In this article, you’ll find everything you need to understand about this how the FNB South Africa Savings Pocket work.
More so, these details will help you understand if it is the right type of savings account you have been looking for or not.
If you are looking for the best bank in South Africa to open a savings account, the first that should come to your mind is First National Bank.
It is a bank that has been there for over a century.
The bank offers different types of savings account and among them is the FNB saving pocket account.
What You Must Know About The Savings Pocket Account
The savings product has been designed for customers who want a product that pays good credit interest and provides instant access to funds.
Customers cannot withdraw cash directly out of the Savings Pocket account.
The Savings Pocket pays competitive interest rates and helps customers save by keeping funds separate from funds used daily.
The FNB savings account is among the savings accounts you can open with First National Bank.
This account is meant for customers looking for a savings account where you can save your money and still have instant access to them anytime you want.
How FNB savings pocket account work
If you are interested in starting saving on a savings pocket account, a few things are important to know about this account.
First, you need to understand that a savings pocket account is linked to your transactional account, and it comes at no charge.
Your Savings Pocket will also be automatically closed if your transactional account is closed.
If your Savings Pocket has any money, it will be transferred to your account before
When your savings pocket account becomes dormant, your Savings Pocket automatically becomes dormant.
You can only make scheduled payments from your account to your pocket of savings and transfer effects between your account and your pocket of savings.
Your Savings cannot be used.
It’s important to keep in mind that funds transfers between your Account and Savings Pocket can take up to 2 (two) business days to appear.
You can’t overpower the Savings Pocket.
This means you can’t add more money to your account than you have in your Savings Pocket.
You will earn interest for money held for your Saving Pocket.
This interest will be measured on your Savings Pocket’s regular balance and deposited into your Savings Pocket at the end of each month.
FNB Savings Pocket Interest Rate 2022
The FNB savings pocket interest rate is 3.55%.
Please note that you need to contact the First National Bank for the current interest rate on the Savings Pocket account.
Also, note FNB reserves the right to adjust the relevant interest rate at any time and without notice.
In accordance with applicable tax laws, the bank has the right to deduct withholding tax from any interest received on your Saving Pocket.
A Savings Pocket entitles you to FNB incentives in addition to collecting interest and other related benefits.
That is how the FNB Soth Africa Savings Pocket work.