ABSA Fixed Deposit savings account

The Absa Fixed Deposit account is a solid choice if you want to earn a favourable interest rate without the stress of market fluctuations.

Your capital is guaranteed, meaning the original amount of money you invest is securely protected and will be returned to you. So, you can enjoy peace of mind while your savings grow. 

Tip: Enjoy personalised interest rates when you take out a personal loan from a reputable provider.

How does a fixed deposit work?

A fixed deposit account requires you to deposit a lump sum for a fixed period.

During this period, you can’t withdraw your funds without incurring penalties. In return, you can take advantage of a higher interest rate than the rate offered by a standard savings account.

The interest is typically compounded, meaning you earn interest on your interest, leading to potentially higher returns over time.

Why choose the Absa Fixed Deposit savings account?

The Absa Fixed Deposit account offers several advantages. These include:

• Competitive interest rates: You’ll earn higher interest than from a regular savings account.
• Flexible terms: You can select a term that suits your needs – from eight days to 60 months.
• Guaranteed returns: Enjoy guaranteed returns on your investment, regardless of market conditions.
• No monthly fees: There are no monthly fees payable to maintain your account.
• Security: Your funds are protected, for a risk-free savings option.

Benefits of the Absa Fixed Deposit savings account

• Predictable returns: You know exactly how much you’ll earn by the end of the fixed term.
• Promotes financial discipline: The account is designed to encourage saving and reduce impulsive withdrawals.
• Contributes to a diversified portfolio: Adding a fixed deposit to your investment portfolio can enhance stability and reduce risk.
• Choice of interest-payment options: You can choose to have your interest paid monthly, quarterly, semi-annually, annually, or at maturity.

Can you withdraw money from a fixed savings account?

You can withdraw money from a fixed savings account at any time, but if you do so before the maturity date, you’ll be penalised.

This is because the account offers an attractive interest rate in exchange for your commitment to keep the funds deposited for a specific term.

The table below sets out the Absa Fixed Deposit savings account fees:

 Tip: Check your credit score to determine if you may qualify for financial products.