▲ 12 r/PersonalFinanceZA
Best way to grow R100k in South Africa while owner lives overseas?
My aunt lives overseas and has about R100,000 sitting in my FNB savings account earning around R500 interest per month.
The money belongs to her, but it’s currently held in my account. We’re wondering if there are better options for growing it.
Would a fixed deposit, money market account, ETF, unit trust, or something else make more sense?
Are there any tax implications because the money is in my name?
Also, could she potentially qualify for a loan with FNB while living overseas, given that she’s banked with them for years?
Looking for advice and experiences from others in similar situations.
u/Comfortable_Pace7505 — 4 days ago