Check out the NEW Best Fixed Deposit Savings Accounts video after this one for 13% interest on long term savings! 🙌🏾 Please kindly support the channel by NOT skipping the ads.
Wow this video pops on my feed when I’m just about to go for an appointment at the bank to change to one of the accounts mentioned….and I’ve never seen you before lol 🫶🏽
I am so glad that you dont mentioned Capitec , As seniors my wife and i lost more than R50 k because of crooked staff and Bank . Should have met you earlier
So I did a detailed explanation in the next video on 9 Fixed Deposit savings accounts that will give you up to 13%! Check it out and let me know if it helps 🤗
Mamazala o star! Kao verstaana! Ge nka kopana le wena ke tlo gaya bear hug! You went out and did the research I struggle to find the time to do! I really appreciate this information! 🙏🏾 🙏🏾❤
This was very resourceful. I really loved this video.I have the Discovery one and a money market one on easy equities, i prefer the discovery one as i can access funds immediately and my initial deposit was only a thousand when i started.
Love it!!! I'm so glad you're already building your savings! Life can be so unpredictable. In the next few videos I will be giving practial guidance on investing which is riskier than savings but has much higher returns. Look out for it!
Also there's a lot of good Bond ETFS on easy equities.....with some very good yields 🤞🏿🤞🏿🤞🏿🤞🏿🤞🏿 where you can also buy them fractionally without having to buy them with a 100k
My concern is, TYME BANK doesn't have branches everything you have to do, it's on line and it's risky, if i have to invest 500k it means i have to do it on line , i can't walk in a branch and discuss with the banker.
Dear Yvonne Thank you for the very informative presentation. Regarding the Tyme Bank Gold Save account, you mentioned that there is a cap of R100k. Then you also stated that you would put R400k into one of these accounts. You lost me there. You take care. I should add one more personal comment - you are very attractive
I hve tht standbnk money market nd I find the interest fluctuates this month cn be 1k nxt month could be 900 and I hvnt withdrawal but once in a while I do mk extra deposits
Hi 👋🏾 The interest is tax exempt up to R23800, after which the tax on the interest income you get from any savings account (including high yield savings account) will be 15%.
Hi Yvonne. Thanks for great information. Can you please help with where we can put money longterm. I have a one year old and would like to start a education fund for them but not sure where to go exactly.
Hi! That's a great question! I had to do my research for my child too, so I'll be sharing all the best longer term savings options I found, in the video going up on on Friday!
Yes, it’s included in the next video with 9 High Interest Fixed Deposits to choose from. There’s a difference between these 11 High Yield Savings accounts and those Fixed Deposit Accounts. Please check it out! 🤗
Thanks so much for watching! Great question! There is a tax exemption on the first R23800, then after that the tax on your interest income will be 15%.
Hi 😃 Most South African Banks have non-resident account options. You would just need to confirm the requirements, go through the application and set up process and you should be all set.
Hi Yvonne. What about the tax implication. I have a fixed investment with nedbank and the interest are taxed yearly even though the interest is capitalized. I had one huge shock when i got my tax account.
So what I have done, and continue to do, is: First, load my tax free share (not savings) account with the R36k on Easy Equities then I invest it, in only 4 ETFs; then I start putting money into my high yield savings account (my emergency fund) which I started with a lumpsum of R100k (to benefit from high interest income due to the scale of the savings) and I just keep adding funds monthly to grow the safety net. I then make additional cash (taxable) investments via Brokstock or Easy Equities - in a mixture of fractional shares and ETFs. I also have fixed deposits for long term savings - more on that in the next video going up soon. Now to answer your question: I recommend starting your savings in a high yield savings account with any amount based on your financial circumstances, and then building on it. I have found that after your first R100k your savings will skyrocket because it is a significant amount that will grow fast with the power of compound interest. Getting to a million is fast after your first R100k, in savings or stock investments. Let me know if this helps. Happy to elaborate further where you still have questions :)
Hi Yvonne. Thank you for such great content. How much do you charge for consultation? I am an investor at heart and would like to keep growing, I believe that you can help me grow.
But you will be taxed on any income you make including dividends and interest income but you get a tax exemption of R23800, and if you put your savings in a good high yield account the impact of the tax can be minimised.
Yes I do atually, their notice accounts are quite appealing with effective interest rates of between 8.3-8.8% for deposits above R25k. For emergency funds I would go with the 24 or 48 hour notice account but for medium term savings I would go with the longer notice periods. Have you tried them?
