13.33 african fixed account
13.33 African Bank fixed account, image: Facebook

Fixed deposits Accounts are different for each bank. Every bank tries to come up with innovative ways to make banking easierwith the African bank investment accounts you can save your money at the highest interest rate there is. African Bank Fixed Deposit Account gives you an opportunity to start growing your money, and you can do so by opening a Fixed Deposit Account with African Bank in less than 3 minutes.

 

With an African bank Fixed Deposit Account, you can earn an annual 10.75% interest rate, which is equivalent to 13.33% per annum calculated over 5 years (60 months) on expiry/maturity date (See African Bank Infographic rates).

You can start a fixed deposit account with only R500, that’s the minimum balance required.

EXAMPLE

IF you invest R100 000 for 5 years (60 Months) – you have a choice to withdraw the interest monthly, annually or at the maturity date.

  • Option A (Withdrawing interest monthly based on NACM (Nominal Annual Compounding Annually)) with a rate of 10.26%, you’ll earn R855 per month for 5 years earning you a maximum of R51 300.00 total interest earned (Giving a total payout of R151 300.00)
  • Option B (Withdrawing interest annually based on NACM (Nominal Annual Compounding Annually)) with a rate of 10.75%, you’ll earn R10756.50 per year for 5 years earning you a maximum of R53 782.50 total interest earned. (Giving a total payout of R153 782.50)
  • Option C (Withdrawing interest on expiry or maturity date based on NACM (Nominal Annual Compounding Annually)) with a rate of 13.33%, you’ll earn R66 665.62 on expiry date after 5 years earning you a maximum of R66 665.62 total interest earned. (Giving a total payout of R166 665.62)

During your investment, you get 10% access to your funds in your Fixed Deposit account, within 24 hours.

Rates can change from time to time, it’s best to apply online to see current rates or read more on African Bank Fixed Deposit from their website.

How to apply

  • The minimum deposit for the Fixed Deposit Account with African Bank is R500
  • You will need an ID or a Passport if you are a foreigner
  • Proof of residence not older than 3 months

 

Rates
TermsMonthly interest payoutAnnual interest payoutSemi-annual interest payoutInterest payout on expiry
3 Months7.45%7.70%n.a.7.49%
6 Months7.85%8.13%n.a.7.97%
12 Months8.28%8.60%n.a.8.60%
24 Months8.65%9.00%n.a.9.40%
60 Months10.26%10.75%n.a.13.33%

Rates may change overtime

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Author

  • Founder and Business Writer of iBusiness.co.za, (born June 28), a South African Business Reviewer and Blogger. A native of Ventersdorp, Mogopa Village (SA), often referred to as Zack. Let's talk iBusiness.

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