Term Save gives you the kind of benefits you would get from a long-term investment. However, you get added flexibility as you get to choose how long you want to invest your money which could be anything from 1 to 12 months. It’s up to you.
The minimum Term Save amount is R 1,000 and the longer you invest, higher your interest. You will need a Postbank Smart Save or card account as your money and interest will be paid into the chosen account.
Interest is calculated on a simple interest rate basis. The interest is calculated for the duration of the Term Save on the capital amount. . The interest rate remains fixed for the period of the investment and will be adjusted to the going rate upon renewal.
Benefits of Term Save:
A minimum deposit of R 1,000 is required
Decide how long you want to invest between 1 to 12 months
Interest can be paid to your Postbank account monthly or at maturity / auto renewal
Your Term Save is automatically renewed if not claimed at the end of the Term Deposit period at the interest rate applicable at the time.
Make it work for you
If you have a lump sum of money that you don’t need right away but will need it in the near future, Term Save is for you. 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 Term Save seven months or more as this is when you really earn good rates of interest.
It’s always best to stick to the full term of your Term Save. If you terminate it early, normal Smart Save account interest rates will apply depending on the amount invested.
How to Apply
You can apply at your nearest Post Office. You need your ID document and proof of residential address in order to comply with the Financial Intelligence Centre Act (Fica).