With Bonus Save, in addition to the interest you earn over the period of your Savings, you could also qualify for a bonus of 0.50% interest at the end of the Bonus Save term provided all conditions are met,such as making monthly payments on time throughout the duration of the term.
There are different terms available for Bonus Save and each term has its own interest rate. For example, you could choose to save for a period of 24 months and earn 4.95% interest, or you could save for a period of 60 months and earn 6.00% interest.
There are options designed to suit your specific needs. Look at our Bonus Save Interest Rates to determine which is right for you. You will be required to do regular monthly deposits into your Bonus Save account, which is possible through a stop order from your Postbank Card Account. The monthly deductions from your Postbank card account will be done on the same date as the account opening date of your Bonus Save. If for example you open your Bonus Save on the 9th of the month, deductions will be made on the 9th of each month for the duration of the term.
Interest will be credited to your Postbank card account.
Interest is fixed for the duration of the investment term. Interest is calculated on a daily balance and only credited to the card account at maturity of the Savings term.
If you are serious about saving, this is ideal for you.
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 5.45% interest (4.95% interest plus 0.50% bonus interest).
Terminating early means you will not only lose your bonus interest but a penalty will also apply.
NB: Always make sure you have enough funds in your card account to cover the monthly stop orders.