What is Market Account?
A money market account or money market deposit account is a deposit account that pays interest based on current interest rates in the money markets
Best Money Market Account In South Africa
Below are some of the Best Money Market Accounts.
- Allan Gray Money Market Fund.
- RE:CM Money Market Fund.
- Nedgroup Investments.
- Coronation Money Market Fund.
- Standard Bank Money Market Fund.
- Old Mutual Money Market Fund.
- Community Growth.
- PSG Money Market Fund.
What is the minimum balance for a money market account in South Africa?
You must maintain a minimum balance of R20 000 to earn interest. Interest rates are tiered according to your account balance – the higher the balance, the higher the interest rate you earn.
What is the best interest rate for deposits in South Africa?
The best 1-year fixed deposit interest rate is 9.48% offered by Standard Bank. This is the effective annualized rate. You will need a minimum investment of R10,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.