Author Isaac More
Isaac More, iBusiness Founder, and Editor.

Not so long ago, I compiled an article discussing the importance of saving and why is it necessary to start saving in January.  The South African youth in this era overspend and I have also covered an article on SA Youth and Money related issues. Today, 31 January 2020 – I want to cover an issue on saving money especially now that it’s the end of the very first month of the year.

You may have gotten paid on the 15th, 20th, 25th or 31st –   if you haven’t already, start saving a little each month, this is your money – have a peace of mind knowing that if life turns left, your account will gradually shift you to the right.

Consider saving either for the future, to purchase an item or my personal favorite, just to earn monthly interests. You may consider using one of the following banks:

Capitec Bank

If you were to save R1000 a month with Capitec, you can earn as much as R24.71 interest per month, that’s the 4.5%interest rates with a fixed-term saving account which allows multiple deposits. Or you can get earn R81.63 per month if you do not have access to your account with a multiple fixed deposit account.

My personal favorite saving a R1000 a month with Capitec’s fixed-term savings account which allows multiple deposits – the flexible account with a 4.5% interest rate and an estimated total of R250.62 interest, paying out R12 250.62 after having saved for 12 months.

Remember, this will be to keep your money safe, think beyond interest rate, and always have some money left in your account, be it invested or idling.


You may consider the FNB Flexi Fixed account and start saving R1000.00 today for 12 months; you will earn a 3.75% interest rate.  You can make additional deposits each month to earn a higher interest rate of up to 6.35%.  This account requires a minimum deposit of R100.


You can start saving with Nedbank, for 12 months with their electronic fixed deposit account – the maximum number of the investment term is 60 months, however, – I recommend saving for 12 months and you can reinvest again when your term elapses.

The minimum investment amount is R1000 and there will be no additional deposit allowed, it is often best to save it as a lump sum. Alternatively, you can consider the Nedbank Green Fixed deposit account which works the same way as the electronic fixed account.


Consider using the Absa Fixed Deposit Account which requires a minimum deposit of R1000 Should you decide to invest anything from R1000 TO R100 000 for 12 months, you will earn a 7.0% interest rate.

African Bank

One of the other accounts to consider when you want to save your money for a year is the African Bank Fixed Deposit Account which requires a minimum deposit of 500 to start investing. You can earn up to 13.33 if you invest for 60 months (5 years).

Standard Bank

You may consider the Standard Bank Fixed Account that requires an opening deposit of R1000. You can only have access to your funds during maturity and earn up to 8.14%.


Ubank also provides a fixed deposit (Ubank) account with just a minimum deposit of R1000 to start investing for 3 to 60month. It doesn’t matter who you, where you from – saving is essential in life. You can’t overspend and expect to achieve your goals in life. Part of working a 9 to 5 is so we can save money and make use when necessary – I often believe, we are working a 9 to 5 so we can pursue our dreams, goals and possibly business goals (See: Entrepreneurs in South Africa)

Author’s Notes

There’s no such thing as burdening yourself with a savings account, I’ve never heard of that – if there is, then I want to be the most overburdened person alive. Take a step and a look into your life and decide what you want to achieve as well as point down your goals. You will never find the motivation to save money without any ‘realistic’ goals.

What I mean by ‘realistic’ – I want to build a huge mansion at home, however, as much as that is doable – the very realistic goal I can set is saving my first R100 000 in a year (Opening a room for disappointment at R50 000). That was just an example – start small and eventually get to the bigger picture – hopefully your end goal.

Save as little as you can monthly, always have some money saved, don’t be too generous – but be as helpful as you possibly can be. Asking for money and making loans is part of life, but also a part of life that we try to avoid.

If anything is of importance to have is life insurance [A topic yet to be covered fully]. Reconsider your routine, your budget, and start to live a life that makes sense. If I am not saving any small amount I can possibly save, on a monthly basis, then it doesn’t make sense to me.


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