Saving is the process of putting aside a portion of your income for use in the short term. By short term I mean money that you need back in 3 months, 6 months, one year, 2 years, basically anything less than 5 years. Saving is a low-risk strategy and the purpose for saving is to preserve your money and provide a safety net in case of unexpected expenses or emergencies. Savings accounts, money market accounts, and fixed deposit accounts are some of the common ways of saving money. Because saving is low risk, it usually gives low returns as well. In today’s video I am going to be talking about the best savings accounts in South Africa.
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