Answering common savings and investment questions

Savings and investing are essential to growing your wealth, but if you’re just starting out it can be tricky to navigate. Here are some common questions and answers on 3 of our savings and investment accounts that will help give you a foundation of knowledge to make informed decisions about your financial future.

How is interest calculated?

• On immediate access savings accounts, such as our PureSave Account and MoneyMarket Select investment account, interest is accrued daily and capitalised into the account monthly or on the date nominated by you.
• On maturity access savings accounts, such as a Fixed Deposit investment account, interest is calculated daily and paid monthly, quarterly, annually or at the end of the investment period.

Can I get access to my funds?

• For both a PureSave Account and a MoneyMarket Select investment account, your money is available immediately at any time. Transfers and payments are allowed, and cash withdrawals can be made, provided your account is linked to a card.
• There are two ways you can withdraw your money from a Fixed Deposit investment account:
  •  At maturity close-out, which means your investment has matured and you’ve reached the end of the investment period. All funds are available at this time and you won’t be charged penalties for withdrawals.
  • It’s possible to redeem your money before the investment period ends, however, you will be charged a penalty fee.

Will my interest get taxed?

When you earn money on your investment, you pay tax. However, the tax amount depends on your own marginal income tax rate as outlined by SARS. All taxpayers enjoy an annual exemption amount in interest income. Therefore, you’ll be taxed depending on how much interest you earned, what your marginable tax rate is, and what other investment returns you have.

Can I choose when my interest gets paid out?

• PureSave Account: Yes, but only a date in a month.
• MoneyMarket Select investment account Yes, but only a date in a month.
• Fixed Deposit investment account: Yes, you can choose which date in a month and which cycle period (monthly, quarterly, annually or at period end).

Is my money safe?

Yes, your capital is guaranteed across all three accounts and you have full view of it on our Banking App or via your Internet Banking profile.

Is this the best rate I can get?

Our MoneyMarket Select investment account gives you a market-leading interest rate, while the Fixed Deposit investment account and PureSave Account are on par with market rates.

What fees come with this account?

You don’t pay any monthly fees on any of these 3 accounts. However, transactional fees may apply.

Is there a minimum amount I must invest?

• PureSave Account: There is no opening amount required.  
• MoneyMarket Select investment account: You require an opening balance of R100 000.
• Fixed Deposit investment account: You require an opening deposit of R1 000. But the higher your balance, the more interest you’ll earn.

How do I know how my investment is doing?

Download our Banking App or sign into your Internet Banking to access and manage your money anytime, anywhere. You can also link your card for easy access on our self-service channels.