With a rich history in the South African financial services industry, African Bank has gained a reputation as a trusted institution. Since being re-launched in 2007, the bank has continued to grow. It has gained more clients and has provided some much-needed services in the form of credit facilities.
With a value system aligned with enhancing the customer experience, African Bank believes that credit should work to improve lives and help individuals move forward. African Bank ensures that clients are given all necessary information to make informed decisions.
The Bank also offers a range of saving and investment tools. One such tool is the African Bank 5 Year Term Deposit.
More about the African Bank 5 Year Term Deposit
According to an article in Fin24:
“Many people like to keep a certain percentage of their savings in a bank account where it earns some interest; but they can get access to it, in case of emergencies.”
One of the reasons that people often choose high interest savings accounts is that they can earn interest, while also giving them the option of being able to withdraw the funds very easily. This is one of the advantages of having a term deposit.
African Bank offers Term Deposits ranging from 3 months up to a maximum of 60 months. Clients get a fixed interest rate for the duration of their investment.
Interest can be paid out monthly, every 6 months, 12 months, or upon maturity. Additional deposits are allowed for the first 7 days after the initial funding.
The amount of interest you will be earning will depend on the amount of cash you put into this fixed period plan, with the top end being 13+ % (that is a very decent interest rate!)
A R500 minimum deposit is required, along with proof of residence and a valid ID.
Enter your details online and an African Bank consultant will assist you.
If the African Bank 5 Year Term Deposit seems like too much of a long term commitment, check out the African Bank 7 Day Notice Account.