Lock in returns, but keep the freedom to access your cash.
What the Account Is For
The Platinum Fixed Deposit is for serious savers. If you’ve got at least R100,000 to set aside and want to earn a high fixed interest rate—while still being able to access some of your money in an emergency—this account could work for you.
It’s perfect if you’re saving for something big: a property deposit, a child’s future education, or even just building wealth with strong returns.
How the Account Works (with Examples)
When you open a Platinum Fixed Deposit, you choose how long you want to invest—anywhere from 1 month to 60 months (5 years). The interest rate you get is fixed upfront, so you know exactly what you’ll earn.
You must deposit at least R100,000.
No monthly fees.
You can withdraw up to 3 times during your term (minimum R10,000 each time), as long as the total doesn’t exceed 30% of your capital.
Example:
If you invest R250,000 for 60 months at 9.00% interest, you’ll earn:
- R1,875 in interest every month, or
- Up to 11.31% total if you leave the interest to grow and get paid at maturity.
Pros and Cons
| 👍 Pros | 👎 Cons |
| High, guaranteed interest rates | You can’t top up after your initial deposit |
| Up to 3 penalty-free withdrawals | Requires at least R100,000 to open |
| Flexible payout options | Withdrawals limited to 30% of your capital |
| Zero monthly fees | Fixed term—early exit penalties apply |
Who Should Consider This Option
You have a large lump sum you don’t need to touch right away.
You want better returns than a regular savings account.
You value flexibility—you can access part of your funds if needed.
You prefer a guaranteed return, no surprises.
If you’re planning ahead and want your money to grow with certainty, this fixed deposit gives you the best of both worlds—growth and access.
Interest Structure
Here’s how the interest works:
- Nominal Rate: This is the fixed percentage you’ll earn every year.
- Effective Rate (AER): If you leave the interest to compound, your actual return will be higher.
- Rate at Maturity: This is what you earn if interest is paid out at the end of the term.
Example:
For balances of R250,000+:
- 12 Months = 8.15% nominal rate → 8.46% effective
- 60 Months = 9.00% nominal → 11.31% total return if left untouched
(For the most accurate and up-to-date interest rates, please visit nedbank.co.za)
Tax Implications
Interest you earn counts as income. Here’s what you need to know:
- The first R23,800 in interest you earn per year (if under 65) is tax-free.
- If you go over that, it’s added to your annual taxable income.
- Nedbank will send you a tax certificate (IT3b) showing how much you earned.
Important: This is not a tax-free savings account, so SARS will want to know about the interest if you exceed the threshold.
How to Apply
| Group | What You Need |
| South African Citizens | SA ID, proof of address (under 3 months old), and minimum deposit of R100,000 |
| Foreign Nationals | Passport, valid visa/permit, proof of address, and deposit |
You can open the account online via Nedbank’s Money App, Online Banking, or at a branch.
Final Takeaway
If you’ve got a big sum and you want solid, guaranteed growth—with the freedom to access some of it along the way—the Nedbank Platinum Fixed Deposit is worth considering. It gives you top-tier rates, flexibility, and peace of mind.
No monthly fees
Fixed returns up to 11.31%
Easy digital access via app or web
Want to get started? Tap ‘Apply Now’ and make your money work harder for you.