What is Fiesta Save Account?
Fiesta Save Account is a savings account that has been designed to encourage a savings culture among National Bank and non-National Bank customers.
Underwriting Requirements and Operation of the Account
- Minimum account opening balance is MK20,000.00 (Malawi Kwacha Twenty Thousand Kwacha Only)
- Customer is required to be making monthly deposits to the account of at least MK10,000.00 (Malawi Kwacha Ten Thousand Only)
- Withdrawal from the account are on quarterly basis (every three months) provided the remaining book balance is at least MK20,000.00 (Malawi Kwacha Twenty Thousand Kwacha Only) at any point in time.
- Withdrawals from the account will be on the counter only.
- Account holders can make deposits to the account through all Bank channels at no fee. (Standing Orders to the account will be created free of charge).The account can also be used as security for credit facilities from the Bank.
- New Bank customers will undergo the normal KYC processes when opening the account.
- Interest rate applicable on the account is 3% points above the ordinary savings account annual interest rate.
- The account will not attract any service fee.
- The account holders will be provided with quarterly bank statements.
- The account will automatically revert to an ordinary savings account after two missed monthly deposits and/or account will not be allowed to draw below MK20, 000.00(Malawi Kwacha Twenty Thousand Only).