In the challenging economic conditions of today, more people are trying to find ways to make more money. One of the easiest ways of doing this is by simply saving more.
While saving has its merits, investment has proven to be far more efficient way of making money grow and building wealth. With a fixed term investment, you can earn higher rates. So by choosing a fixed deposit, the money cannot be accessed until maturity and no additional funds may be added to the investment.
There is no doubt that risk lies at the core of all investments. So if you want to earn the best interest rates on investments, you need to be willing to take a risk.
“With the rising cost of living, it’s imperative that we invest, preferably with the lowest risk possible, to generate the highest yielding returns we can.”- Forbes.
If you leave your investment for a long period of time, the investment not only grows each year, but grows exponentially.
What bank interest rates on investments can you expect to earn in 2016?
Investec Tax Free Fixed Deposit
This account requires a minimum opening deposit of R30 000. You can expect to earn 8.7% interest for 12 months.
FNB Fixed Deposit
With a minimum opening deposit of R10 000, with a term ranging from 7 days to 5 years, the FNB Fixed deposit offers rates of 4%- 7.5%.
Nedbank Fixed Deposit
The minimum opening deposit is only R1000 and you can choose a term of 1 month to 5 years. Bank interest rates on investments with this offering from Nedbank are between 5.1% -5.5%.
Absa Fixed Deposit
With a minimum opening deposit of just R1000, the Absa Fixed Deposit offers investors 0.65%- 7.35% in interest earnings. The investment term can range from 8 days to 5 years.