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FNB Fixed Deposit Accounts Review 2021

Posted on Apr 29, 2021 by Staff Writer

Rateweb | South Africa

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First National Bank has different classes of Fixed deposit accounts that clients can lock their money into for a specified period. Fixed deposit accounts from FNB vary on the amount of investment that clients should deposit. The higher the amount of investment the higher your interest earnings will be. Also, the duration of your investments as a client plays a big role in your interest earnings. 

Clients have an opportunity to get up to 8% nominal interest rate on their investment. First National Bank guarantees capital investments on fixed deposit accounts, therefore, you get 100% guaranteed returns and your principal investment back at Maturity. 

The fixed deposit accounts are flexible as account holders can add money into their fixed deposit account at maturity. This can be done if you have chosen the option to reinvest your capital and/or interest earnings at Maturity. Moreover, you can opt to transfer your interest earnings to another account during the cause of your investment. 

Fixed deposit accounts available at FNB are for those that are below the age of 55 and those above the age of 55. Those above the age of 55 tend to earn more interest on their fixed deposit accounts when compared to the fixed deposit account for those below the age of 55.  

To invest in an FNB Fixed Deposit Account, you need to have a minimum opening deposit of R10,000.00. The maximum amount that clients can invest is unclear and mainly depends on the client. 

FNB Fixed Deposit Rates 2021

PeriodMinimum Fixed Deposit Nominal RateMaximum Fixed Deposit nominal rate
1 Month2.85%3.00%
3 Months3.20%3.35%
6 Months 3.55%3.70%
9 Months3.75%3.90%
12 Months4.05%4.20%
24 Months4.65%4.80%
36 Months5.25%5.40%
48 Months5.85%6.00
60 Months6.35%6.50%
FNB Fixed Deposit Rates 2021

FNB 1 month fixed deposit account 

The one-month fixed deposit account is for those that want to save money for a very short period. This account has a minimum nominal interest rate of 2.85% which is applicable to deposits of R10,000.00 – R249,999.99. 

Those that want to deposit R250,000.00 – R499,999.00 get an opportunity to earn an even higher nominal interest rate of 2.90%. The interest rate for those who deposit between R500,000.00 – R999,999.99 is 2.95% and nominal interest for those who invest R1,000,000.00 or more is 3.05%. 

FNB 3 months fixed deposit account 

The highest interest on this fixed deposit account is 3.05% pa, this is for deposits of more than R1,000,000.00. Investments of R500,000.00 to R999,999.99 earn a nominal interest rate of 3.30%.

The lowest interest rate for the 3 months fixed deposit account is for deposits of R10,000.00 to R249,999.99 of 3.20%. Those who deposit R250,000.00 to R999,999.99 to the 3 months fixed deposit account earn a nominal interest rate of 3.25%.

FNB 6 months fixed deposit account 

Suitable for those who want to lock down their money for a short to medium-term term, the FNB 6 months fixed deposit account offers some of the competitive interest rates in South Africa. However, interest is determined by the amount that one wants to invest. 

With a deposit of R10,000.00 – R249,999.99, clients earn 3.55% on their fixed deposit account. Clients with R250,000.00 – R499,999.00 deposit, get to earn a 3.60% nominal interest rate on their investment. 

For an investment of R500,000.00 – R999,999.99 clients get to earn a nominal interest rate of 3.65%. Those with over R1,000,000.00 to deposit into an FNB Fixed Deposit Account get to earn 3.70%.

FNB 9 months fixed deposit account

Going a little extra mile with interest offerings, the FNB 9 months fixed deposit account has the lowest interest offering of 3.75% which is for the R10,000.00 – R249,999.99 investments. Those who want to invest R250,000.00 – R499,999.99 into the 9 months fixed deposit account earn a nominal interest rate of 3.80%.

Other interest offerings include 3.85% for investments of R500,000.00 – R999,999.99. Last but not least, clients who receive the highest nominal interest rates for the 9 months fixed deposit account for those who deposit R1,000,000.00 or more and earn 3.90% interest. 

