Postbank is a South African savings financial institution, operating as a division of the South African Post Office.
Established in 1984, Postbank offers secure, reliable, accessible and affordable banking. The institution now has a network of 2600 outlets.
The institution specialises in offering retail customers basic transaction accounts, savings accounts and fixed term accounts (1 to 12 months.) The Postbank Term Deposit offers clients simple and efficient ways of saving.
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.
Interest can be capitalised or withdrawn on demand, however, withdrawal of the deposit before maturity is not allowed.
You can capitalise your interest, earning you interest on interest. You can also choose when you would like your interest to be paid out, either monthly, quarterly, half yearly, annually or at maturity.
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
Postbank Term Deposit offers
Bonus Save- Ideal for groups or individuals, this option is designed to suit your specific needs. You will be required to do monthly deposits. An opening deposit of R30 is required and the deposit term can be between 12 to 60 months. Account holders can expect to earn up to 5.8% interest.
Term Save- With this account you get benefits like you would get from a long term investment. The maximum term is 12 months, during which you could earn good interest rates. The minimum deposit amount is R1000. Upon maturity, the money will be paid into your chosen account.
Term Save Plus- A minimum deposit of R1000 is required, while there is no limitation on the maximum amount. Interest is fixed for the duration of the Term Save Plus for 24 months. Interest can be paid into your PostBank Account either 6 monthly or at maturity.