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Donât overlook retail savings bonds as an investment
By Opinion
By Anna Rich
THE option for South Africans to save in government-backed RSA Retail Savings Bonds has been running since 2004.
In exchange for your investment over two, three, five or 10 years, you are paid interest at a rate that is set at the start. As at March 6, the total assets held in these bonds was R8.7 billion.
Over the five years from 2014 to 2019, RSA Retail Savings Bond investors who reinvested their interest saw compound annual growth of up to 10.31 percent, according to the bond fact sheet. And this is not eroded by fees: there are no performance or management fees.
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Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.
What Happened? On this day in 1935, the U.S. Treasury issued the first U.S. savings bonds.
Where The Market Was: The S&P 500 was trading at 8.41 and the Dow closed the day at 103.27.
What Else Was Going On In The World? In 1935, the construction of the Hoover Dam was completed and reformed drinker Bill Wilson founded Alcoholics Anonymous. The average price of a new house was $3,450.
Series A Savings Bonds: The first U.S. savings bonds were reportedly issued after Treasury Secretary Henry Morgenthau Jr. realized that the U.S. had no government-sponsored savings program similar to the ones in France and the U.K.
Mortgages are protected
You will not lose your tracker rate, even if your mortgage is eventually sold by Ulster Bank to another institution, such as a fund. And if you have a fixed-term mortgage that rate will be honoured until the term is up.
Ulster Bank tracker mortgage customers should do nothing. If you switch lender you lose the tracker. Whoever buys the UB tracker mortgage book will have to honour the tracker rate.
Holders of non-tracker mortgages should consider switching, especially if they have a mature mortgage with equity built up in your home.
If a fund buys your mortgage the new owner and the servicer of the mortgage will be subject to regulatory rules.
Charlie Weston: No need for Ulster Bank customers to panic but here s what closure means independent.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from independent.ie Daily Mail and Mail on Sunday newspapers.