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Brackenhurst Alberton

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3.15 Automated Tell Machine (ATM)

Automated teller machines are electronic banking outlets that allow people to complete transactions without the help of a bank representative or teller. ATM transactions can be as simple as a deposit or balance inquiry, or more complex like a balance transfer or bill payment. In order to use an ATM, consumers need to have a […]

3.14 Dormant Accounts

If an account becomes dormant, i.e. it has not been operated on for a specific period of time, e.g. six months, the deposit taking institution has the right to close the account after attempting to notify the client and following the process for dormancy.  If the bank cannot contact the client and the specified dormancy […]

3.13 Period of Notice

Period of notice is the amount of time that must be given by investors to withdraw the invested funds in an account. Some accounts can be withdrawn on demand; others require a notice period for example 30 days’ notice.

3.12 Term to Maturity

Term to maturity indicates the set period for which the cash is to be invested. The longer the term to maturity, the higher the interest rate.

3.11 Foreign Currency Deposit Account

A foreign currency deposit account is a locally held account that can be used to invest funds in a range of foreign currencies. The main currencies are the United States Dollar (USD), the British Pound (GBP) and the Euro (EUR). This type of investment is used by investors who want to save in order to […]

3.10 Tax Free Investment Account

A maximum of R33 000 per tax year (annual limit) can be invested in a  tax-free investment account (the amount increased from R30 000 to R33 000 as of 1 March 2017). More than one such investment account can be held at different institutions, as long as the annual limit is not exceeded. There is […]

3.9 Trust Account

A trust account is a legal arrangement through which funds or assets are held by a third party (the trustee) for the benefit of another party (the beneficiary), which may be an individual or a group. The creator of the trust is known as a grantor or settlor. A trust account may also be useful […]

3.8 Transactional Accounts

Transactional accounts are generally not interest-bearing accounts and clients can deposit or withdraw any amount of money any number of times, subject to availability of funds.

3.7 Fixed Deposit

A fixed deposit is an investment of a lump sum of money for a fixed period, at a fixed rate of interest.

3.6 Demand Deposit

A bank account, such as a cheque account, that allows the holder to withdraw funds or use funds for payment upon demand.