Jada has extra income which she is looking to save. Even though her account with her bank offers a savings facility, she is looking for additional options.
When looking for where to open the right savings account, you need to take a number of factors into consideration. In addition to the type of financial instrument you are looking for, consider the financial institution. There have been quite a number of illegitimate lenders, which is why it’s vital to do your research beforehand.
Find a legitimate lender
There are multitudes of lending institutions and it’s key to find a legitimate lender that is registered with the relevant regulatory bodies. In South Africa, financial institutions must be registered with the National Credit Regulator (NCR) and they must abide to the regulations. Legitimate lenders will ensure that the process of opening a savings account is transparent and simple.
There are a number of comparison tools available online which could be useful for comparing. By searching online you may be able to make the process much easier. These sites can provide you with a lot of information relating to the offers available and where you can find them.
Find the type of account you need
When looking for where to open the right savings account, equally as important is finding the right type of account for your needs. If you are looking to earn more money, then a high-interest savings account may be ideal. Know what you’re looking for so you can avoid wasting time during the search process.
Find a high-interest savings account
Statistics indicate that these accounts offer the best returns. While having a bank account is commendable, it’s always best to open this type of account for the best way to maximise on returns.