Do you wish to learn how to open a fixed deposit account with African Bank? Fixed deposit accounts are the way to go for those looking to invest some readily available cash into an account that offers better returns than those offered by normal deposit accounts. African Bank offers some of the best interest rates on fixed deposit accounts that can be found anywhere in South Africa. In fact, you can earn up to 12.21% per annum. That depends on how long you are going to keep your money in the account.
Steps to open an African Bank fixed deposit account
The following is how to open a fixed deposit account with African Bank;
- You can open a fixed deposit account at your nearest bank branch. If you are not already an African Bank customer, you will need to meet the requirements as outlined below.
- It’s also possible to open a fixed deposit account online. This can be done in as little as 3 minutes.
What are the requirements for opening an African Bank fixed deposit account?
That’s how to apply for a fixed deposit account with African Bank in South Africa. You can do it at a nearby branch or over the internet. But in order to open the account, there are a number of things that are required;
- You need to have the minimum deposit amount of R500.
- Your ID or passport
How long are the investment terms?
Investment in a fixed deposit account is for a given term. You are the one who chooses the term. How long do you wish to keep your money in the African Bank fixed deposit account?
African Bank offers flexibility in this regard. You can keep your money in there for periods ranging from 3 to 60 months.
What you need to know is that the longer the term that you choose, the more the interest that you are going to be able to keep. So, even for the same amount, you will earn more if you keep the money in the account for 60 months.
Another thing to note is that the interest rates that are quoted by African bank on fixed deposit accounts are annual interest rates. They are not per month. A lot of people get confused here.
Here are the African Bank fixed deposit interest rates
In this article, we showed you how to open a fixed deposit account with African Bank in South Africa. It was noted that fixed deposit accounts are ideal for those looking to save money for a specific number of months.
Perhaps you wish to save towards the purchase of some asset. In that case, it’s better to keep the money in a fixed deposit account so you can earn more interest than would be the case were you to keep the money in a normal account.