Hardly a day goes by when we are not bombarded by some product provider pushing their latest, fanciest, cleverest product our way. It’s time that we stopped and answered the question – would we use it? If it’s not good enough for us to use then it’s not good enough for our clients to use either.
Standard Bank are currently advertising their Money market Select account which offers 7.35% on balances over R250k. If you have less than R250k you get 0%. That sucks…
There are fees on deposits (cash and cheque) as well as a monthly management fee but I cant find the figure on their site anywhere.
If you have cash that you want to put away for a few months then you should look at opening a money market unit trust fund – you can do this from as little as R2000 (lump sum) or R200 via debit order and you can expect to earn around 8% interest per annum with full access to your funds within 48 hours. And for the record, a money market unit trust account carries lower investment risk than a bank money market account as the money is held in trust!
