Notice deposits are investments made for indefinite periods; but you cannot get access to your funds until a specified ‘notice period’ has been served.
The range of notice periods available is enormous some banks have a 21-day period, while other products have a 61-day period or even longer. A 32-day period is common and for this type of savings account interest rates tends to be a bit more favourable.
Therefore which 32 day notice account interest rates are the best? Let’s have a look.
FNB’s 32 Day Flexi Notice has a maximum nominal interest rate over 12 months of 7.20% and a minimum opening deposit of R1 000.
It’s free as there are no monthly fees, it rewards you by adding to your eBucks reward level points and Tiered interest is offered.
Where interest rates are based on the amount you invest therefore you can add money at any time, from anywhere due to also opening and managing your account online. And the more you invest or keep in the account, the higher the rate.
The Nedbank 32Day Notice offers you a secure, attractive method of saving funds earn up to 7.35%. And you earn interest above the rates earned on the average 32-day Notice Deposit.
By linking the account to an electronic banking profile all applicable maintenance can be done with ease. There are no monthly fees or commissions. And interest rates are tiered therefore the higher your balance, the higher your rate.
And bear in mind though to always read the fine print of whether it’s a nominal or effective interest rate as the difference between these two interest rates can be significant.