African Bank Fixed Deposit Review for September 2024

Last updated 2nd September 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 September 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 9.44%
3 R500 24 months 9.34%
4 R500 12 months 9.11%
5 R500 6 months 8.65%
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+8.42% 7.82%
+
15
R10,000 for 55+8.42% 8.02%
+
10
R100,000 for 18+8.42% 7.97%
+
113
R100,000 for 55+8.42% 8.08%
+
85
R250,000 for 18+8.42% 8.00%
+
267
R250,000 for 55+8.42% 8.10%
+
203
R1,000,000 for 18+8.42% 8.04%
+
965
R1,000,000 for 55+8.42% 8.14%
+
700
R5,000,000 for 18+8.42% 8.01%
+
5,192
R5,000,000 for 55+8.42% 8.14%
+
3,545
How to read this table?

You get a 8.42% 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 7.82%. Over 3 months you will earn R15 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+8.65% 8.26%
+
20
R10,000 for 55+8.65% 8.40%
+
13
R100,000 for 18+8.65% 8.40%
+
127
R100,000 for 55+8.65% 8.48%
+
88
R250,000 for 18+8.65% 8.43%
+
282
R250,000 for 55+8.65% 8.50%
+
193
R1,000,000 for 18+8.65% 8.46%
+
956
R1,000,000 for 55+8.65% 8.54%
+
560
R5,000,000 for 18+8.65% 8.47%
+
4,558
R5,000,000 for 55+8.65% 8.57%
+
2,159
How to read this table?

You get a 8.65% 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 8.26%. Over 6 months you will earn R20 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+9.11% 8.64%
+
51
R10,000 for 55+9.11% 8.81%
+
32
R100,000 for 18+9.11% 8.82%
+
312
R100,000 for 55+9.11% 8.92%
+
211
R250,000 for 18+9.11% 8.84%
+
727
R250,000 for 55+9.11% 8.94%
+
463
R1,000,000 for 18+9.11% 8.86%
+
2,654
R1,000,000 for 55+9.11% 8.97%
+
1,567
R5,000,000 for 18+9.11% 8.90%
+
11,364
R5,000,000 for 55+9.11% 9.02%
+
4,900
How to read this table?

You get a 9.11% 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 8.64%. Over 12 months you will earn R51 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+9.34% 8.31%
+
247
R10,000 for 55+9.34% 8.47%
+
210
R100,000 for 18+9.34% 8.41%
+
2,230
R100,000 for 55+9.34% 8.49%
+
2,040
R250,000 for 18+9.34% 8.45%
+
5,347
R250,000 for 55+9.34% 8.51%
+
4,966
R1,000,000 for 18+9.34% 8.47%
+
20,845
R1,000,000 for 55+9.34% 8.55%
+
19,010
R5,000,000 for 18+9.34% 8.52%
+
99,227
R5,000,000 for 55+9.34% 8.59%
+
88,641
How to read this table?

You get a 9.34% 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 8.31%. Over 2 years you will earn R247 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+9.44% 8.47%
+
384
R10,000 for 55+9.44% 8.64%
+
318
R100,000 for 18+9.44% 8.69%
+
2,953
R100,000 for 55+9.44% 8.79%
+
2,594
R250,000 for 18+9.44% 8.73%
+
6,984
R250,000 for 55+9.44% 8.81%
+
6,234
R1,000,000 for 18+9.44% 8.76%
+
27,095
R1,000,000 for 55+9.44% 8.85%
+
23,607
R5,000,000 for 18+9.44% 8.82%
+
123,116
R5,000,000 for 55+9.44% 8.92%
+
100,318
How to read this table?

You get a 9.44% 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 8.47%. Over 3 years you will earn R384 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% 9.14%
+
648
R10,000 for 55+9.94% 9.29%
+
529
R100,000 for 18+9.94% 9.27%
+
5,463
R100,000 for 55+9.94% 9.35%
+
4,849
R250,000 for 18+9.94% 9.31%
+
12,732
R250,000 for 55+9.94% 9.38%
+
11,546
R1,000,000 for 18+9.94% 9.33%
+
49,427
R1,000,000 for 55+9.94% 9.41%
+
43,125
R5,000,000 for 18+9.94% 9.36%
+
238,658
R5,000,000 for 55+9.94% 9.37%
+
226,358
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 9.14%. Over 5 years you will earn R648 more in interest at African Bank compared to the average bank.