If you have a First National Bank Million-a-Month account, the money in your account is now available to you at one day's notice until May 15.
Million-a-Month account-holders were automatically entered into a monthly draw, with one entry for every R100 in their account, to win a prize of R1 million each month.
However, the Supreme Court of Appeal has ruled that the monthly draw is illegal and contravenes the National Lotteries Act. FNB will, therefore, transfer account-holders' money to a 32-day interest plus notice account on May 15. The interest you earned on the money in your account was just one percent a year.
The interest rate you will earn in your new 32-day interest plus notice account will be tiered at 6.55 percent a year for amounts between R100 and R1 000 increasing to 8.05 percent for amounts between R10 000 and R25 000 and 8.3 percent for amounts between R25 000 and R50 000. If you have any queries about this account, you can contact the FNB call centre on 0860 112 244.