First National Bank (FNB) is one of the major banks in South Africa, with a reputation for being the most innovative bank in the country.
According to a recent survey by the South African Customer Satisfaction Index (SAcsi), FNB is the cheapest among the four big banks for the upper middle class and sophisticated banking needs sector. It is also the best performer in the field of perceived quality and is a leader in satisfaction with mobile banking.
In addition to offering a wide array of products and services, including transactional services, loan facilities, investment and savings options, FNB also has a number of Money Market Accounts.
A Money Market Account is a type of savings account that usually earns a higher amount of interest than a basic savings account. There is also usually a higher minimum balance required to open the account.
This type of account pays interest based on current interest rates in the money markets.
Most banks have notice deposits, which are investments made for indefinite periods. A 32-day period is common, while the longer the notice period, the higher the interest rate offered.
More on FNB Money Market Account Interest Rates 2016:
FNB Money on Call:
This is a Money Market Account with transactional capabilities via an optional Visa Chip and PIN Card. With this account, you are able to save a significant amount of money, while also getting access to your money whenever you need it.
This is an account which aims to achieve a high level of returns while preserving capital and providing instant access to money in case of emergency. The minimum investment amount on this account is R10 000.
FNB Money Market Account Interest Rates for 2016 include a 5.15% rate for the Money on Call Account.
The Money Maximiser account earns a 7% nominal interest rate over 12 months.