When it comes to opening a post office savings account in South Africa, there are many benefits that consumers can enjoy. You can choose between savings accounts, term deposit accounts and transactional accounts, depending on your specific requirements.
There are three options for savings accounts to choose from and they each have their own features and benefits to offer. They are:
- Bakgotsi is a book-based account that is ideal for groups like societies and clubs. The account helps them achieve their saving goals and keep their money safe while it accumulates interest. When money needs to be withdrawn, two authorized signatories are required to be present. All transactions are recorded in a savings book and no minimum balance is required.
- Smart Save is perfect for individuals who want to save their money. Your transactions will be recorded in a savings book, and you need a minimum of R50 to open the account. You can withdraw money from any Post Office retail branch and normal cheque deposits are free.
- Smart Save for Minors is ideal for minors under 16 years of age. You can withdraw money from any Post Office retail branch, save what you want, and only need a minimum of R10 to open an account. All transactions will be recorded in a savings book.
If you are interested in term deposit accounts at the Post Bank, you can choose between a Bonus Save, Term Save, and Term Save Plus account. The Bonus Save account offers interest rates of around 3.45% over 24 months, and up to 4.75% for investments of up to 60 months.
The Term Save account will require a minimum of R1,000 to open, and offer good interest rates that are paid out monthly, or at the end of your savings period, as you prefer. The longer you invest, the more interest you’ll earn. The Term Save Plus account offers a minimum investment period of 24 months and you’ll need R1,000 to open the account.