FNB offers a lot of investment accounts, among these is the FNB 7 Day Notice account. This is an overview of how the FNB 7 Day Notice account works.
Overview
The FNB 7 Day Notice account is a savings account at its core. It just has a minimum opening deposit that is way higher than most other savings accounts. The minimum deposit amount is R20k, which is even higher than some fixed deposit accounts.
You only need to give a notice of 7 Days before withdrawing your money, which is really convenient when compared with the 32 Day account. The highest interest rate you can receive is 3.40% and you reinvest your interest in order to grow your money faster.
This account also allows you to make additional deposits, unlike a fixed deposit account. The main disadvantage is that you can’t deposit any cash or cheque deposits. You have to make electronic transfers.
Conclusion
This was an overview of how the FNB 7 Day Notice account works. Do you have any thoughts or questions? Comment below.
