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Postbank, providing affordable banking

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Postbank, providing affordable banking

South African Post Office (SAPO) is the national postal service of South Africa and is owned by the South African government.This institution currently employs over 17,000 people and operates more than 2,400 postal outlets throughout the country. While the post office has a number of divisions operating in the fields of mail, logistics, property, retail services, etc, the second largest activity of the group is financial services which it offers through the Postbank.

The Postbank was formed in 1910 and it currently stands as the largest savings bank in the country with 6 million customers. Savings platforms offered by this bank include the Savings accounts, Term deposit accounts and Transactional accounts.

Savings accounts are divided into Bakgotsi, Smart Save and Smart Save for Minors. Bakgosi is designed for groups who have a constitution or written declaration of goals. SmartSave account works best if you have some money you want to put away with need for access in the near future. Smart save minors is an account designed for scholars and children under 16 years.

Term deposit accounts are sub-divided into bonus save, term save and term save plus.With bonus save, you can potentially earn up to 4.5% interest on your Bonus Save account if you opt for a longer term of between 49 and 60 months at 4.00% interest, and if you complete the term, you will also qualify for a bonus of 0.50% interest at the end of the Bonus Save term – provided all conditions are met. Term save gives you the kind of benefits you would get from a long-term investment while term save plus has one of the most attractive interest rates around. Transactional accounts are divided into aspire youth debit card, flexi debit card, mzansi card and pension flexi card.

Postbank can be contacted on 0800535455.

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