African Bank Fixed Deposit Review for December 2024

Last updated 2nd December 2024 by Walter

Introduction

This page summarises all the fixed deposits offered by African Bank. All the rates shown are sourced from the African Bank website - africanbank.co.za. All rates shown on this page have been converted to nominal and effective annual rates! This allows you to compare rates across all banks. Yippee!

The African Bank fixed deposit interest calculator, allows you to calculate how much interest you will earn for your age, investment amount and term.

African Bank fixed deposits highlights

last updated 2nd December 2024 by Walter

R500
min deposit
9.94%
best rate

Here are African Bank's best fixed deposit rates

The best interest rate you can get at African Bank is 9.94% for the 60-month fixed deposit. You will need a minimum deposit of R500 .

Here are African Bank's five best fixed deposit interest rates:

# Min deposit Term Nominal
1 R500 60 months 9.94%
2 R500 36 months 8.98%
3 R500 12 months 8.88%
4 R500 6 months 8.19%
5 R500 3 months 7.96%
P
only individuals older than 55 qualify

African Bank 3 month fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 3 month fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+7.96% 7.58%
+
10
R10,000 for 55+7.96% 7.64%
+
8
R100,000 for 18+7.96% 7.69%
+
69
R100,000 for 55+7.96% 7.67%
+
73
R250,000 for 18+7.96% 7.69%
+
174
R250,000 for 55+7.96% 7.71%
+
161
R1,000,000 for 18+7.96% 7.76%
+
518
R1,000,000 for 55+7.96% 7.78%
+
458
R5,000,000 for 18+7.96% 7.76%
+
2,549
R5,000,000 for 55+7.96% 7.75%
+
2,720
How to read this table?

You get a 7.96% interest rate at African Bank for a R10,000 investment in a 3 month fixed deposit (if you are older than 18). The industry average is 7.58%. Over 3 months you will earn R10 more in interest at African Bank compared to the average bank.

African Bank 6 month fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 6 month fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.19% 7.96%
+
12
R10,000 for 55+8.19% 7.93%
+
13
R100,000 for 18+8.19% 8.08%
+
55
R100,000 for 55+8.19% 7.98%
+
107
R250,000 for 18+8.19% 8.11%
+
102
R250,000 for 55+8.19% 8.01%
+
228
R1,000,000 for 18+8.19% 8.15%
+
168
R1,000,000 for 55+8.19% 8.09%
+
502
R5,000,000 for 18+8.19% 8.15%
+
1,033
R5,000,000 for 55+8.19% 8.07%
+
2,968
How to read this table?

You get a 8.19% interest rate at African Bank for a R10,000 investment in a 6 month fixed deposit (if you are older than 18). The industry average is 7.96%. Over 6 months you will earn R12 more in interest at African Bank compared to the average bank.

African Bank 1 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 1 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.88% 8.27%
+
66
R10,000 for 55+8.88% 8.30%
+
63
R100,000 for 18+8.88% 8.45%
+
461
R100,000 for 55+8.88% 8.41%
+
506
R250,000 for 18+8.88% 8.48%
+
1,083
R250,000 for 55+8.88% 8.45%
+
1,157
R1,000,000 for 18+8.88% 8.52%
+
3,908
R1,000,000 for 55+8.88% 8.52%
+
3,893
R5,000,000 for 18+8.88% 8.54%
+
18,500
R5,000,000 for 55+8.88% 8.53%
+
18,708
How to read this table?

You get a 8.88% interest rate at African Bank for a R10,000 investment in a 1 year fixed deposit (if you are older than 18). The industry average is 8.27%. Over 12 months you will earn R66 more in interest at African Bank compared to the average bank.

African Bank 2 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 2 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.88% 8.09%
+
188
R10,000 for 55+8.88% 8.13%
+
179
R100,000 for 18+8.88% 8.17%
+
1,695
R100,000 for 55+8.88% 8.17%
+
1,706
R250,000 for 18+8.88% 8.21%
+
3,996
R250,000 for 55+8.88% 8.20%
+
4,053
R1,000,000 for 18+8.88% 8.25%
+
15,116
R1,000,000 for 55+8.88% 8.28%
+
14,350
R5,000,000 for 18+8.88% 8.27%
+
73,345
R5,000,000 for 55+8.88% 8.29%
+
70,094
How to read this table?

You get a 8.88% interest rate at African Bank for a R10,000 investment in a 2 year fixed deposit (if you are older than 18). The industry average is 8.09%. Over 2 years you will earn R188 more in interest at African Bank compared to the average bank.

African Bank 3 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 3 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.98% 8.22%
+
298
R10,000 for 55+8.98% 8.25%
+
288
R100,000 for 18+8.98% 8.41%
+
2,250
R100,000 for 55+8.98% 8.38%
+
2,377
R250,000 for 18+8.98% 8.45%
+
5,241
R250,000 for 55+8.98% 8.41%
+
5,589
R1,000,000 for 18+8.98% 8.49%
+
19,550
R1,000,000 for 55+8.98% 8.49%
+
19,293
R5,000,000 for 18+8.98% 8.53%
+
90,628
R5,000,000 for 55+8.98% 8.48%
+
95,999
How to read this table?

You get a 8.98% interest rate at African Bank for a R10,000 investment in a 3 year fixed deposit (if you are older than 18). The industry average is 8.22%. Over 3 years you will earn R298 more in interest at African Bank compared to the average bank.

African Bank 5 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 5 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+9.94% 8.77%
+
937
R10,000 for 55+9.94% 8.81%
+
907
R100,000 for 18+9.94% 8.92%
+
8,195
R100,000 for 55+9.94% 8.89%
+
8,445
R250,000 for 18+9.94% 8.95%
+
19,821
R250,000 for 55+9.94% 8.92%
+
20,484
R1,000,000 for 18+9.94% 8.99%
+
76,896
R1,000,000 for 55+9.94% 8.99%
+
76,731
R5,000,000 for 18+9.94% 8.99%
+
383,020
R5,000,000 for 55+9.94% 8.92%
+
402,846
How to read this table?

You get a 9.94% interest rate at African Bank for a R10,000 investment in a 5 year fixed deposit (if you are older than 18). The industry average is 8.77%. Over 5 years you will earn R937 more in interest at African Bank compared to the average bank.