The FNB 32 Day Flexi Notice account is a great way to save, with no monthly fees to worry about. Here’s what you should know about this popular savings option.
16 September 2024
Saving money is a journey, and choosing the right savings account can be key to achieving your financial goals.
The FNB 32 Day Flexi Notice account combines flexibility with attractive interest rates. It allows you to grow your savings while providing easy access to your money after 32 days, at no cost.
Tip: Using a budget calculator helps you to put together an effective monthly budget.
A notice account is designed to promote long-term saving habits by offering a higher interest rate compared to a regular savings account.
To “earn” this higher return, you agree to a set notice period before withdrawing your funds.
Typically, you will incur fees if you withdraw money early from a notice account.
You can access the funds in your FNB 32 Day Flexi Notice account early if you need to, but you will be charged, so it’s better to adhere to the notice period and maximise your savings.
Whether you’re saving for a rainy day or a big purchase, or simply looking to make the most of your hard-earned money, this no-risk account provides peace of mind – your original deposit and quoted returns are guaranteed.
The interest rate is based on the amount you invest, and while you sacrifice some liquidity – meaning, you can’t withdraw your funds at any time – you’ll achieve a higher return on your savings.
If you wish to access the funds in your account, you must give the bank 32 days’ notice before you may withdraw the money at no cost. The 32-day period starts on the day you give notice.
The account allows you to manage your savings conveniently and flexibly. You can withdraw money for free after 32 days, or sooner (at a cost).
You can also deposit money into the account any time, from anywhere, making it easy to grow your savings. The “tiered interest” aspect means the more you invest, the more you earn.
Features
Maximum credit interest |
8.45% maximum nominal interest rate over 12 months (You will not earn interest if the investment balance is less than R1,000) |
General fees |
|
Minimum opening deposit |
R5,000 |
Monthly fee |
No monthly fees, but transactional fees and early withdrawal fees apply |
Services for inContact, the FNB Banking App, online banking, and cell phone banking |
Free |
Up to 12 months’ digital statements |
Free |
Deposits |
|
FNB ATM and automated deposit teller (ADT) |
Free |
FNB branch |
R80 + R3.20 per R100 |
Transfer money via digital channels |
Free |
Withdrawals |
|
Early withdrawal/closure
|
Early withdrawal fee = base fee (see below) +2.25% of the amount to be withdrawn early |
R1,000 or less |
Base fee – face-to-face channels: R100 |
R1,000 or less |
Base fee – electronic channels: R25 |
More than R1,000 |
Base fee – face-to-face channels: R300 |
More than R1,000 |
Base fee – electronic channels investment: R50 |
Cash withdrawals |
|
Other bank ATM |
Not possible |
FNB ATM and ADT |
Not possible (withdrawals can only be made to a linked account, such as your cheque account) |
Account payment/transfer |
Online payments/transfers from your account are free. These transactions cannot be done at an ATM or another bank |
Balance enquiries |
|
Balance enquiries – online or app |
Free You can get up to 12 months’ digital statements free |
Balance enquiries – bank branch |
Not possible |
Statements |
|
Bank branch |
R27 per statement |
Own bank’s ATM |
R3.20 per statement |
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