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Types of bank accounts

From a cheque account to foreign currency account, finding the right bank account that ticks all the boxes can be challenging. When you understand the features of different types of accounts, you will know which benefits you.

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Types of bank accounts

In South Africa, some common types of bank accounts include:
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Cheque account

Cheque account (sometimes called current account), perfect for day-to-day transactional banking needs. It offers easy access to funds, allowing you to make in-store and online transactions, EFTS, other payments,  plus withdrawals at ATMs and manage expenses. 

Some financial institutions not only offer services such as linking credit cards to current accounts, but they also provide various other services like rewards and loyalty programmes. While some banks charge a fixed monthly fee, others may have banking fees for specific transactions and services.

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What is the difference between an instant access, notice and fixed-deposit account?

An instant access savings account allows you to deposit and withdraw funds at any time without penalties or restrictions. It offers flexibility and liquidity, making it easy to access your money whenever you need it. Keep in mind, the interest is variable on this type of account.

A notice deposit account requires you to give a notice period before withdrawing your funds (the period may range from a few days to several months). During the notice period, you cannot access your funds. Keep in mind, the interest is also variable on this type of account and you can usually add funds to the account at any time.

A fixed-term savings account (also known as a fixed deposit) requires you to deposit a specific amount of money at a fixed interest rate for a set period of time (ranging from a few months to several years). Once you deposit the money, you cannot withdraw it until the end of the fixed term without incurring penalties or losing interest. For this type of account, you cannot add funds during the fixed term. The interest paid is fixed for the term.
 

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