I would say, if you don’t need it put part of it in a high interest fixed deposit, then invest part of it in an S&P500 ETF, but make sure you put some in high yield savings account for emergencies, maybe using a 40:40:20 split. This is just my opinion. All the best!! 🙌🏾
I would create an EasyEquities account🙂 1. Activate USD Account 2. Put R100k on SCHD and R50K on VYM (both paying dividends every 3 months) 3. Put R50K on VTI to invest on the Total US Market 4. Put R200k into S&P 500 (VOO) 5. Switch on dividends re-investment for the power of compounding 6. Put R100k into a high yield savings account accessible anytime for emergencies Then I’m retiring at 45 living on dividends 🎉😅
Its not compound if your taking R100k*9%=9k. Interest much be calculated monthly meaning every month your getting interest on interest+capital. Interest calculated annually on inital capital is not compound
Yes, the fixed deposit (FD) account is quite attractive and it’s in the next video on fixed deposit accounts. I thought to split HYSAs that allow additional contributions and lump-sum accounts that do not i.e. FDs.
Comment 'SAVE' and ask a question or leave a comment below to get access to my Free Simple Money Business Newsletter. Also let me know if you have savings in any of these accounts
Check out the NEW Best Fixed Deposit Savings Accounts video after this one for 13% interest on long term savings! 🙌🏾 Please kindly support the channel by NOT skipping the ads.
Wow this video pops on my feed when I’m just about to go for an appointment at the bank to change to one of the accounts mentioned….and I’ve never seen you before lol 🫶🏽
I am so glad that you dont mentioned Capitec , As seniors my wife and i lost more than R50 k because of crooked staff and Bank . Should have met you earlier
Thanks for simplicity in providing this valuable information.
Thanks so much for watching 🙌🏾 I’m glad it’s useful! Which account would you try?
I love how you break down the cost want more information
Any thoughts about Capitec fixed deposits and yields? Thanks
Yes please.. Do a video on the nominal and effective interest 😊
So I did a detailed explanation in the next video on 9 Fixed Deposit savings accounts that will give you up to 13%! Check it out and let me know if it helps 🤗
Mamazala o star! Kao verstaana! Ge nka kopana le wena ke tlo gaya bear hug! You went out and did the research I struggle to find the time to do! I really appreciate this information! 🙏🏾 🙏🏾❤
I’m so glad this is helpful! All the best 🧡🧡🧡🙌🏾
Hi Yvonne, your content is truly appreciated, easy to understand and easy to implement. Thank you!
I like the way you go straight to the points.
Thank you so much! It’s a no fluff personal finance channel! 🙌🏾
Can you please explain the difference between Nominal and effective interest
Thank you for this information. Please explain the nominal and effective interest
This was very resourceful. I really loved this video.I have the Discovery one and a money market one on easy equities, i prefer the discovery one as i can access funds immediately and my initial deposit was only a thousand when i started.
Love it!!! I'm so glad you're already building your savings! Life can be so unpredictable. In the next few videos I will be giving practial guidance on investing which is riskier than savings but has much higher returns. Look out for it!
Best explained❤
Hi, does this high yield savings account offer higher interest even if integrates rate are low
Also there's a lot of good Bond ETFS on easy equities.....with some very good yields 🤞🏿🤞🏿🤞🏿🤞🏿🤞🏿 where you can also buy them fractionally without having to buy them with a 100k
That's so true, I'll be sharing ETFs option in a few days!
I have the Tyme Bank savings account Von, great video thank you
Fantastic! It was the 11% for me! 🤗
I love this type of topics is like i can invest a milli so i can stop working
Absolutely! 🙌🏾 You’re in good company, welcome to the Free Squad!
Love how clear your explanations are! Just subbed!
Thank you so much! Welcome to the Free Squad! I'm here to offer my opinion on any questions you may have!
This is a video I didn't know I needed, so informative. thank you for sharing.
You are so welcome! I’m glad it’s useful! Welcome to the Free Squad! 🙌🏾🧡
I am with Tymebank and and ngihappy 😊
Nice!!! Keep at it, we all need a solid savings safety net!
What are the tax implications for the 100k minimum accounts?
Hi Yvonne
You just got a new sub.
I was looking for this information to start farming these savings accounts.
What’s the implications on tax ?
Welcome to the Free Squad😊!!! The tax implications are in the latest 2 videos on tax on savings. Let me know if they are helpful!
I’m glad I came across your channel ❤
Welcome to the Free Squad!! You’re going to like it here - no fluff, just practical and simple solutions. 🧡
Hi Yvonne, I need clarification regarding the tymbank 11% interest what do they mean by 10 transactions?
For the Tyme bank goal save 10 transaction minum, would any transaction qualify? Or the they have a charge to them like R3 fee?
Simplified and understandable.👏🏾👏🏾👏🏾
Glad it was helpful!
Is the interest gained subject to tax?
thank you very much Yvonne it was explained very clear!
Awesome! Thanks for watching!
