Nedbank offers an investment safe haven by asking consumers to Park-It

In a direct response to a highly volatile and uncertaineconomic climate, Nedbank has launched the Park-It Investment Account, designed to provide ordinary consumers with a safe haven for their funds without lengthy lock-in times.

All deposits into the Park-It investment account are fixed for the first 14 days, with 24 hours notice required for withdrawals thereafter. This applies toinitial as well as subsequent deposits.

“We saw a need for a simple and flexible product whereconsumers can safely invest their money, obtain high returns and havereasonable access to their funds,”says Saks Ntombela, MD of NedbankRetail’s Transactional and Investment Products.“Sometimes investment decisions can take time and people need a place to park their funds until they decide how to invest them, hence the name‘Park-It,”he says.

Nedbank’s Park-It investment account also provides peace-of-mind by offering a full guarantee on capital, which means they will never lose the money they invested. Consumers receive the added benefit of any interest rate increases immediately, while interest rate cuts will only be effective after 14 days.

Yet another important feature of the account that differentiates it from other moneymarket or interest-bearing products is that there are no upfront costs,commission or any other charges levied.“The fact that Park-It does not have any fees associated with it ensures the capital guarantee,”says Ntombela.

With a minimum deposit of R10000 and current interestrates that range from 11% to 11,55% p.a. depending on the balance in theaccount, Park-It is one of the most competitive term accounts available.

“Typically high interest earning accounts are reserved for those with large sums of money to invest, but with its low minimum deposit requirement, this product is available to a greater number of consumers,”says Ntombela.

With no administration fees, a competitive interest rate andeasy access to funds when necessary, Ntombela believes the Park-Itinvestment account represents another example of Nedbank’s commitment to providing great value banking for anyone investing in their future.