Your main savings account (R25 minimum balance; R5.80 monthly admin fee) gives you affordable banking and access to flexible, fixed or tax-free savings plans.
The benefits of a flexible savings plan
Earn from 2.50% interest per year 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 a flexible savings plan using our app. Simply open the app, tap on “Save”, enter your Remote PIN and tap “Add Flexible Savings”.
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
- Earn from 3.60% – 8.50% (nominal interest rate)
- Interest rate fixed for the full term
- Money available on the maturity date
- After maturity, the account will become a flexible savings 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
- Earn from 2.50% – 5.50% interest (nominal interest rate)
- Interest rate fixed for the full term
- Money available on the maturity date
- After maturity, the account will become a flexible savings 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
