Smart Save Minor Fees and Interest
Fees with effect from 2 April 2024:
Account opening fee |
Free |
Minimum opening deposit |
R 50.00 |
Minimum account balance |
R 0.00 |
Deposits (Cash) |
R 3.00 up to R100.00, thereafter an additional R 3.00 per R100.00 or part thereof above R100.01 |
Withdrawals (Cash) Branch |
R 10.00 up to R100.00, thereafter an additional R 2.10 per R100.00 or part thereof above R100.01 |
Close-out Withdrawal |
R 19.00 |
Monthly service/ledger fee |
Free |
Replacement: Smart Save Book |
R 92.00 |
Account Dormancy Fee |
Free |
Repayment from Unclaimed Funds |
R 76.00 |
Full Statement up to 3 months (Branch or mailed on request) |
R 21.00 |
Full Statement 4 months and older (Ad-hoc mailed on request) |
R 42.00 |
Mini statements and balance enquiries (Branch) |
Free |
Interest with effect from 26 May 2023: |
|
On balance (Rand) |
Interest Rate (% pa) |
0 - 50 |
4.90% |
50.01 - 5 000 |
4.95% |
5 000.01 - 15 000 |
5.10% |
15 000.01 - 25 000 |
5.20% |
25 000.01 plus |
5.35% |
NB: Interest is calculated on a daily balance and credited to the account on the last day of every month.
How is interest calculated?
Smart Save for Minors is a short term Savings account, so the interest is not very high but you do get immediate access to your cash. A balance of R 20,000 in the account for example earns 5.20% interest per year which equals R1040.00 per year (about R2.89 a day and about R86.67 a month). If you need access to your cash but still want to earn a little interest, then Smart Save for Minors is the account for you.
