A Flexible Way to Save and Access Your Money
If you’re looking for a simple way to save while still being able to access your funds, the MarketLink Savings Account from Standard Bank could be a good fit.
What the Account Is For
This account is great if you want to build an emergency fund or just keep some extra cash aside for future needs. It works well as a day-to-day savings account with the flexibility to transact when needed.
How the Account Works
- You earn interest based on your account balance.
- Interest is calculated daily and paid out monthly.
- You can access your funds at any time without penalties.
- You can link this savings account to your debit or credit card for easy access.
- Set up debit or stop orders to save automatically.
Example: If you keep R100 000 in your account, you could earn up to 5.45% interest per year, depending on the balance band.
Pros and Cons
| 👍 Pros | 👎 Cons |
| Easy access to your money | R7.50 monthly fee if balance < R10 000 |
| Competitive interest rates | No interest earned below R1 000 |
| Free ATM deposits (2 per month) | Tiered interest means lower balances earn less |
| Can be linked to a card | No debit orders allowed |
Who Should Consider This Option
- Anyone starting to save and needs flexible access to their funds.
- Individuals building an emergency fund.
- People looking for a savings account that can double as a transactional tool.
Interest Structure
- Nominal interest: This is the flat rate applied to your balance.
- The higher your balance, the more interest you earn.
Interest Rate Tiers:
- R0 – R999: 0.00%
- R1 000 – R4 999: 3.35%
- R5 000 – R19 999: 3.45%
- R20 000 – R99 999: 3.95%
- R100 000 – R999 999: 4.95%
- R1 000 000+: 5.45%
(For the most accurate and up-to-date interest rates, please visit standardbank.co.za)
Tax Implications
- Interest is taxable.
- You can earn up to R23 800 in interest per year tax-free (for individuals under 65).
- Standard Bank will send you a tax certificate for your tax return.
How to Apply
If you’re already a Standard Bank customer:
- Apply online via Internet Banking or the Banking App.
If you’re new to Standard Bank:
- Complete the Call Me Back form on the website.
- Or visit your nearest branch.
What you’ll need:
- Be 16 years or older
- SA ID or passport (non-citizens)
- Proof of residence (not older than 3 months)
Final Takeaway
The MarketLink Savings Account gives you the flexibility of a transactional account with the added benefit of earning interest. If you want to grow your savings but still have access to your money when you need it, this is a practical and accessible option.
Ready to apply? Click the “Open Now” button on Standard Bank’s website or speak to a consultant in-branch.