South African startup MyTreasury has launched to allow users to compare savings accounts online to ensure they obtain the best interest rates.
More than 16 million South Africans have cash in savings accounts, but according to the latest Reserve Bank statistics about 42 per cent of this sits in low interest accounts.
The free MyTreasury independent price comparison website allows savers to find the best savings account by answering a few simple questions, aiming to simplify the process of finding bank rate data and comparing different banks and products.
MyTreasury searches 670 different rates at eight deposit-taking institutions, namely Standard Bank, Absa, Nedbank, FNB, Investec, Capitec, Postbank and Bidvest.
“Savings accounts are a great starting point for encouraging smarter wealth management. Just about everyone with an income has a bank account, and by encouraging people to see their ordinary bank accounts as tools for actively growing wealth, we hope to make South Africans more excited about saving. It doesn’t cost you anything to get higher returns on your cash, but you need to know where to look,” said co-founder Michael Kransdorff.
MyTreasury’s proprietary algorithm matches savers to the account that offers them the best returns for their savings needs.
“My Treasury considers your personal profile, such as your age, to determine whether you are eligible for a preferential rate,” Kransdorff said.
“In the current economic climate, you can’t afford to leave your money sitting idly. With the MyTreasury Optimiser, there’s a much more intelligent way to save.”
