Notice deposit account

If you are looking for a way to keep yourself from dipping into your savings, a Notice Deposit Account is perfect for you. A notice deposit is an investment account that earns you interest, but requires a notice period for you to access your money.

Features

• There is no defined investment period. You can create as top order from your transactional account to your notice deposit account to save monthly
• You can give notice on all or part of your investment
• Your money is protected by a notice period, meaning it's a little bit more difficult to spend on a whim
• After giving us notice, you can withdraw your money at your branch or have it paid into another account
• The higher your balance, the higher your interest rate. Interest ates are variable, and any rate change will be effective immediately
• Interest is calculated on your daily balance and paid into another account or re-invested monthly. Statements are available and clients may choose how their money is managed

Benefits

• Funds can be invested indefinitely
• Transfer money into the account
• There are no restrictions on the number of deposits into the account
• Additional deposits may be made at any stage

Conditions

• Funds may not be withdrawn directly from an account teller
• Funds can be accessed by transferring it to a transactional account

Fees

There are no fees charged on the account, however, penalty fees may apply should the notice period not be adhered to (early withdrawal)

7-day notice period

  • Opening minimum balance of N$40,000
  • A 7-day notice period needs to be given for withdrawals. Only one instruction allowed at any given time
  • There are no fees applicable
  • Early withdrawal of deposits before notice period are subject to an interest penalty

 

14-day notice period

  • Opening minimum balance N$5,000
  • A 14-day notice period needs to be given for withdrawals. Only one instruction allowed at any given time
  • There are no fees applicable
  • Early withdrawal of deposits before notice period are subject to
  • an interest penalty

 

21-day notice period

  • Opening minimum balance N$1,000
  • A 21-day notice period needs to be given for withdrawals. Only one instruction allowed at any given time
  • There are no fees applicable
  • Early withdrawal of deposits before notice period are subjected to an interest penalty

 
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