The Absa Fixed Deposit savings account keeps your investment safe, and allows it to grow, with competitive interest rates. JustMoney has the details.
16 September 2024
The Absa Fixed Deposit account is a solid choice if you want to earn a favourable interest rate without the stress of market fluctuations.
Your capital is guaranteed, meaning the original amount of money you invest is securely protected and will be returned to you. So, you can enjoy peace of mind while your savings grow.
Tip: Enjoy personalised interest rates when you take out a personal loan from a reputable provider.
A fixed deposit account requires you to deposit a lump sum for a fixed period.
During this period, you can’t withdraw your funds without incurring penalties. In return, you can take advantage of a higher interest rate than the rate offered by a standard savings account.
The interest is typically compounded, meaning you earn interest on your interest, leading to potentially higher returns over time.
The Absa Fixed Deposit account offers several advantages. These include:
You can withdraw money from a fixed savings account at any time, but if you do so before the maturity date, you’ll be penalised.
This is because the account offers an attractive interest rate in exchange for your commitment to keep the funds deposited for a specific term.
The table below sets out the Absa Fixed Deposit savings account fees:
Notice period |
Fixed-period investment |
Investment period |
Eight days to 60 months |
Opening balance |
R1,000 |
Maximum credit interest |
Ranges from 6.2% (8-31 days) to 10.71% (60 months, and investments of over R100,000). However, these rates are a guideline and may be determined by your chosen investment term, interest payment frequency, the initial amount deposited, and other factors. |
Balance enquiry – bank branch |
R10 |
Statement – bank branch |
R50 |
Statement – banking app, online, email |
Free |
Features |
|
Tip: Check your credit score to determine if you may qualify for financial products.
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