Bonus Save

Benefits of Bonus Save:

- Ideal for groups or individuals

- Allow you to save on a regular, monthly basis towards a specific goal.

- R50 needed to make your initial Bonus Save deposit and to open an account

- The amount you open the account with will be the fixed monthly Savings for the rest of the term

- Choose to invest your money from 12 to 60 months

- Possibly qualify for a 0.50% bonus interest rate at the end of the bonus save term - provided that all conditions are met.

- The full amount you have saved including the interest is credited to your card account at the end of the Bonus Save term.

Make it work for you

You can potentially earn up to 6.50% interest on your Bonus Save account if you opt for a longer term of between 37 and 60 months at 6.00% interest, and if you complete the term, you will also qualify for a bonus of 0.50% interest at the end of the Bonus Save term - provided all conditions are met.

How to apply

You can apply at your nearest Post Office. All you need is your ID document and a proof of residential address in order to comply with the Financial Intelligence Centre Act (FICA).

Bonus Save Fees

With Bonus Save, in addition to the interest you earn over the period of your Savings, you could also qualify for a bonus of 0.50% interest at the end of the Bonus Save term provided all conditions are met,such as making monthly payments on time throughout the duration of the term.

There are different terms available for Bonus Save and each term has its own interest rate. For example, you could choose to save for a period of 24 months and earn 4.95% interest, or you could save for a period of 60 months and earn 6.00% interest.

There are options designed to suit your specific needs. Look at our Bonus Save Interest Rates to determine which is right for you. You will be required to do regular monthly deposits into your Bonus Save account, which is possible through a stop order from your Postbank Card Account. The monthly deductions from your Postbank card account will be done on the same date as the account opening date of your Bonus Save. If for example you open your Bonus Save on the 9th of the month, deductions will be made on the 9th of each month for the duration of the term.

Interest will be credited to your Postbank card account.

Interest is fixed for the duration of the investment term. Interest is calculated on a daily balance and only credited to the card account at maturity of the Savings term.

If you are serious about saving, this is ideal for you.

What is the interest?

If for example you decided to save R500 a month for 24 months, you would have a final balance of R12 000 in the account. Having paid regularly into the account and seen the full term through, you would qualify for 5.45% interest (4.95% interest plus 0.50% bonus interest).

Terminating early means you will not only lose your bonus interest but a penalty will also apply.

NB: Always make sure you have enough funds in your card account to cover the monthly stop orders.

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