Bonus Save fees and interest

Bonus Save Fees and Interest

 
Fees with effect from 1st April 2017:

Account opening fee

Free

Minimum opening deposit

R 30.00

Minimum monthly instalment

R 30.00

Deposits

Free

Stop order from card account

Free

Maturity Pay-out

Free

Replacement: Term Deposit Confirmation Advice

R 35.00

Monthly service/ledger fee

Free

Interest with effect from 21 July 2017:

Term Deposit period

Interest Rate (% pa)

12 - 24 months

3.85%

25 - 48 months

4.45%

49 - 60 months

5.15%

Bonus (if all conditions are met)

0.50%

Interest is fixed for the duration of the investment term. Interest is calculated on a daily balance and credited to the card account at maturity of the Savings term only.

Please note that the bonus interest is paid only if the full term of the agreed Savings period is reached with all monthly instalments paid on time.

What is the interest?

If for example you decided to save R500 a month for 24 months, you would have a final balance of R12 000 in the account. Having paid regularly into the account and seen the full term through, you would qualify for 4.35% interest (3.85% interest plus 0.50% bonus interest).

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