Premier Money Market

The Premier Money Market Account earns you interest. The funds deposited are available on demand (immediate access). There is no defined investment period therefore the funds can be invested indefinitely.

How to qualify

  • Have an opening deposit of at least N$75,000; and
  • Be compliant with the Financial Intelligence Act requirements

Features and benefits

  • There is no defined (or minimum) investment period
  • Funds are available on demand (immediate access to available funds)
  • There is a minimum opening deposit requirement of N$75,000
  • There is a minimum balance requirement of N$75,000 and must be maintained once opened.
  • There is no maximum balance limitation on the account
  • A minimum withdrawal amount of N$1,000 is required
  • Unlimited number of deposits may be made to the account at any time
  • Debit orders cannot be loaded against the account
  • You can access your money at a branch teller or by transferring it to a transactional account held with us or agent bank

Conditions

  • Debit orders cannot be loaded against the account
  • You must deposit the minimum of N$75,000 to open your Account. If you make a cheque deposit and the cheque is unpaid, your cheque will be returned
  • To earn interest, you must always have the above minimum amount in your account once it is open
  • You may withdraw a minimum of N$1,000 at a time

Interest calculation

  • Interest rate are variable, linked to the Prime lending rate less a margin as determined by market conditions and effective immediately. The proposed interest rate was 7.9%, we subsequently propose 7.65% after the prime interest rate drop
  • Interest is earned on all balances
  • Interest rates are not tiered; one flat rate is offered for all balances
  • Interest is calculated on the daily balance and paid monthly; and
  • Interest may be paid into another account or capitalised back into the Premier Money Market Account

Fee structures

  • Electronic inter-account transfer fee = N$11.50 (normal call N$4.20)
  • 3rd Party payments = N$11.50 + 2.86% of amount, max N$5,000
  • Minimum withdrawal amount = N$1,000
  • 10% Withholding tax applicable
  • Cheque deposit fee = N$15 per cheque deposit
  • No cash deposit fees  

 
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