​Open a Notice Deposit Account with Mercantile Bank and earn an attractive rate of interest on your funds, with a variety of maturity periods to suit your needs. 
 
Key Features and Benefits
  • Prime linked rate:  Grow your interest potential, in line with changes in the Prime interest rate
  • Notice period:  Choose the notice period that best suits your needs (32, 66 or 88 days) and avoid early withdrawal penalties
  • Attractive interest:  Maximise your investment return through a longer-term Notice Deposit Account and earn a preferred rate of interest 
  • Minimum balance:  Enjoy all the benefits of a Notice Deposit Account with a minimum balance of only R1000.
 
Saving is an important part of planning for your future. The Income Tax Act now allows Mercantile Bank to offer a tax free savings account to investors. This means that any growth on the amount invested in your Tax Exempt Savings Account (TESA) will be tax free. You can invest up to R30 000 a year or R2500 a month with a lifetime limit of R500 000.
 
Key Features and Benefits
  • Maximum annual investment: The Maximum annual investment is restricted to R30 000
  • Lifetime investment: Lifetime investment is restricted to R500 000
  • Tax Free interest: Any interest earned is tax free, provided that you adhere to the regulation set  limits
  • Attractive interest: Interest is calculated on the daily balance, capitalised monthly and may be paid out to the investor
  • Notice period: Funds are available after a 7-day notice period
  • Withdrawal penalty of R300 is applicable if no notice is given
  • Account opening: Accounts may be opened in a minor's name, accompanied by a guardian/ parent
  • Deposits may be made any time and accessed with 7-days notice
  • The deposits may be made in a lump sum of R30 000 or several smaller deposits - not exceeding the regulated limit of R30 000 per annum
  • Any withdrawals of accumulated savings from your Tax Exempt Savings Account cannot be replaced and all contributions are subject to the annual and lifetime limits.
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