Saving is always a good thing and comes at the price of patience. FNB has just an account for you if you are willing to save for a maximum nominal interest rate over 12 months currently standing at 3.40% (at the time of this publication in 2021).
The minimum opening deposit that’s required for the account is R20 000. You can access your saving after 7 days’ notice. You can reinvest your interest or have them transferred to another account.
You can do all this online. The account according to FNB poses no risks, and your original deposit and quoted returns are 100% guaranteed. The account is flexible as you can add money at any time, however, this has to be done electronically – No cash or cheque deposit allowed.
You can schedule your transfers, set up regular transfers easily. You can make payments to other banks and there are no monthly fees. You can get your eBucks reward level points with the FNB’s 7-day notice account.
How to apply?
To qualify, you must be a South African citizen and must have the following documents handy:
Proof of residence that not older than 3 months
South African ID book or ID Card
You can contact FNB directly, Find the nearest branch, fill out a call back form or apply online.
Here’s the link for more information: https://www.fnb.co.za/invest/7-day-notice-deposit.html
Interest rates per annum published on 2020-07-24
Amount – Interest per annum
R 20 000 – 2.50%
R 30 000 – 2.75%
R 50 000 – 3.20%
R 100 000 – 3.25%
R 250 000 – 3.30%
R 500 000 – 3.35%
R 1 000 000 – 3.40%