Investment accounts: Fixed Deposit vs Flexi Advantage Account
Investing your money can be overwhelming if you do not understand the various pros and cons of different types of accounts. We provide you with a variety of options for investing your money on your terms. To help you better understand some of your options, let’s take a look at 2 of our investment accounts.
Fixed Deposit Account
A fixed deposit is a fixed-term product that allows you to select a term that you would like to lock your money in and see how it grows at a fixed rate. Our Fixed Deposit Account is designed to be a flexible long-term investment with higher interest rates. You have the option to choose your investment period, make a single deposit and see your money grow at a fixed rate. You will also receive up to 10.55% effective interest at maturity on your deposit when you invest over 5 years. There are no monthly fees for this account, and you can also earn UCount Rewards Tiering Points.
Flexi Advantage Account
With the Flexi Advantage Account, an opening deposit of R1 000 is required, and you can earn up to 4.7% interest on your investment. You can choose to invest for up to 12 months, with the option to extend your investment period before your investment matures. You can access up to 40% of your initial deposit anytime at no cost to you, but should you need to access more than 40% of your funds, early redemption fees will apply. Interest earned on this account cannot be capitalised; therefore, it will be paid out to your nominated account monthly and your remaining funds at the end of the investment period. Capital is guaranteed; there are no monthly fees, and you can also earn UCount Rewards Tiering Points.
How to open an account
If you are an existing Standard Bank customer with an internet banking profile, you can do the following:
- Sign in to your internet banking profile
- Navigate to the ‘Save & Invest’ tab and click on the browse button
- Scroll down until you see the account you want to open and click on it
- Click on ‘Get Account’ and complete the steps
Existing Standard Bank customers who have the Standard Bank App can do the following:
- Sign in to the app
- Tap on the ‘More’ tile
- Select ‘Open a new account’
- Tap on ‘Savings and Investment’
- Scroll down until you see the account you want to open and tap on it
- Tap ‘Open’ and complete the steps
If you’re not a Standard Bank customer, simply do the following:
- Visit your nearest branch, or
- Complete the ‘Call Me Back’ form and a consultant will be in touch with you to assist with opening an account
- Ensure that you have the following documents ready:
- Your South African ID (or passport if you’re not a South African citizen)
- Proof of residence not older than 3 months
Open one of our savings and investment accounts and start growing your money with us today.