What are the African Bank fixed deposit interest rates? It’s something that quite a number of people have been asking about. African Bank is one of the best financial institutions in South Africa for those looking to make fixed deposit. A fixed deposit account is one where money is kept for a predetermined time frame, during which it earns at a predefined interest rate. So, how much can you earn on your Fixed Deposit account with African Bank?
Fixed deposit interest rates African Bank
The following are the African Bank fixed deposit interest rates;
|Terms||Monthly payout||Annual payout||6 months payout||End of term payout|
As you can see in the above, the terms for African Bank fixed deposit accounts are 3, 6, 12, 24, 36 and 60 months. The interest rates go up to 12.21% per annum. That’s if you invest for the maximum 60 months term.
You can choose different payout periods, as you can see in the above table. If you choose to have interest paid out monthly, you can earn between 7.73% and 9.57% per annum.
If you choose to be paid at the end of the term, you can earn between 7.77% and 12.21%. That’s the highest payout interest rate.
As an example, if you invest R50 000, you will be able to earn about R372.08 per month at an interest rate of 8.93%. That’s a better payout than you will be able to get with most other banks. In total, you will be able to earn a total of R54 464.96.
How can you earn more?
Those are the interest rates that you can expect to get. Fixed deposit accounts are great for those looking to purchase some assets. Let’s say you wish to buy furniture.
You can put your money into a fixed deposit account till you have saved enough to buy what you need. So, if you have money that you wish to keep for some time, the fixed deposit account is one that you should choose. It’s better than keeping your money in a regular account.
In this article, we gave you the African Bank fixed deposit interest rates. We noted that if you invest money for a longer time, you will get to earn a lot more in terms of interest. Fixed deposit interests range from 7.73% to 12.21%. You can withdraw your money before the end of the term, but then you will be charged a penalty.