FNB has a lot of investment accounts, among these is a flexi fixed deposit. Which is slightly different from the normal FNB fixed deposit account. This is an overview of how the FNB Flexi fixed deposit account works.
Overview
The FNB Flexi deposit account works a little different from a normal fixed deposit account. With a normal fixed deposit account, you invest your money and only get it after a fixed period of time, early withdrawal will get you a penalty.
You then get to earn interest on your money, but can’t make additional deposits to increase your investment. Your interest rate is fixed as well and is usually paid out on a monthly basis.
How does the FNB Flexi deposit work?
With the FNB Flexi fixed deposit, your money is still fixed for a certain period of time. The main difference is that you can make two withdrawals of up to 15% of your invested capital during the investment term.
Unlike in a regular fixed deposit account, you can make additional contributions to your FNB Flexi fixed deposit account. This means that you add money into your account every month. There are no monthly fees and you can invest anywhere between 3 and 12 months.
The main downside to this account is that the interest rate is much lower compared to a regular fixed deposit account. You also can’t invest for more than 12 months.
Conclusion
This was an overview of how the FNB Flexi fixed deposit works. Do you have any thoughts or questions? Comment below.
