Notice Deposit accounts

A Notice Deposit account is a savings account that offers a balance between access to your funds and earning interest. With a Notice Deposit account, you need to place notice before you can withdraw funds. For example, with a 32-day Notice Deposit account, once you place notice for an amount to withdraw, you will wait 32 days before the funds are released from the account and paid to your ZAR wallet. You can add funds to a Notice Deposit account at any time, subject to the account rules.

The Notice Deposit accounts available on Clarity by Investec are as follows:

Each Notice Deposit account has a notice period that must be completed before funds are released. The different Notice Deposit accounts will earn different interest rates.

The 7-Day Notice Deposit account has a 7-day notice period. This means you need to place notice and wait 7 days before the funds are released, subject to the account terms. You can add funds to this account at any time.

The 32-Day Notice Deposit account a 32-day notice period. This means you need to place notice and wait 32 days before the funds are released, subject to the account terms. You can add funds to this account at any time.

The 90-Day Notice Deposit account has a 90-day notice period. This means you need to place notice and wait 90 days before the funds are released, subject to the account terms. You can add funds to this account at any time.

You can see notices placed on a Notice Deposit account in Clarity by Investec by viewing the notice summary.

You can navigate to the notice summary as follows:

In this section, you can view each notice you have placed as well as the amount under notice. You can click on each notice to view more details.

To cancel any existing notice placed, you will first need to navigate to the “notice summary” by following the below steps:

Once you have found the “notice” in question, you can either:

You will then be presented with a confirmation screen to cancel the notice you have placed.

Once you have placed notice on a Notice Deposit account, your money remains in the Notice Deposit account until the applicable notice period has ended, subject to the account rules. When the notice period ends, the released funds will be paid to your ZAR wallet.

You can place more than one notice on a Notice Deposit account at the same time, subject to the available balance and the Notice Deposit account rules. Each notice will have its own amount, notice period and expected release date.

You can place notice for only part of your Notice Deposit account balance if the amount is available and the Notice Deposit account rules allow it. The remaining balance will stay in your Notice Deposit account and will continue to earn interest according to the applicable account rate and rules until you place notice on the remaining balance.

Yes, you continue earning interest while your money is under notice in your Notice Deposit account. Interest continues to accrue according to the applicable Notice Deposit account rate and account rules until the funds are released.

Yes, you can add more money to your Notice Deposit account while you have an active notice. Additional money added after you have place notice does not automatically form part of the existing notice. If you want to release that additional amount, you will need to place a separate notice for it.

You cannot change the amount after you have placed notice on a Notice Deposit account. You will first need to cancel the notice and place a new notice for the correct amount.

If the notice release date falls on a weekend or public holiday, this will not impact the release date of your funds.

The timing of when your funds will reflect in your nominated beneficiary account could be impacted by other banks timelines.

On the day your notice matures, the amount you placed under notice will be released from your Notice Deposit account and paid your ZAR wallet.

After you place notice, your Notice Deposit account continues to earn interest according to the applicable Notice Deposit account rate and account rules until the funds are released. Notice Deposit rates may change in line with the account rules, and any updated rate will apply according to those rules.

No, your funds do not automatically go to your nominated beneficiary account after the notice you placed falls due. Once the notice period ends, the released funds are paid to your ZAR wallet. You can then use the Send option from your ZAR wallet to withdraw funds to an approved beneficiary account, subject to normal processing times.

The penalty fees for early withdrawal from a Notice Deposit account depend on the notice period and the amount being released early. Clarity by Investec will show the applicable penalty fee on the early withdrawal screen before you confirm the instruction.