Category Banking

FNB customers can now choose their interest rate on fixed deposits

18 May 2010 FNB

South Africa’s savings rate is extremely low by international standards. Household savings as a percentage of gross domestic product has declined over the last 15 years from 3.2 percent to 1.5 percent.

As a result, banks are constantly looking for ways to encourage savings and attract retail deposits.

In a bid to encourage investors to make use of fixed deposits, FNB has combined innovation and convenience to deliver a new service to the South African market.

The service is known as My Rate and gives individuals the ability to submit interest rate offers on 3, 6 and 12 month fixed deposits.

My Rate is unique in that it enables investors to quote interest rates on their investments within certain parameters, as well as inform FNB of their preferred investment terms. This happens via a secure and user-friendly platform.

Customers can choose to deposit a minimum of R10 000 and a maximum of R1 million. Interest rates remain fixed for the term of the investment. Interest may be capitalised at maturity or redirected.

“The main driver behind this offering is to afford customers an opportunity to truly maximise their returns on fixed deposit investments,” says Lezanne Human, CEO for Savings and Investments at FNB.

Some of the service’s benefits include:

  • Customers may customise their investment to suit their needs.
  • Existing FNB customers and non-FNB customers may open accounts without visiting an FNB branch.
  • My Rate provides the opportunity to secure highly competitive interest rates.

Banks have been forced to think of creative ways to attract household deposits. FNB is confident that My Rate will renew interest in fixed deposits.

“The view currently held is that traditional fixed deposits are old-fashioned and require a ‘new lease on life’. The My Rate offering is FNB’s reply to the challenge facing fixed investments. We anticipate that My Rate will appeal more significantly to the younger generation,” says Human.

My Rate is available exclusively online at
Quick Polls


What is your one-liner for the 2024 National Budget speech?


Creepy failure to adjust income tax, medical tax credits
Overall happy, it should support economic growth
Overall unhappy, soaring public sector wages and broken SOEs suck..
There are too few taxpayers, too many grant recipients.
fanews magazine
FAnews February 2024 Get the latest issue of FAnews

This month's headlines

On the insurance industry’s radar in 2024
Insurers, risk managers unsure of AI’s judgement credentials
Is offshore the place to be in 2024?
Gap claims: erosion of medical benefits, soaring specialist fees
Investments and retirement… is conventional wisdom under threat?
Subscribe now