What is an Ithala Fixed Deposit?

An Ithala Fixed Deposit is a special product designed to enable you to secure and grow any surplus cash you may have.

Will my money be Safe in an Ithala Fixed Deposit?

All money deposited in Ithala is shielded, guarded and fully protected against damage, all losses and theft. This means that unlike keeping your money at home or carrying it with you, it can never be lost or stolen.

When can I withdraw?

The money you deposit in your account is yours, we will keep it SAFE and make it GROW for you. In order for your money to earn the highest interest , it is necessary for you to agree to leave your money in Ithala for a full fixed term of 6, 12 or 24 months. You have the flexibility to make that decision.

How does my money grow in an Ithala Fixed Deposit?

Your money in an Ithala Fixed Deposit grows because you leave your money in Ithala for the full term of 6, 12 or 24 months without withdrawing it. This enables your money to really work hard for you and earn a lot of interest! This interest is paid to you half-yearly or when your fixed deposit matures at the end of the fixed term.

The amount of interest paid depends on:

• The size of your fixed deposit
• The interest rate paid by Ithala, and
• The length of time that your money is with Ithala. Once you have opened an Ithala Fixed Deposit you can't lose out even if the banks reduce the interest rates they pay to clients - your rate remains fixed for the term of your fixed deposit.
• If income tax is your worry, remember that the first R2 000 of interest you receive on your Ithala Fixed Deposit is tax free.

How can I be sure that I am getting the highest interest rate on my Ithala Fixed Deposit?

You should study the interest rates paid on fixed deposits that are displayed in all our branches and talk to your branch manager before you open your Ithala Fixed Deposit. By doing this you will secure the best interest rate and the term you select will suit your plans.

When should I open and use an Ithala Fixed Deposit?

If you have over a period of time built up a significant balance in your Ithala Savings Account and you have no plans to use all of this money right now - open an Ithala Fixed Deposit and transfer part of the money from your Ithala Savings Account to an Ithala Fixed Deposit for a term of your choice. This will make your money work even harder for you because the interest rates on Ithala Fixed Deposits are higher than those of Ithala Savings Accounts.

You have recently been fortunate enough to receive money from:

• A pension fund
• An insurance company
• The estate of a family member
• The sale of your house, business, cattle or crops, and you have not yet decided how best to use this money

Open an Ithala Fixed Deposit and let this money grow in safety while you decide what you want to do with it.

Are there any service fees payable?

There are no service fees payable on your Ithala Fixed Deposit.

Opening the account

All you have to do is contact your local branch manager. He is especially trained and will be pleased to assist you to open an Ithala Fixed Deposit. They will also be able to provide details of other savings products, as well as other financial services provided to clients of Ithala.