Savings Account: You can keep your savings in this account and earn interest on the money. You can still access the money if you need to use it. You will usually get an ATM or Debit Card to use for transactions on this account.
Cheque or Current Account: You will get a cheque book and will be able to pay bills with cheques. Cheque accounts usually pay less interest than savings accounts, and have higher bank charges. You will be charged for each cheque that you use, so do not write out cheques for every little thing. If you have a cheque account you can apply for an overdraft. An overdraft is like a personal loan. It allows you to draw more money from your account than you actually have, so that you go into a negative balance. Overdrafts have high interest rates, so it is better to avoid them.
Notice Deposit Accounts: You must deposit a minimum amount to open a notice account, and you will have to give 32 or 60 days notice if you want to draw from the account. These are good accounts for short-term saving because you can't just draw the money out easily and you earn high interest.
Fixed Deposit Accounts: These accounts also need a minimum opening balance. You will only be able to withdraw the money after a fixed period, usually 12 or 24 months. You will earn high interest, which makes this a good medium-term savings account.
Society or Group Accounts: These accounts are designed for large groups of people who are saving money together, like stokvels.
Home Loan Account (Mortgage Bond): This is money the bank lends you to buy or improve on your property. You pay it back over many years, usually 20, and pay high interest to the bank.
Online share-trading: This is the buying, selling and managing of securities or shares over the internet.