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FNB Money Maximiser

The FNB Money Maximiser helps you to grow your wealth risk free, and access your funds quickly. Find out more about this convenient savings account via JustMoney.

16 September 2024

Saving money effectively while earning competitive interest rates is a smart financial strategy, and the FNB Money Maximiser account is tailored to help you achieve this goal.

Tip: A personal loan at a customised interest rate gives you a quick cash boost in an emergency.

What is the FNB Money Maximiser?

The FNB Money Maximiser is a savings account that allows you to earn a money market fund-related interest rate, and gives you quick and easy access to your money.

Whether you’re saving for a major purchase, boosting your emergency fund, or simply working towards financial freedom, the FNB Money Maximiser is reliable and flexible.

How does FNB Money Maximiser work?

 The account offers money market-related interest rates, but functions more like a savings account than a fixed deposit account. You can withdraw your funds at any time without incurring a penalty. 

With features such as tiered interest rates that reward you for having a higher balance, and the flexibility to access your money at any time, this account allows your money to work harder for you.

What are the benefits of the FNB Money Maximiser?

The FNB Money Maximiser offers guaranteed capital and quoted returns, along with higher interest than a typical savings account. However, you need to invest a minimum of R100,000, which means the account is not accessible to everyone. 

Are FNB Money Maximiser savings tax-free?

Savings in the FNB Money Maximiser account are subject to tax as they accrue interest.

This interest forms part of your taxable income and needs to be declared in your annual tax return.

However, FNB also offers tax-free savings accounts that allow you to save a set amount every year without paying tax on the interest earned (the annual limit is R36,000, and the lifetime limit, R500,000).

Features

  • Original deposit and quoted returns guaranteed
  • Flexible online and ATM deposits and withdrawals
  • Third-party payments are allowed
  • You can set up regular transfers into your account
  • You can reinvest or redirect your interest into another account
  • You can open and manage your account online

The table below sets out the FNB Money Maximiser fees and charges:

Notice period

None – instant access

Investment period

No minimum period required

Opening balance

R100,000

Nominal interest rate over 12 months interest

8.25%

Monthly fee

R65

Cardless cash withdrawal fee (cell phone banking)

R2.60 per R100/R10 per R1,000, up to R2,000

Cash withdrawal fee – FNB ATM, FNB Mini ATM

R2.60 per R100/R10 per R1,000 up to R2,000

Cash withdrawal fee – other bank ATM

R12 + R2.60 per R100

Cash withdrawal fee – bank branch

R80 + R3.20 per R100

Account payments – FNB Banking App, online banking, or cell phone banking

R45

Account payment – own bank ATM

The payment fee is R45, but you can avoid it by transferring money to your current account for free, and then paying from there

Transfer fee – branch or telephone

R80

Pay and clear

R60

Cash deposit fee – own bank ATM

R1.60 per R100 (no minimum)

Cash deposit fee – bank branch

R80 + R3.20 per R100

Receive money via digital channels

No charge

Balance enquiry – FNB Banking App, online banking, cell phone banking, and ATMs

Free

Balance enquiry – branch and telephone banking (consultant assisted), other banks’ ATMs, international point-of-sale

R7.30

Digital statement – current month

Free

FNB ATM mini statement (print or view)

R3.75 per statement

Emailing of statement older than 12 months (online banking)

Free

Printing of statements – ATM with deposit function

R3.75 per page

Statement – branch/telephone banking

R50 per statement

Emailing of statement – branch and telephone banking

R50 per statement


Note that you will not earn interest on your savings if your balance is less than the minimum account opening deposit amount.

Since the FNB Money Maximiser account is not a notice account, there is no notice period required before you can withdraw your money.

Tip: Also consider the FNB 32 Day Flexi Notice account, which offers a favourable interest rate and encourages long-term savings.

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