Benefits Offered by the Postbank South Africa 1 Year Term Deposit

Overview

Postbank is a South African savings financial institution, operating as a division of the South African Post Office.

Established in 1984, Postbank offers secure, reliable, accessible and affordable banking. The institution now has a network of 2600 outlets.

The institution specialises in offering retail customers basic transaction accounts, savings accounts and fixed term accounts (1 to 12 months.)

The institution offers a Postbank South Africa 1 Year Term Deposit.

What is a fixed deposit?

A fixed deposit is an amount of money you save that cannot be accessed until maturity and no additional funds may be added to this investment. Various institutions have different options for fixed deposit types.

Interest can be capitalised or withdrawn on demand, however, withdrawal of the deposit before maturity is not allowed.

You can capitalise your interest, earning you interest on interest. You can also choose when you would like your interest to be paid out, either monthly, quarterly, half yearly, annually or at maturity.

Once the fixed deposit amount has matured, clients will have earned a significant amount of interest and will have the freedom to use the money however they please

High-interest savings accounts such as term deposit accounts are an ideal place to keep your emergency fund or any money to which you still need ready access.

Widely regarded as one of the best known ways to save, these types of accounts are easily accessible. Some have a minimum deposit and others have a minimum account balance.

Essentially, they are investment accounts where your money earns interest, where rates tend to be more favourable than for call accounts and the more you keep in the account, the higher the interest rate.

Tell me more about the Postbank South Africa 1 Year Term Deposit?

This term deposit has a requirement of a minimum of R10 000. The interest amount offered by the institution is 6.55%.