Thank you so much my sister this is informative wow
🤗 Glad it was helpful! Thank you so much for choosing to watch this video. Welcome to the Free Squad!
😊informative video, you missed out on African Bank fixed account with great returns.
It’s on the list of the long term savings options video coming out later today! I’ve got you!
Thanks so much, what an eye opener
Such a pleasure 🙌🏾 So glad it’s helpful! Welcome to the Free Squad!
Thank you
You're so welcome, I’m glad it was helpful 🙌🏾
Always useful information! I like your no-fluff straightforward approach 😊
That’s good to know, glad it’s helpful! Thanks ☺️
My concern is, TYME BANK doesn't have branches everything you have to do, it's on line and it's risky, if i have to invest 500k it means i have to do it on line , i can't walk in a branch and discuss with the banker.
Dear Yvonne
Thank you for the very informative presentation. Regarding the Tyme Bank Gold Save account, you mentioned that there is a cap of R100k. Then you also stated that you would put R400k into one of these accounts. You lost me there. You take care. I should add one more personal comment - you are very attractive
Ŕight on time, thank you. Keep it up
Awesome! I’m so glad this has been useful!
I hve tht standbnk money market nd I find the interest fluctuates this month cn be 1k nxt month could be 900 and I hvnt withdrawal but once in a while I do mk extra deposits
Hi Yvonne, i am already loving this. I am very interested in your sharing❤
@YvonneFreely please advise if and how we can invest in SA as a foreigner living outside SA. Thanks
Shuuuuuuu, This was so informative...You gained a subscriber in me, Thank you for sharing😊
Thanks so much! I’m so glad it’s helpful. Welcome to the Free Squad!! 🧡🙌🏾
You're ⭐thank you so much.
🙌🏾 Thank you so much for watching! I’m glad it was useful! Which one will you try out?
@YvonneFreerly Maybe create a follow up video covering Tax implecations and rates of the accounts.
Hey 👋🏾 I have, the two videos on Tax on Savings are up on the channel!
Hi is the high yield savings accounts subject to taxation
Hi 👋🏾 The interest is tax exempt up to R23800, after which the tax on the interest income you get from any savings account (including high yield savings account) will be 15%.
The interest is not 15%. It will be added to your annual income and taxed according to your tax bracket you fall in@YvonneFreely
Interesting, thanks! I had provided the 15% withholding tax rate.
Please do the best TFSA account next
Coming right up! 🙌🏾
Hi Yvonne. Thanks for great information.
Can you please help with where we can put money longterm. I have a one year old and would like to start a education fund for them but not sure where to go exactly.
Hi! That's a great question! I had to do my research for my child too, so I'll be sharing all the best longer term savings options I found, in the video going up on on Friday!
Thank u great content
So glad it’s helpful! Welcome to the Free Squad! 🙌🏾
Hi what about ABSA depositor plus account??
The FNB account, Is the money accessible at anytime?
Yes, you get immediate access to your money!
But the moment the money goes below the threshold (100k) you lose the benefit of those high interest rates
Have you seen African Bank fixed 12% interest?
Yes, it’s included in the next video with 9 High Interest Fixed Deposits to choose from. There’s a difference between these 11 High Yield Savings accounts and those Fixed Deposit Accounts. Please check it out! 🤗
Save. What about Stanlib?
Hi, keep up the great job. Much love ❤️❤️
Thank you so much 🙌🏾🧡!!!
Great video Yvonne. Is the interest earned from these accounts subject to taxation?
Thanks so much for watching! Great question!
There is a tax exemption on the first R23800, then after that the tax on your interest income will be 15%.
Do you trust Access bank? Has anyone had experience with the bank ?
@Yvonne, as a US citizen, do I have access to these South African accounts?
Hi 😃 Most South African Banks have non-resident account options. You would just need to confirm the requirements, go through the application and set up process and you should be all set.
@YvonneFreely Ok, I'll give it a try. I'm interested in learning more about the South African investment opportunities.
Hi Yvonne , please do government bonds for South Africa, UK and US
Hi 🤗 On it! Thanks for the nudge! 🙌🏾
I couldn’t resist Tyme bank for that free 11k year end 🥹
Need to put my emergency fund in a high yield too. Never thought of it that way. Thanks sis.
Yes 🙌🏾 Let me know how it goes.
Thank you so much for this Yvonne. I was eagerly waiting for this. 👏🏿👏🏿👏🏿
You are so welcome! Have you started saving in any of these accounts yet?
Hi Yvonne. What about the tax implication. I have a fixed investment with nedbank and the interest are taxed yearly even though the interest is capitalized. I had one huge shock when i got my tax account.
Since tax free savings account it's limited to R36000. Fo you recommend saving R100k ?
