The African Bank savings and investment innovations and initiatives have proven to be a breath of fresh air in a financial market where credit and loans are the order of the day.
The South African financial services market is littered with many financing houses ready to provide credit and loans to many desperate clients with financial burdens. While these services are helpful, what it shows is the growing culture of failing to save and invest resources on the part of the general populace.
Saving and investing financial resources have proven from time immemorial to be very wise options to cushion individuals and families in coping with unexpected expenses and emergencies, borrow less, ease financial stress as well as manage money and afford things you need in future. Saving is simply the act of protecting money while being able to access it easily. With investing, the main goal is to grow the savings.
African Bank through its savings and investment solutions offers the fixed deposit, access fixed deposit and notice deposit solutions which starts with a minimum of R5 000.
The fixed deposit option offers interest rate from a minimum of 5.65% to a maximum of 9.50%. The investment term runs from a minimum of 3 months to a maximum of 60 months and the interest schedule runs from monthly, semi-annual to maturity.
The access fixed deposit comes with interest rates from a minimum of 5.55% to 8.20% with the investment term running from a minimum of 3 months to a maximum of 60 months. The interest schedule for this service is semi-annual to maturity.
Notice deposit has a one stream interest rate of 5.50%, notice period of 32 days and a monthly interest schedule.
The African Bank savings and investment plans will surely go a long way in securing the financial future of many individuals and families.
African Bank can be contacted on 0800 22 4683.