More people are looking for flexible ways of saving money and earning good interest rates in the process. One way of doing this is by opening a fixed deposit.
First National Bank (FNB) has a range of fixed deposit solutions that are offered to clients.
What is a fixed deposit?
A fixed deposit is an amount of money you save that cannot be accessed until maturity and no additional funds may be added to this investment. Various institutions have different options for fixed deposit types.
What benefits are offered?
Interest can be capitalised or withdrawn on demand, however, withdrawal of the deposit before maturity is not allowed. Once the fixed deposit amount has matured, clients will have earned a significant amount of interest and will have the freedom to use the money however they please.
The amount of interest earned on this FNB 5 year fixed deposit account will vary, depending on the amount of money you have invested in this 5 year term.
Why choose an FNB 5 Year Fixed Deposit?
- A minimum opening deposit of R10 000 is required.
- There are no monthly fees required.
- You choose your investment term between 7 days and 60 months, or you can choose your own maturity date.
- You can access your interest during your investment term.
- You can open and manage your account online, so you can do this at any time of the day, from wherever you are.
- Your original deposit and quoted returns are 100% guaranteed.
- You can earn a fixed interest rate.
- You have the option to reinvest and redirect your interest to another account.
- You can earn up to 9.15% interest.
To open an FNB 5 Year Fixed Deposit you need to be a South African citizen. You’ll also need to provide proof of residence (not older than 3 months) and a a valid South African ID.
Editor’s advice – If you are looking for a good return, also consider having a look at the African Bank 5 Year fixed deposit account, which could earn you 13 + % interest at the very top end.