Bank Savings Accounts.
Bank & Building society
deposit accounts & savings plans.

Banks & Building Society Savings Accounts.
These products are often called deposits because the investor receives a rate of interest in return for depositing capital with the institution. 

Bank savings account Interest rates.
With a bank or building society savings account the rate of interest received can be fixed or variable and the term of the investment can be fixed or open ended. With this type of savings account there is no growth in the capital value unless the interest is allowed to roll up. 

Interest paid on bank accounts is net of 20% tax. This can be reclaimed by non taxpayers by completion of an R85 form. 

The returns from bank and building society accounts vary from account to account. 

Give careful consideration to selecting a bank account. Those that pay higher rates of interest usually involve a notice period before funds can be withdrawn.

Level and bases of, and reliefs from taxation are subject to change. 
 

home