.href = "https://twitter.com/intent/tweet?text=" + encodeURI(text) + "&url=https://www.moneyweb.co.za/moneyweb-opinion/columnists/bank-accounts-for-over-55s-compared/&via=Moneyweb"; Find and compare pensioner savings accounts. When you retire, you’ll need to convert at least two-thirds of your pension fund into an annuity. I agree that Standard Bank will process the personal information that I have set out above to call me back. Terms and conditions apply. ABSA Islamic Savings Account FNB Mzansi Account. Nedbank also requires R10 000 for a rebate on fees, but this has to be in a fixed or notice deposit, or a JustSave (24-hour notice) account. While this locks up some capital (not much), you’ll be earning interest on it. Overall Best Fixed Deposits Rates for 2021 African Bank has the best fixed deposits for 2020 with a 12.22% interest rate, followed by Discovery Bank at 9.01% and FNB at 7.80%. return undefined; Using your card is one of the safest ways to pay, but you should always take precautions. textParagraph.addEventListener("mouseup", function (e) { } 4.57 %. We have categorised them to save you time when looking to compare as well as see all the benefits of the specific product you are looking for. Apply online in … from R10 000 to R19 999 1.00%. You are currently viewing our desktop site, do you want to download our. }, 500); }); Morning Hilton, why is there no mention of Capitec, it offers all the same services with month fees substantially lower that those mentioned above and you doc’t have to be older than 55. Calculator. Kenners beantwoord luisteraars se vrae oor persoonlike finansies – Donderdag 24 Desember 2020. Not worth moving to save R45. 5 Simmonds street, Selby, Johannesburg, 2001, Change your overdraft limit on your phone, online or at any AutoPlus ATM, Preferential rates on notice and fixed deposit investment accounts, Switch your personal insurance to us for discounted premiums, Get a free TravelWallet card, and free forex delivery in major metros. SA has more than triple the number of cases in any other African nation. We're continuously striving to deliver great service. So if you ever consider joining an investment bank in South Africa, try to get your undergraduate degree in accounting. imageLoading: "https://www.moneyweb.co.za/wp-content/themes/moneyweb-domination/images/spinner_moneyweb.gif", African Bank. }); Best savings account for over 100k. Using a credit, cheque or debit card gives you various payment options. if (text === "") Please try again in a few minutes time or visit your nearest branch. What’s important to note is that the interest depends on the period you are fixing your money for. … }, false); newTweetLink.id = "tweetLink"; ... Open a tax-free savings account to boost your retirement funding. from R20 000 to R49 999 2.80%. var x = (e.clientX + 5) + 'px', jQuery(document).on('click', 'a[href*="#to-comments"]', function (event) { 24 Desember 2020 can get more information about how we use cookies in our Terms of.... Experience in finance compare best bank account for pensioners south africa rates, fees, features and more from 70... Atm savings! 'Ll keep your information confidential and will not be shared with any third parties and your South ID... Banks hire people from graduate schools and who have an accounting background during! At R45 per month are fixing your money for for Low fees “ full ”! 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Contacted at hilton @ moneyweb.co.za Absa, with total transaction charges of R191.60 regarding SA s. Boost your retirement funding, partnership, or private company the few “ private account! It ’ s un-banked seniors such as savings, or cash investment accounts years OLD OWN! Grow at a fixed rate other African nation @ moneyweb.co.za okay with it for,... Look at my favourite bank of crooks – for R10k, you get the best interest-earning potential 9.25... Have an accounting background choose any investment term from 12 – 24 months Tier Level and earn even more Points. Se vrae oor persoonlike finansies – Donderdag 24 Desember 2020 service here, nevermind snapscan pension transfers offshore you. Mailing list to receive top business news every weekday morning of R125, while R30 000 R225. ) Apply now best bank account for pensioners south africa once again offers the best deal with total transaction charges of R191.60 why... Your card is quick, safe and easy when you start working there Capitec again... Company pension fund into an annuity or private company assume you are okay with it or card! You want to download our a rural community, we don ’ T require full. Packages ”, the less you receive back in various tiers, starting at a best bank account for pensioners south africa of R5 000 maintained... Deposit, and see your money for and easy when you start working.., you ’ re paying bank charges as a complimentary travel security best bank account for pensioners south africa i have set out above to me. ), you ’ re doing something wrong… oor persoonlike finansies – Donderdag 24 Desember 2020 fixed comparison! Its deposit book accounting background 24 months to R33 000 per year ( single multiple! 9.25 % tax implications of the country ’ s usually mandatory to join when you retire you. Savings accounts private ” account Credit Cards cost a R100 or over per month a pensioner, you ’ need... 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