Open a notice deposit account and get noteworthy interest for a fixed term that suits your needs. Our notice account lets you access your money at the end of your notice period and you can add additional deposits into your account whenever you want. African Bank African bank comes first with a nominal interest rate of 9.23% for a 60 months fixed deposit investment. The effective interest is calculated at 11.11% while the semi-annual interest is calculated at 9.03%. The minimum investment for a 60 months fixed deposit account is R500.00. Some banks, like African Bank, quote three different interest rates for fixed deposits: a monthly interest payout, an annual one, and the equivalent interest rate for payout on maturity. The fixed deposit space has become very competitive, with a number of banks launching special offers for longer periods at present. Fixed Deposit Maximum nominal interest rate over 60 months 8.00% Minimum opening deposit of R10 000. African Bank fixed deposit account tops the list! Their interest rates start out at 7.7% interest for the first 3 months and can be increased to as much as 10.75% interest the longer you hold your money, which is outstanding.

Looking for the best bank to keep your money? With so many banks in South Africa that offer multiple savings accounts each, it can be extremely confusing.

I know because I’m in the process of finding the best savings bank account myself. I was astounded by the lack of information online so I thought I better research my findings.

To make life a bit easier for you, below you’ll find a breakdown of the best interest rates on savings accounts within South Africa. Hope this helps!

1. African Bank fixed deposit account tops the list! Their interest rates start out at 7.7% interest for the first 3 months and can be increased to as much as 10.75% interest the longer you hold your money, which is outstanding. [View Bank]

Side note: As discussed in this quora post, only the best investors in the world achieve a 10% return on their investment in the long term. So finding a bank that offers 10% interest on your money is truly special.

2. Tyme bank GoalSave account tops the list. They offer the best interest rate at 6% interest per annum from 1-30 days after the money has been added to your account. This increases the longer you hold your money to us much as 10% interest. Unfortunately your maximum initial investment is capped at R10,000. This can be increased to up to R100,000. [View Bank]

African Bank Fixed Deposits

3. Capitec Global One account offers 4.75% interest on your everyday account which can be increased the more you deposit. Over R100,000 will give you a 5.5% interest rate. However, with a fixed savings account they offer as much 8.55% interest. [View Bank]

4. Nedbank offers a wide range of flexible and fixed term savings accounts. A fixed term savings account offers from 6.5% to 8% interest rates depending on the term and amount you deposit. [View Bank]

05. Absa interest rates for savings account ranges from 3.5% to 6.9% depending on the account selected and amount deposited. I highly suggest your minimum deposit is over R10,000 to make it worth your while. Their fixed deposits offer interest rates between 7.10% to 7.6%. [View Bank]

Bank Fixed Deposit Rates

06. Standard bank also has a big variety of savings account options. They offer interest rates from as low as 2% to as high as 9% depending on how much you deposit, and how quickly you would like access to that money. They have 4 “accessibility” options so make sure you check out the bank to get a detailed description. [View Bank]

07. FNB has a high initial interest rate of 5% on a low deposit, however on the other side of the spectrum they max out at only a 6% interest rate for investments of R100,000 plus. Which is extremely poor compared to option 1-6. [View Bank]

Did we miss a bank? Or did we miss any info? Please let us know below. Hope this information saves you a few hours of research. I know I wish I had it when I was researching my savings account.