Using government retail bonds to reach your financial goals
Whilst the returns from investing in government retail bonds
aren’t headline grabbing, they’re consistent and you know what you’ll receive when you invest.
The risk is also negligible, so the chance of you not receiving your initial lump sum or interest payments is very small.
Government retail bonds have a number of different maturities, starting from two years.
For example, at the moment a five year fixed rate RSA retail savings bond pays out 8.5% annually in interest. This means you know that you’ll earn 8.5% on the amount you put into five year bonds.
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With government retail bonds, you can opt to reinvest your interest, this makes your investment grow faster over the term of the bond. This is worth opting for.
By knowing how much you’re going to receive when the bonds mature, you can use them to help achieve specific financial goals.
What to use your government retail bonds to save for
You can use your government retail bonds for anything you wish, but due to their fixed term, you can use them to help:
Save for your children’s education;
Save for retirement;
Save for your wedding or other expensive event; or
Save for a deposit for a property.
The key with using government retail bonds as a savings vehicle is to ensure you don’t need the money you’re putting in. There are penalties for withdrawing early and this will eat into your income from the bonds.
You can also use government saving bonds to help encourage your children to save. There is no age limit to who can buy these bonds. You just need to be a permanent resident or South African citizen.
So there you have it. Why government retail bonds could be the perfect option for you if you’re saving for a specific financial goal.
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