FNB 12 Months Fixed Deposit Account 

The 12 months Fixed Deposit account breaks the 4% mark in nominal interest rate earnings. The lowest interest earning is 4.05% which is for investments between R10,000.00 – R249,999.99. 

Those that want to invest R250,000.00 – R499,999.00 get to earn a nominal interest rate of 4.10%. The third best nominal interest rate offering is for those who invest between R500,000.00 – R999,999.99. The highest nominal interest rate offering is for those who deposit R1,000,000.00 or more into their 12 months Fixed Deposit Account earning a 4.20% nominal interest rate. 

FNB 24 months fixed deposit account 

An account that is suitable for those who want to invest for a medium-term. The account offers a 4.65% nominal interest rate for clients that invest R10,000.00 – R249,999.99. Clients that invest R250,000.00 – R499,999.99 earn a nominal interest rate of 4.70%.

For clients who invest R500,000.00 – R999,999.99, they get to earn a nominal interest rate of 4.75%. Clients who invest R1,000,000.00 or more earn a 4.80% nominal interest rate. 

FNB 36 Months Fixed Deposit Account 

The 36 months fixed deposit account has interest offerings jumping 0.60 points on all investment brackets. The R10,000.00 – R249,999.99 investment has a nominal interest rate of 5.25% which is a 0.60 points jump in the same category when compared to the 24 months offerings. 

With an investment of R250,000.00 – R499,999.00 clients earn 5.30% nominal interest rate. Clients that invest R500,000.00 – R999,999.99 earn 5.35%. R1,000,000.00 plus deposits earn the highest interest rate in this category with 5.40% nominal interest rate. 

FNB 48 Months Fixed Deposit Account 

The 48 months fixed deposit account has 4 brackets of calculating interest that is earned on the account. The first bracket is for deposits of R10,000.00 – R249,999.99 which earns a nominal interest rate of 5.85%. 

Deposits of R250,000.00 – R499,999.00 come in second and earns interest of 5.90%. The third bracket is for R500,000.00 – R999,999.99 deposits which earn a 5.95% nominal interest rate. The fourth bracket is for deposits of R1,000,000.00 or more and comes with a nominal interest rate of 6.00%.

FNB 60 Months Fixed Deposit Account 

The last fixed deposit account from FNB is the 60 months fixed deposit account. This account has the highest nominal interest rate of 6.50% which is for investments of R1,000,000.00 or more. The lowest interest offering on the 60 months fixed deposit account is a 6.35% nominal interest rate which is for investments of R10,000.00 – R249,999.99. 

Clients who invest R250,000.00 – R499,999.00 get to earn a nominal interest rate of 6.40%. Those who deposit R500,000.00 – R999,999.99 earn 6.45%.

 FNB Fixed Deposit Accounts for clients aged 55 years and older

PeriodMinimum Fixed Deposit Nominal RateMaximum Fixed Deposit nominal rate
1 Month3.35%3.50%
3 Months3.65%3.80%
6 Months 4.05%4.25%
9 Months4.25%4.45%
12 Months4.80%4.90%
24 Months 5.85%6.05%
36 Months6.15%6.35%
48 Months6.55%6.75%
60 Months7.65%7.85%

Those aged 55 or older get preferential interest rates on fixed deposit accounts. Moreover, those who are retired get even better interest on fixed deposit accounts from FNB. We will look at all fixed deposit account offerings from FNB for those aged 55 or older. 

FNB 1 Month fixed deposit account for clients aged 55 and older

The 1 month fixed deposit account has the lowest interest rate of 3.35% for deposits of R10,000.00 – R249,999.99. The highest interest rate earning on the fixed deposit account is for clients who deposit R1,000,000.00 or more and get to earn 3.50% nominal interest rate. 

Those who invest R500,000.00 – R999,999.99 get to enjoy a nominal interest rate of 3.45%. Interest rate for deposits of R250,000.00 – R499,999.99 is 3.40%.

