Standard Bank has fixed deposit accounts that offer some of the most competitive interest rates on the market. The bank has a diverse range of Fixed deposit accounts that cater to the wider South African market. Fixed Deposit Accounts cater for:
- The South African youths,
- Ordinary South Africans,
- Groups, and
- Shari’ah bankers
Clients get to choose the time frame that they want to invest into a fixed deposit account. There are tax-free savings accounts that anyone can take advantage of. Tax-free savings accounts offer tax benefits to account holders and are tax-free to a certain degree.
On all fixed deposit accounts from Standard Bank, capital is guaranteed. Clients are at no risk to lose their capital at any point during their investment period. Some accounts have no monthly service fees attached to them. Therefore, you can rest assured knowing that your account will retain the minimum balance regardless of the market performance of the account.
Standard Bank Fixed Deposit Accounts
Standard Bank offers fixed deposit accounts that target individuals and groups. We cover fixed deposit and investment accounts that are offered by Standard Bank in this section, however, Shari’ah-compliant accounts, tax-free accounts, and MoneyMarketMarket accounts are discussed in later chapters.
Fixed Deposit Investment Account
The Standard Bank Fixed Deposit investment account is an investment account that allows clients to choose their investment period and make a single deposit. The account requires a minimum deposit of R1,000,00. The maximum interest that can be earned from the account is 10.55%. The maximum interest rate that can be earned is for accounts with balances of over R100,000.00.
Money on the fixed deposit investment account can be accessed at maturity. The account doesn’t have any monthly administration fee attached to it, however, cash deposit fees apply. An early withdrawal fee of R450.00 applies to this account. Those that are over 55 years of age receive an extra 0.5% interest if they invested an amount below R100,000.00 with their interest earnings starting at 11.05%.
Standard Bank PureSave Account is a fixed deposit account that requires a minimum deposit of R0.00 to open. The account can earn clients an interest of up to 2.5%. Funds on the PureSave Account can be accessed at any time and comes with no monthly administration fees.
The account gives clients 3 ATM free deposits and the account can be used to buy data, airtime, electricity, and play lotto. The account is available to both adults and kids.
Flexi Advantage Investment Account
Standard Bank Fixed Advantage Investment Account is a fixed deposit account that offers clients fixed interest rates of up to 4.7%. The account requires an opening deposit of R1,000.00 with no maximum cap for deposits. The account allows clients to access their funds anytime, however, access to funds is capped at 40% of the total funds invested.
Early withdrawal of funds incurs penalties. If over 40% of the funds are withdrawn a minimum penalty charge of R450.00 will apply. Transfers to the account and from the account are allowed anytime during the cause of investment. There are no administration fees on the account. Deposits to the account incur fees.
MarketLink Savings Account
Standard Bank MarketLink Savings account is an account that provides a savings facility while money earns interest on a positive account. The account has the potential to earn clients an interest of up to 2.5%. The opening deposit that is required on the account is R1,000.00 and has no maximum amount cap.
Funds on the MarketLink Savings account can be accessed anytime. The account aims at providing clients with an account that is flexible enough for clients to save money and access the money for rainy days.
AutoShare Invest Account
Standard Bank AutoShare invest account is an account that allows clients to invest in the stock market. The minimum deposit allowed is R250.00 and there is no maximum amount allowed. Interest in the account will depend on the stock market performance. Money on the account can be accessed anytime.
Clients get access to more than 250 JSE listed shares and ETFs. There is exposure to onshore and offshore equity markets and commodities through EFTs. Clients can automate their investments but setting up recurring purchases.
Society Scheme Savings Account
Standard Bank Society Scheme Savings Account is a fixed deposit account for stokvels, burial society groups, social clubs, and investment clubs. The minimum opening deposit required is R100.00 for the account. The maximum interest that can be earned on the account is 2.15%. There are no monthly fees for accounts with balances of R5,000.00 or more.
Notice Deposit Investment Account
Standard Bank Notice Deposit Investment Account is a fixed deposit account that allows users to choose their investment period of 7,14,21,32,45 or 60 days. The minimum deposit to get started with the account is R100.00. The maximum interest rate that can be earned on the account is 4.25%.
An early withdrawal fee of R115.00 is charged on the notice account. A cash deposit fee applies to the account. Notice Deposit Account guarantees client capital. Furthermore, the account calculates interest daily and pays it out on a monthly basis.
Standard Bank Shari’ah Compliant Fixed Deposit Accounts
Standard Bank Shari’ah Compliant Fixed Deposit Accounts are fixed deposit accounts that comply with the requirements of Shari’ah laws and principles of the Islamic religion. Two accounts are offered under Standard Bank Shari’ah Compliant Fixed Deposit Accounts which include a call account and a fixed deposit account.
Shari’ah Compliant Fixed Deposit Account
Standard Bank Shari’ah Compliant Fixed Deposit Account is an investment account that allows clients to invest money between 33 days to 5 years. The account requires a minimum deposit of R1,000.00. A profit rate of up to 7.10% can be achieved with the Shari’ah Compliant Fixed Deposit Account.
