Savings Day for a rainy day

Namibia this week joined the rest of the world to commemorate World Savings Day. In view of this Standard Bank has encouraged Namibians to get into the habit of saving at least some cash on a regular basis.
This encouragement comes more especially in light of the fact that the holiday season is just around the corner and spending is most likely to be on everyone’s mind. However Standard Bank advises customers to also save twice as much. This is the sentiment with which Standard Bank’s Head of Marketing Thaddius Maswahu encourages customers to start saving to achieve their goals for tomorrow.  “As Namibians, we tend to put savings as a last priority. However it is important that we get into the habit of saving for that rainy day whether it be for our children’s school fees, to buy a new car or save up for that special wedding next year,” said Maswahu. He added that the best way to start saving is to open an investment account into which you can transfer funds every month. “For your short term savings which will cover for that unexpected expense put your money into a 32-day Notice Deposit Account. This offers a customer not only good returns, but also the ability to access their money quickly when they need it.” Punting his bank’s products, Maswahu advised clients to chase medium-term goals like buying a car or putting a deposit down on a first home, to place their money into a fixed deposit or a Bonus Plus Account. “While the Bonus Plus Account at Standard Bank Namibia is a goal oriented savings account that requires monthly investments over a fixed period, a Fixed Deposit gives you a good interest rate and you have to give notice when your want to take money out and that makes it ideal for medium-term savings,” said Maswahu adding that “long term-savings can be that of putting money aside for studies or investing in your children’s education.”