Do you wish to find out how to open a fixed deposit account with FNB? FNB is one of the most popular banks in South Africa. They offer a wide range of account, including fixed deposit accounts. You are here because you wish to open an account. That’s a great move. Fixed deposit accounts are a useful tool through which you can get your money to earn more. Instead of having it stay in a savings account where it can earn little interest, it’s better to deposit your money in a fixed interest account where earnings are way higher. But how do you get an FNB fixed deposit account?
Steps to get a FNB fixed deposit account
The following is how to open a fixed deposit account with FNB;
- You can open an FNB fixed deposit account online. You will need to provide a valid South African ID as part of the process. You will also need to provide a valid phone number where a One-Time-Password (OTP) will be sent. This number will be linked to your account.
- Another option is for you to visit your nearest FNB branch to open your fixed deposit account. You will need to take along all the required documents as outlined below.
- You can complete the Call me back form on the FNB website and they will get back in touch with you. Support will help you open your account.
- Another option is to call the FNB fixed deposit team on the number 0860 327 827.
What type of fixed deposit accounts does FNB offer?
That’s how to open a fixed account with FNB in South Africa. We have already noted that FNB is a great destination for those looking for this type of account. In fact, there are a number of accounts that you can choose from, all of which are fixed deposit in nature. The amount of interest that you will earn will be different from one account to the other.
Fixed deposit account
You need a minimum deposit of R10000 to open this account. The terms of investment can be from 7 days to 5 years. You will earn more by keeping more money in your account for a longer time. You have access to your interest during the term of your investment.
Here are the FNB fixed deposit account interest rates
You can also open a Savings account, which is another type of fixed term deposit account from FNB. The advantage of a Savings account is that you do not have restrictions on how much you can save.
That’s good, compared to the Fixed term deposit account, which we have just noted needs R10000 when opening the account. With the Savings account, there is not such requirement. Another great things is that you have instant access to your money whenever you need it.
This is another type of investment account that you can open with FNB. With the Money maximiser, you need to have an initial opening deposit of R100 000. So, that’s more than you need with the other accounts that were outlined above.
This account also gives you immediate access to your money, which is great. However, interest rates tend to be lower than those offered by the Fixed deposit account.
In this article we showed you how to open a fixed deposit account with FNB. We noted that a fixed deposit account is a type of investment account. It allows you to earn interest on your money for the duration of your chosen term.
The interest that you earn depends on the amount that you have deposited into the fixed term account, along with the term that you have chosen. The more you invest, the more you will earn. The longer the term of investment, the higher your interest rates are also going to be.
We also highlighted some of the other investment accounts that are on offer at FNB. These offer lower interest rates than what you would get with fixed deposit accounts. But they come with their own advantages, such as the ability to withdraw your money at any time. So, those are some of the thing to consider when choosing your investment account type.