Writers: Nicola Daniels, Melody Chironda
Investment advice by Fund Accountant Vuyo Matyolo from
No matter what your short-term or long-term needs are, you have to start saving for those needs, and the sooner the better.
There are many options available for you as a young person to start saving or investing money and each is tailor made to suit your different needs. Savings and fixed deposits accounts are the most common.
A fixed deposit account provides a higher interest rate – between 4% and 7% per annum depending on how much you invest and for how long – than a savings account, but access to your funds will be restricted.
To open a fixed deposit account banks require a minimum deposit of about R1000 while you can open a savings account with as little as a R100.