The FNB Money Maximiser helps you to grow your wealth risk free, and access your funds quickly. Find out more about this convenient savings account via JustMoney.
16 September 2024
Saving money effectively while earning competitive interest rates is a smart financial strategy, and the FNB Money Maximiser account is tailored to help you achieve this goal.
Tip: A personal loan at a customised interest rate gives you a quick cash boost in an emergency.
The FNB Money Maximiser is a savings account that allows you to earn a money market fund-related interest rate, and gives you quick and easy access to your money.
Whether you’re saving for a major purchase, boosting your emergency fund, or simply working towards financial freedom, the FNB Money Maximiser is reliable and flexible.
The account offers money market-related interest rates, but functions more like a savings account than a fixed deposit account. You can withdraw your funds at any time without incurring a penalty.
With features such as tiered interest rates that reward you for having a higher balance, and the flexibility to access your money at any time, this account allows your money to work harder for you.
The FNB Money Maximiser offers guaranteed capital and quoted returns, along with higher interest than a typical savings account. However, you need to invest a minimum of R100,000, which means the account is not accessible to everyone.
Savings in the FNB Money Maximiser account are subject to tax as they accrue interest.
This interest forms part of your taxable income and needs to be declared in your annual tax return.
However, FNB also offers tax-free savings accounts that allow you to save a set amount every year without paying tax on the interest earned (the annual limit is R36,000, and the lifetime limit, R500,000).
Features
The table below sets out the FNB Money Maximiser fees and charges:
|
Notice period |
None – instant access |
|
Investment period |
No minimum period required |
|
Opening balance |
R100,000 |
|
Nominal interest rate over 12 months interest |
8.25% |
|
Monthly fee |
R65 |
|
Cardless cash withdrawal fee (cell phone banking) |
R2.60 per R100/R10 per R1,000, up to R2,000 |
|
Cash withdrawal fee – FNB ATM, FNB Mini ATM |
R2.60 per R100/R10 per R1,000 up to R2,000 |
|
Cash withdrawal fee – other bank ATM |
R12 + R2.60 per R100 |
|
Cash withdrawal fee – bank branch |
R80 + R3.20 per R100 |
|
Account payments – FNB Banking App, online banking, or cell phone banking |
R45 |
|
Account payment – own bank ATM |
The payment fee is R45, but you can avoid it by transferring money to your current account for free, and then paying from there |
|
Transfer fee – branch or telephone |
R80 |
|
Pay and clear |
R60 |
|
Cash deposit fee – own bank ATM |
R1.60 per R100 (no minimum) |
|
Cash deposit fee – bank branch |
R80 + R3.20 per R100 |
|
Receive money via digital channels |
No charge |
|
Balance enquiry – FNB Banking App, online banking, cell phone banking, and ATMs |
Free |
|
Balance enquiry – branch and telephone banking (consultant assisted), other banks’ ATMs, international point-of-sale |
R7.30 |
|
Digital statement – current month |
Free |
|
FNB ATM mini statement (print or view) |
R3.75 per statement |
|
Emailing of statement older than 12 months (online banking) |
Free |
|
Printing of statements – ATM with deposit function |
R3.75 per page |
|
Statement – branch/telephone banking |
R50 per statement |
|
Emailing of statement – branch and telephone banking |
R50 per statement |
Note that you will not earn interest on your savings if your balance is less than the minimum account opening deposit amount.
Since the FNB Money Maximiser account is not a notice account, there is no notice period required before you can withdraw your money.
Tip: Also consider the FNB 32 Day Flexi Notice account, which offers a favourable interest rate and encourages long-term savings.
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