Having launched at the end of September, My Treasury, is a free-to-use startup service which provides financial savings solutions based on a few questions.
The startup is founded by Michael Kransdorff, Simon Shear, and Daniel Rubenstein. The platform uses a complex algorithm with the system scouring 670 different savings rates at eight institutions. These institutions include the likes of Standard Bank, Absa, Nedbank, FNB, and Investec.
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Users are asked to fill in questions pertaining to their savings range as well as how much they’d like to save. The algorithm takes the users answers and offers them saving solutions based on what they’ve answered.
My Treasury connects you to the banking institution with the best savings rate for you
“Savings accounts are a great starting point for encouraging smarter wealth management. Just about everyone with an income has a bank account, and by encouraging people to see their ordinary bank accounts as tools for actively growing wealth, we hope to make South Africans more excited about saving,” said Kransdorff via a press release to Ventureburn.
“It doesn’t cost you anything to get higher returns on your cash, but you need to know where to look,” he continued.
The service considers your personal profile such as your age to determine which preferential rates you’re eligible for. “In the current economic climate, you can’t afford to leave your money sitting idly. With the My Treasury Optimiser, there’s a much more intelligent way to save,” concluded Kransdorff.
Featured image: Images Money via Flickr
