Finding the right institution to save your money with is tricky, so tricky in fact that My Treasury wants to make it dead simple.

The online comparison tool allows users to shop around for the best interest rate for their needs.

My Treasury takes into account factors such as the amount you want to deposit, whether its a fixed or “top-up” amount, your age and your current bank. All of that information is then compared by an algorithm against 670 rates before showing you who has the best offer.

“It doesn’t cost you anything to get higher returns on your cash, but you need to know where to look,” My Treasury co-founder, Michael Kransdorff said in a statement.

The tool does that looking for you at eight financial service providers including; Standard Bank, Absa, Nedbank, FNB, Investec, Capitec, Postbank and Bidvest.

What’s important here is that the result you get is yours, suited to what you are able to afford.

Users are able to choose how much they wish to save, how often they want to make a deposit and how quickly they want to be able to access said deposit.

It’s a clever little tool that could show you just how much interest you could be earning if your money was in the right sort of account.

“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,” Kransdorff concluded.

[Image – CC BY 2.0 Rafael J M Souza]