So what I have done, and continue to do, is:
First, load my tax free share (not savings) account with the R36k on Easy Equities then I invest it, in only 4 ETFs; then I start putting money into my high yield savings account (my emergency fund) which I started with a lumpsum of R100k (to benefit from high interest income due to the scale of the savings) and I just keep adding funds monthly to grow the safety net. I then make additional cash (taxable) investments via Brokstock or Easy Equities - in a mixture of fractional shares and ETFs. I also have fixed deposits for long term savings - more on that in the next video going up soon.
Now to answer your question: I recommend starting your savings in a high yield savings account with any amount based on your financial circumstances, and then building on it. I have found that after your first R100k your savings will skyrocket because it is a significant amount that will grow fast with the power of compound interest. Getting to a million is fast after your first R100k, in savings or stock investments.
Let me know if this helps. Happy to elaborate further where you still have questions :)
What's your take on easy equities
I am starting the investing series next week where I will share my thoughts and what platforms I use. I'll ping you when the first video goes live!
What about the african bank?
They one of the best on fixed deposits not on savings. Hope I'm making sense (:
The problem is tax.
Please also explain nominal and effective, just don't wannabe assume I get it
Awesome! Let me make a short video with a simple example for you!
What about absa deposit plus account
That is a high yield savings account too! 🙌🏾
Wek❤
Hi Yvonne.
Thank you for such great content.
How much do you charge for consultation?
I am an investor at heart and would like to keep growing, I believe that you can help me grow.
Hi Yvonne, do you do personal consultations?
From November!
tjo 100k rena roe topa kae mara ??
Span ndoda ah diman💀
The problem is the tax
But you will be taxed on any income you make including dividends and interest income but you get a tax exemption of R23800, and if you put your savings in a good high yield account the impact of the tax can be minimised.
Do you know anything about access bank
Yes I do atually, their notice accounts are quite appealing with effective interest rates of between 8.3-8.8% for deposits above R25k. For emergency funds I would go with the 24 or 48 hour notice account but for medium term savings I would go with the longer notice periods.
Have you tried them?
I just came into a large sum of money( 500k+) and I am under 20, any advice on where to put it??
I would say, if you don’t need it put part of it in a high interest fixed deposit, then invest part of it in an S&P500 ETF, but make sure you put some in high yield savings account for emergencies, maybe using a 40:40:20 split.
This is just my opinion. All the best!! 🙌🏾
I would create an EasyEquities account🙂
1. Activate USD Account
2. Put R100k on SCHD and R50K on VYM (both paying dividends every 3 months)
3. Put R50K on VTI to invest on the Total US Market
4. Put R200k into S&P 500 (VOO)
5. Switch on dividends re-investment for the power of compounding
6. Put R100k into a high yield savings account accessible anytime for emergencies
Then I’m retiring at 45 living on dividends 🎉😅
I have tyme bank goal save, fixed deposit, and standard bank money market
Nice 🙌🏾🙌🏾🙌🏾 I see you have a good balance of short & medium term savings!
Its not compound if your taking R100k*9%=9k. Interest much be calculated monthly meaning every month your getting interest on interest+capital. Interest calculated annually on inital capital is not compound
Compounded annually
Do you have to live there to open one of the HSA ACCT
My understanding is that you don’t have to live in South Africa to open a bank account. 🙌🏾
This is misleading!
It doesn't account for fees & taxes as well as the fact that these interest rates can & will change
Did you look into African Bank?
Yes, the fixed deposit (FD) account is quite attractive and it’s in the next video on fixed deposit accounts. I thought to split HYSAs that allow additional contributions and lump-sum accounts that do not i.e. FDs.
Comment 'SAVE' and ask a question or leave a comment below to get access to my Free Simple Money Business Newsletter.
Also let me know if you have savings in any of these accounts
Do you have a website. I really want to get a nwsletter.
Please send me more of this account please
You’re so welcome! Thanks for watching! I’m here if you have any questions you could use my opinion on 🙌🏾
Then you get TAXED when you withdraw
We are taxed on all income unfortunately, but you have a R23800 tax exemption on interest earned on your savings.
That's why you must evade taxes.
🤍🤍🤍
Great content Yvonne! Would you consider making a similar vid for SMMEs? 🇿🇦👌🏾🇿🇦👌🏾🇿🇦
Absolutely!! Let me create an SMME options video including funding options given I’m in that space.
@@YvonneFreely Good to know the space you’re in. Now…if you were Gauteng-based, we could even link up for a coffee 🤷🏾♂️
Hi Yvonne, your content is truly appreciated, easy to understand and easy to implement. Thank you!
Hi 🤗 So glad it’s helpful! I’m here if you have any additional questions!