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Sasfin Bank Fixed Deposit Accounts Review 2021

Posted on April 29, 2021 by Staff Writer

Rateweb | South Africa

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Sasfin Bank has fixed deposit investment opportunities that you can take advantage of. The returns on fixed deposit investments are moderate and can yield beyond favourable results if you invest wisely. 

Fixed deposit accounts from Sasfin bank are for short, medium, and long-term investment. Clients can invest from 3 months up to 36 months. Clients can choose to invest for 3, 6, 12,18, 24, or 36 months depending on their investment plan. 

Those who invest for a longer period and invest high amounts get to enjoy high-interest rates. This is due to the fact that the bank has more time to leverage the money that is invested. 

The interest rate offering from Sasfin Bank for its fixed deposit account is without doubt generous. Nominal interest rates are well above the current inflation rate of 3.3%. Therefore, your money is protected from inflation and you get to earn a premium on your investment. 

For savings purposes, you can also lock your money down into notice or a call deposit account. These are for shorter periods and ensure that you have cash whenever you need it. Interest on a call deposit account is 3.25% while interest on a notice deposit account can go as high as 4.55% at Sasfin Bank. 

Sasfin Fixed Deposit Account Summary 

A Sasfin Fixed Deposit Account can be opened by anyone. When opening a fixed deposit account from Sasfin Bank, you will be required to choose the investment period that you want to lock up your principal investment. Then, you will be allocated a fixed interest rate that will not change for the term of the investment. 

You will then have to nominate an account where your funds can be withdrawn to at, or before maturity. With the nominated account you can also receive your interest earnings from your Sasfin Fixed Deposit Account. Investments can be for a minimum term of 1 month. 

After opening your fixed deposit account you have up to 7 days to make a deposit to your fixed deposit account. Should you fail to deposit money into your fixed deposit account within 7 days, your account will be closed. Note that your initial investment amount may only be transferred from another Sasfin Bank account that is either a transactional or call deposit account. 

The minimum deposit that you can make on a Sasfin Fixed Deposit Account is R20,000.00. There cannot be any additional deposits that can be made into your fixed deposit account during the investment period. You can reclaim your principal at any time, however, a penalty fee of not more than R350.00 is charged for premature withdrawals. 

The Safin Fixed Deposit Accounts calculates interest daily on your balance. With the option to capitalise on your interest earnings, your interest rate rapidly grows from time to time. This will yield higher returns than the initial nominal interest rate that was first quoted. 

Sasfin Fixed Deposit Accounts Rate

Fixed deposit termFixed deposit nominal interest rateFixed deposit effective interest rate
3 Months3.95%3.96%
6 Months4.26%4.30%
12 Months 5.37%5.50%
18 Months5.08%5.20
24 Months5.03%5.28%
36 Months5.04%5.43%

To invest in any Sasfin Fixed Deposit Account, you need to invest a minimum of R20,000.00. Interest on the fixed deposit accounts is calculated on a day-to-day basis. Holding your fixed deposit account for a longer period can upscale your interest earnings. 

Since the interest on investment is calculated daily, the effective interest rate applicable to the account will be higher as compared to accounts that calculate interest every month or year. 

What happens at the Maturity date of the Sasfin Fixed Deposit Accounts

  • As an account holder, you must ensure that Sasfin Bank receives instructions from you regarding the withdrawal of your investment amount. This should happen at least one month before the maturity date of your Sasfin Fixed Deposit Account. 
  • Should Sasfin Bank not receive instructions from you at maturity, Sasfin will at maturity of your fixed deposit account reinvest your funds for a period equal to the original investment term. New interest will be quoted as per available interest at the time of reinvestment. 
  • Should the funds be reinvested and you choose to withdraw your funds, a withdrawal penalty will be applicable to your premature withdrawal. 
  • If you request the withdrawal of funds at or before the maturity date, Sasfin will transfer the funds into your nominated account. However, if the nominated account rejects or is unable to receive the funds, Sasfin will try to contact you. Should the attempt to contact you with regards to your nominated account fail, Sasfin will transfer your withdrawn amount to the Sasfin transactional account. 
  • Should you instruct Sasfin to reinvest your funds at maturity, you will receive an option to change the investment term and amount. The interest rate that will prevail on this reinvestment will be that which is available on the day of the investment. 
  • The investment amount will not in any circumstance be paid to you in cash. 
  • The withdrawn amount will only be paid in favour of you, therefore, Sasfin will not advance any withdrawals to another person except to you. 

Conclusion 

Sasfin Bank fixed deposit accounts offer some of the best interest rates in their bracket categories. The bank not only offers great interest rates, but the bank also brings in a lot of experience when it comes to handling investments with over 6 decades of experience. 

When locking down your money in any of the Sasfin Fixed Deposit Accounts, try to hold your investment for the whole period without making any interest withdrawals. This will maximize your interest-earning which is attributable to the compounding factor. 

Furthermore, you can also choose the maximum investment period to take advantage of high-interest rates. To a certain degree with a sizable investment, you can negotiate for even better interest rates.

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