If you want to know how does the FNB Money Maximiser Account Work? This guide will give you everything.
Chances are you have heard about the FNB money maximizer account but do you know how it works? Worry not if you don’t because you have come to the right place.
In this article, I’ll share with you an understanding of how the FNB money Maximiser account works.
What Is Maximiser Account
On a first note, the FNB Maximiser account is a type of account meant for investors.
With the account, you can invest your money and get paid high returns plus your deposit.
The difference between this investment account with others offered by First National bank is that the interest is paid as per the money market rate.
Another feature that makes this account unique is that you can quickly access your investment funds and monitor the investment online.
There is additionally no limit on deposit or withdrawal at any time any amount.
Besides, the bank allows you to use the bank account to make payments to third parties.
How FNB Money Maximiser Work
To better understand how the FNB Maximiser account works, let’s dig deeper into the features and benefits of this account.
First, to qualify to open the account, you need to have an opening balance of R 100 000, and after investing your money, the highest interest rate you can get is up to 6.95%
First National bank guarantees payments of the profit and principal and claims no risk of losing your money.
After your investment has matured, can you access your money and either withdraw it from an ATM or online?
Also, the bank allows you to reinvest the profit or transfer the interest earned to another account and continue investment with the deposit.
An important aspect you ought to note is that the interest rate may change anytime, and the bank will not notify you of the change.
Another thing is that the interest is deposited to your account at the start of every month and the previous month’s deposit id.
The interest is paid based on your daily closing balance.
In case your opening balance goes below the required amounts, the bank will not pay you the interest.
Either deposit the money to meet the minimum amount required, or you can withdraw the deposit because no notice is required.
How To Qualify for FNB Money Maximiser Account In South Africa
In order to be allowed to open an FNB money Maximiser account, you need to meet the following qualification criteria
1. Must be a South African citizen
2. Proof of residence (that must not be older than three (3) months)
3. South African ID book or ID card
That is all about how does the FNB Money Maximiser Account Work.
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