Your main savings account gives you affordable banking with access anytime, fixed or tax-free savings plans.
The benefits of an access anytime plan
- Earn interest on daily balances.
- Choose your deposit amount and the frequency of your deposits
- Name your savings plan
- Access your plan any time with Remote Banking (cellphone app/Internet/*120*3279#) or our ATMs
- No monthly admin fee or minimum balance
You can open an access anytime plan using our app. Simply open the app, tap on “Save”, enter your Remote PIN and tap “Add Access Anytime”.
The benefits of a fixed-term savings plan
Single deposit option
Invest for 6 – 60 months, with a minimum balance of R10 000.
- You choose how long you want to invest (from 6 – 60 months)
- You deposit a single amount (maximum R20 million) to invest over the term you choose
- Interest rate fixed for the full term
- Money available on the maturity date
- After maturity, the account will become an access anytime plan, which you can refix for a further term
- No monthly admin fee
When your deposit starts earning interest, you can reinvest the interest or transfer it to your main savings account.
Multiple deposit option
Invest for 6 – 24 months, with a R1 million maximum investment.
- You choose how long you want to invest for (from 6 – 24 months)
- You decide how much and how often you would like to deposit over the term you choose, up to a maximum of R1 million
- Interest rate fixed for the full term
- Money available on the maturity date
- After maturity, the account will become an access anytime plan, which you can refix for a further term
- No monthly fee
When your deposits start earning interest, you can reinvest the interest or transfer it to your main savings account.
The benefits of a tax-free savings account
Enjoy tax-free interest over the long term.
- You can open one tax-free savings account at any of our branches
- Deposit any amount up to R36 000 per year (single or multiple deposits)
South African Revenue Service (SARS) rules
- Contribution limits :
- Your combined limit for the financial year (1 March – 28 February) across all tax-free savings accounts, including those at other financial services providers, is R36 000
- Lifetime limit is R500 000
- Contributions over these limits are taxed at 40%
- Interest earned will not be taxed
- Money withdrawn cannot be replaced
- Money may be transferred to and from a tax-free account at another financial services provider
- Other savings plans may not be converted to a tax-free savings account
