This account gives you the kind of benefits you would get from a long term investment, however you get added flexibility with the choice of deciding how long you want to put your money away for – and that could be anything from 1 month to 12 months, you decide. Please see Term Save Interest Rates for your choice of terms. The minimum investment is R1000 and the longer you invest for, the higher the interest. You will need any Postbank card account as your money and interest will be paid into that account.
• A minimum investment of R1000 is required.
• You decide how long you want to invest for – from 1 to 12 months.
• You also decide whether you want the interest to be paid to you monthly or only at the end of the investment period.
• At the end of the investment period your Term Save is automatically reinvested at the interest rate applicable at that point in time.
Interest is calculated on a simple interest rate basis, ie interest is calculated for the duration of the investment on the deposit amount only and not on previous interest earned. The interest rate remains fixed for the period of the investment and will be adjusted to the going rate upon renewal.
MAKE IT WORK FOR YOU:
Term Save is best when you have a lump sum of money that you don’t need right now but will need access to in the near future. Instead of leaving this money in a normal transaction account where you earn little interest, you can put it into a Term Save. If you can, make your investment term seven months or more as this is when you really earn good rates of interest.
Remember it’s always best to stick to the full term of investment, if you do terminate early, normal Flexi interest rates will apply depending on the amount invested.