FNB 3 Months fixed deposit account for clients aged 55 and older

The minimum nominal interest rate on the account is 3.65% which is for deposits of R10,000.00 – R249,999.99. The account has a maximum nominal interest rate of 3.80% and it is for deposits of R1,000,000.00 or more. 

Clients that invest between R250,000.00 – R499,999.00 earn a nominal interest of 3.70%. Those who invest R500,000.00 – R499,999.99 get to earn a nominal interest rate of 3.75%.

FNB 6 months fixed deposit account for clients aged 55 and older

Those aged 55 and older get to earn 4.05% interest for deposits of R10,000.00 – R249,999.99. However, retired clients get to earn a 4.20% nominal interest rate for the same investment. For deposits of R250,000.00 – R499,999.99, clients earn 4.10% nominal interest while retirees earn 4.25%.

Clients that invest R500,000.00 – R999,999.99 earn a nominal interest rate of 4.15% whereas retirees earn a nominal interest rate of 4.30%. Those that deposit R1,000,000.00 or more earn a nominal interest rate of 4.25% while retirees earn a nominal interest rate of 4.40% for the same deposit bracket. 

FNB 9 months fixed deposit account for clients aged 55 and older

The 9 months fixed deposit account has a minimum interest rate of 4.25% which is applicable to clients that deposit R10,000.00 – R249,999.99. Clients that deposit R250,000.00 – R499,999.99 get to earn a nominal interest rate of 4.30%.

For investments of R500,000.00 – R999,999.99, clients earn 4.35% nominal interest rate. The maximum interest rate on the account is for investments of R1,000,000.00 or more and earns clients a nominal interest of 4.45%.

 FNB 12 months Fixed Deposit Account for clients aged 55 and older

The 12 Months Fixed Deposit Account for those aged 55 years and older has a nominal interest rate of 4.80% and 4.85% for investments of R10,000.00 – R249,999.99 and R250,000.00 – R499,999.99 respectively. 

On the other hand, retirees receive 4.95% nominal interest rate for R10,000.00 – R249,999.99 deposits and 5.00% for R250,000.00 – R499,999.99 for a 12 months Fixed Deposit Account. 

FNB 24 months Fixed Deposit Account for clients aged 55 and older

The minimum nominal interest rate for the 24 months fixed deposit account is 5.85% which is attributable to deposits of R10,000.00 – R249,999.99. The maximum interest rate is 6.05% which is attributable to deposits of R1,000,000.00 or more. 

Those who invest R250,000.00 – R499,999.99 earn a nominal interest rate of 5.90% and those who deposit R500,000.00 – R999,999.99 get to earn a nominal interest rate of 5.95%.

FNB 36 Months Fixed Deposit Account for clients aged 55 and older 

This fixed deposit account has a minimum nominal interest rate of 6.15% and a maximum of 6.35%,this is for investments of R10,000.00 – R249,999.99 and R1,000,000.00 or more respectively. Retirees aged 55 and older earn 6.50% for investments of over R1,000,000.00 and 6.30% for investments of R10,000.00 – R249,999.99. 

FNB 48 Months Fixed Deposit Account for clients aged 55 and older 

For deposit of R10,000.00 to R249,999.99, clients get to enjoy a nominal interest rate of 6.55%. Deposits of R250,000.00 – R499,999.99 earn a nominal interest rate of 6.60%. 

Clients with deposits of R500,000.00 – R999,999.99 earn a nominal interest rate of 6.65%. The highest interest rate earning on this account is for those that invest R1,000,000.00 or more which is 6.75%.

FNB 60 Months Fixed Deposit Account for clients aged 55 and older 

This account earns the highest interest rates on any amount invested. The highest interest rate is for investments of R1,000,000.00 or more which is 7.85% for those aged 55 years or older and retirees earn 8.00% interest for the same investment bracket. 

Conclusion 

The FNB Fixed Deposit Account is for any one that wants to deposit money for short, medium or long term. Those above 55 get good interest rates with retirees getting even better interest rates. 

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