Life can take unexpected turns with events that are unforeseeable. It is therefore important to invest for the future in case of unexpected or expected events. African Bank offers fixed deposits through the My Life Needs facility for their customers. Through this facility customers are, amongst other things, able to save money for their children’s education, renovating their homes or for a rainy day.
African Bank’s fixed deposits are the ideal way to save money that customers will not use until the contract with African Bank has matured. Customers can save anything from R500 to R2 000 for a period of three to 60 months at fixed interest rates. The start day of the contract is the day that African Bank receives the first payment into the fixed deposit account.
A fixed deposit gives customers a chance to invest a lump sum at a fixed interest rate. It eliminates the temptation of customers dipping into their investment so that it grows. Additional deposits are not allowed except for the first seven days after initial funding to cater for transfer limits on internet banking platforms. Depending on customers’ financial needs, the interest on their investment can be paid out every six or 12 months or on maturity.
The customer can apply to African Bank for early withdrawal of funds only under exceptional cases. This is only at African Bank’s discretion and a penalty fee will apply. Customers also have the option to reinvest their fixed deposit. Customers can apply for a fixed deposit at their nearest African Bank branch.
To get more information on My Life Needs and other products customers can visit www.africanbank.co.za, call 0861 000 351 or complete and online query form and an African Bank consultant will call them back.