The account only allows the withdrawal of funds at Maturity. An early withdrawal fee of R450.00 is charged to the account. There are no monthly fees or any account management fees attached to the account. Profit is calculated using the average daily balance. Profit is paid out either monthly, quarterly, half-yearly, annually, or at maturity.
The investment account is based on the Mudarabah principle. Therefore, money that you deposit into the account is placed into a profit-sharing agreement with Standard Bank. Money is invested into Shari’ah-compliant financing and investments and the resulting profits are shared. Profits are shared at a 50/50 margin with Standard Bank.
Shari’ah Compliant call account
Standard Bank Shari’ah Compliant call account is a personal call account that is based on the Mudarabah principle. The account requires a minimum deposit of R100.00 to be active. Clients can get a profit of up to 3.25% depending on the market performance. There are no monthly service and management fees attached to the account.
However, the account comes with a cash deposit fee charge that is once-off. As a call account, the account gives clients the flexibility to save and withdraw their money whenever they want to. The account offers a monthly payout of profit that can be capitalized or withdrawn. Profit on the account is calculated on the average daily balance.
Standard Bank Tax-Free Savings Accounts
Standard Bank Tax-Free Savings Accounts are designed to give clients accounts that are tax-free. The account complies with the tax-free account requirements as issued by South African Revenue Services. Interest on these accounts is not taxed.
Tax-Free Investment Account
Standard Bank Tax-Free Investment Account is an investment account that invests deposits in the stock market through Exchange Traded Funds. The account invests money in over 70 ETFs that clients can choose from. The minimum transaction size for this account is R250.00. Interest rates depend on the performance of the EFT that clients’ money is invested in.
The account comes with Brokerage fees of 0.15% of the value invested. A 0.12% annual safe custody fee is also levied at 0.01% per month applicable to the value invested. Withdrawals are charged at R4.56 per withdrawal to your nominated account.
Contributions to this account are recurring and are capped at R36,000.00 per annum. A lifetime contribution limit to this account is R500,000.00. There are no taxes on capital gains throughout the lifetime of this account. Clients that over-invest in this account will face penalties from SARS for not following the rules of the account.
Profits are capitalized if they are not withdrawn from the account. Clients are able to make contributions on a month-to-month basis. A debit order option is available to ensure that money is deposited into the account timely.
Tax-Free Call Investment Account
Standard Bank Tax-Free call investment account is a tax-free account that offers instant access to funds invested without any notice. The account requires a minimum deposit of R250.00. Clients can earn interest of up to 3.50%. Clients can invest up to R36,000.00 per annum and up to R500,000.00 for a lifetime.
If the R36,000.00 annual threshold or the R500,000.00 threshold is ignored, a penalty of 40% on the interest that is earned will be levied by SARS. The account doesn’t have any monthly management costs attached to it. However, cash deposit fees apply.
Interest that is earned from the account can be paid to any account of your choice or can be capitalized. Interest is calculated daily and is paid on a month-to-month basis.
Standard Bank Money Market Fixed Deposit Accounts
Standard Bank Money Market fixed deposit accounts offer a savings account facility that allows money to be withdrawn from the account each month. The account comes with a moderate interest rate. The accounts offered by Standard Bank include the MoneyMarket call investment account and the MoneyMarket select investment account.
MoneyMarket Select Investment Account
Standard Bank MoneyMarket Select Investment Account is a fixed deposit account that offers competitive returns and guaranteed growth. The account requires a minimum opening deposit of R100,000.00. The interest rate that can be earned on this account can be as high as 4%. There are no monthly administration fees attached to the account.
Money can be accessed at any point with the MoneyMarket select account. Clients can invest for the short term or long term and get their money whenever they want it. Withdrawals can be made or directed to the account of your choice. Interest is capitalized if not withdrawn. Interest is calculated daily and is paid on a monthly basis.
Clients can make unlimited deposits on the account after making the first lump sum deposit to the account. Cash deposit fees apply to the MoneyMarket select investment account.
MoneyMarket Call Investment Account
Standard Bank MoneyMarket Call Investment account is a fixed deposit account that allows access to money invested at any given time. The account requires a minimum investment of R20,000.00 to open. A maximum Interest of 3.3% can be earned through the MoneyMarket call investment account.
Clients get to choose between getting monthly payouts or leaving their money to compound. Interest on the account is automatically capitalized if it is not withdrawn. The interest rate on the account is based on the client’s account balance, therefore, it fluctuates from time to time.
Calculation of interest on the MoneyMarket call account is daily. Note that interest on the account is paid on a monthly basis and not when it is calculated. There are monthly fees on this account and deposit fees apply whenever money is deposited into this account.
Standard Bank has diverse fixed deposit accounts offered to different types of users. There is a fixed deposit account for nearly any fixed deposit account shopper in South Africa at Standard Bank. Choosing a fixed deposit account that works for you is crucial. Failure to choose correctly can cost you money such as cancelation fees and you may lose potential interest that could have been earned by choosing the correct account.
Open a free trading account today
Open a Live Trading Account Today, Get Free Daily Trading Signals. Open your trading account right now and get your financial trading journey started with this great broker. No commissions, get 24 hour withdrawals with this award winning platform.