First National Bank (FNB), one of South Africa’s leading financial institutions, offers a wide range of savings accounts designed to suit various income levels, savings habits, and life stages. Whether you are saving for a rainy day, long-term goals, or teaching your child about money, FNB provides accessible and flexible options with competitive interest rates.
In this article, we break down the key savings accounts offered by FNB, highlight their benefits and interest rates, and offer expert tips on how to choose the best one for your needs.
1. Instant Access Savings Accounts
Overview:
Ideal for short-term savings, emergency funds, or a flexible money pot, FNB’s Instant Access Savings Accounts allow you to deposit and withdraw money at any time without penalties.
Benefits:
No monthly account fees
Interest is earned on daily balances
Funds are available immediately
Simple and user-friendly via FNB Online or App
Interest Rate:
The rate is tiered and increases with your balance. For example, a balance above R100,000 may earn a higher interest rate compared to smaller amounts.
Best for:
Customers who need liquidity and prefer to access their savings on demand.
2. Notice Deposit Accounts
Overview:
Notice Deposit Accounts require you to give advance notice before withdrawing funds, rewarding you with a higher interest rate compared to instant access accounts.
Types of Notice Deposits:
7 Day Notice Deposit:
Minimum deposit: R20,000
Allows flexible notice and reinvestment options
32 Day Flexi Notice Deposit:
Minimum deposit: R1,000
You can give notice for partial or full withdrawal
Benefits:
Better interest returns due to reduced access
No fixed term
Additional deposits allowed any time
Interest Rate:
Varies depending on the notice period and balance, generally ranging from 4% to 6.5% per annum.
Best for:
Savers who want higher interest but still retain some access to their funds with short notice.
3. Fixed Deposit Accounts
Overview:
These accounts lock your money away for a specific term, ranging from as little as 7 days up to 60 months, offering a guaranteed return with no risk to your capital.
Benefits:
Fixed, guaranteed interest rate
No monthly fees
Term flexibility from short to long-term
Reinvest or withdraw funds at maturity
Interest Rate:
Fixed and depends on the term and amount deposited. Rates can go as high as 11% for long-term deposits over R100,000.
Example:
12-month term: up to 8.25%
60-month term: up to 11.00%
Best for:
Customers with lump sums who don’t need immediate access and want predictable growth.
4. MyFirstSavings Account
Overview:
Specifically designed for children under 16, the MyFirstSavings account helps instil financial discipline and good savings habits from an early age.
Benefits:
No monthly or transaction fees
Competitive interest rates on balances up to R20,000
Flexible withdrawals (25% with 24-hour notice; 100% after 5 days)
Parental access to manage savings
Interest Rate:
Up to 4.30% nominal interest per annum over a 12-month period.
Best for:
Parents and guardians saving for their children’s future or teaching money management.
5. FNB Easy Smart Account
Overview:
This is a hybrid between a cheque and savings account, allowing unlimited electronic transactions while offering interest on daily balances up to R7,000.
Benefits:
Unlimited e-transactions (e.g., debit card payments, EFTs)
Earn interest on your balance
Free access to financial tools and coaching
Discounts, grocery vouchers, and personalised offers
Interest Rate:
Tiered and dependent on balance, typically lower than fixed deposit or notice accounts but better than many current accounts.
Best for:
Everyday banking clients who also want a small savings component without opening a separate account.
6. FNB Staff Savings
Overview:
Exclusively for FNB employees, this account allows flexible fixed-term savings with generous withdrawal allowances and linked interest rates.
Options:
Terms of 12, 24, or 36 months
Up to 20% withdrawal allowed annually after 6 months
Benefits:
Competitive linked interest rates
Tailored for salary-linked saving
Longer-term wealth building
Interest Rate:
Depends on term and balance; typically higher than public fixed deposits.
Best for:
FNB employees seeking structured savings with flexibility.
Tips for Choosing the Right FNB Savings Account
1. Define Your Savings Goal
Whether you’re saving for a short-term emergency fund, a new car, or retirement, your savings goal should inform your account choice.
Short-term goal?
Go for Instant Access or 32-Day Notice.
Long-term goal?
Fixed Deposit or Notice Account might suit you better.
2. Consider Access Requirements
Ask yourself: “Will I need this money soon?”
If so, opt for accounts like Instant Access or Flexi Notice. If not, go fixed term for better interest returns.
3. Compare Interest Rates
Look beyond just the account name — evaluate the effective annual rate (AER) based on your deposit size and term. Fixed Deposits often offer the best yield, but Flexi Notice options are a strong middle ground.
4. Minimise Fees
Choose savings accounts with no or low fees, especially if you are saving modest amounts. All FNB savings accounts have no monthly fees, which gives you an advantage.
5. Use FNB Tools
Leverage FNB’s online calculators and mobile app features to simulate growth, set targets, and track your savings progress. This is especially useful for accounts like MyFirstSavings and Fixed Deposits.
Check also: Capitec Bank Savings Plans: Your Path to Smart Financial Growth
FNB has developed a well-rounded suite of savings accounts tailored to South Africans at different stages of life and with varying financial priorities. Whether you want instant access to funds, a higher interest rate, or to teach your child the value of saving, FNB offers a relevant solution.
Choosing the right savings account requires clarity on your financial goals, an understanding of how access impacts returns, and a comparison of interest rates. Always consult with a financial advisor or use FNB’s online tools to make the best decision.
