African Bank Fixed Deposit Review for March 2024

Last updated 2nd March24 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 March24 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% 8.07%
+
9
R10,000 for 55+8.42% 8.23%
+
5
R100,000 for 18+8.42% 8.18%
+
60
R100,000 for 55+8.42% 8.28%
+
34
R250,000 for 18+8.42% 8.17%
+
155
R250,000 for 55+8.42% 8.30%
+
73
R1,000,000 for 18+8.42% 8.22%
+
489
R1,000,000 for 55+8.42% 8.38%
+
101
R5,000,000 for 18+8.42% 8.24%
+
2,205
R5,000,000 for 55+8.42% 8.45%
-
-427
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 8.07%. Over 3 months you will earn R9 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% 8.42%
+
12
R10,000 for 55+8.65% 8.55%
+
5
R100,000 for 18+8.65% 8.57%
+
43
R100,000 for 55+8.65% 8.63%
+
9
R250,000 for 18+8.65% 8.59%
+
69
R250,000 for 55+8.65% 8.65%
-
-6
R1,000,000 for 18+8.65% 8.65%
+
10
R1,000,000 for 55+8.65% 8.71%
-
-294
R5,000,000 for 18+8.65% 8.71%
-
-1,521
R5,000,000 for 55+8.65% 8.79%
-
-3,554
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 8.42%. 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+9.11% 8.97%
+
15
R10,000 for 55+9.11% 9.10%
+
1
R100,000 for 18+9.11% 9.11%
+
3
R100,000 for 55+9.11% 9.17%
-
-61
R250,000 for 18+9.11% 9.13%
-
-50
R250,000 for 55+9.11% 9.21%
-
-273
R1,000,000 for 18+9.11% 9.16%
-
-508
R1,000,000 for 55+9.11% 9.24%
-
-1,445
R5,000,000 for 18+9.11% 9.19%
-
-4,550
R5,000,000 for 55+9.11% 9.30%
-
-10,222
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 8.97%. Over 12 months you will earn R15 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% 8.71%
+
153
R10,000 for 55+9.34% 8.86%
+
120
R100,000 for 18+9.34% 8.80%
+
1,323
R100,000 for 55+9.34% 8.91%
+
1,065
R250,000 for 18+9.34% 8.85%
+
3,036
R250,000 for 55+9.34% 8.94%
+
2,493
R1,000,000 for 18+9.34% 8.87%
+
11,706
R1,000,000 for 55+9.34% 8.97%
+
9,193
R5,000,000 for 18+9.34% 8.89%
+
55,919
R5,000,000 for 55+9.34% 8.98%
+
42,836
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 8.71%. Over 2 years you will earn R153 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% 8.88%
+
229
R10,000 for 55+9.44% 9.01%
+
176
R100,000 for 18+9.44% 9.07%
+
1,512
R100,000 for 55+9.44% 9.18%
+
1,083
R250,000 for 18+9.44% 9.12%
+
3,352
R250,000 for 55+9.44% 9.21%
+
2,438
R1,000,000 for 18+9.44% 9.14%
+
12,443
R1,000,000 for 55+9.44% 9.25%
+
8,237
R5,000,000 for 18+9.44% 9.18%
+
54,141
R5,000,000 for 55+9.44% 9.25%
+
37,054
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 8.88%. Over 3 years you will earn R229 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% 9.51%
+
364
R10,000 for 55+9.94% 9.64%
+
259
R100,000 for 18+9.94% 9.67%
+
2,358
R100,000 for 55+9.94% 9.73%
+
1,856
R250,000 for 18+9.94% 9.70%
+
5,137
R250,000 for 55+9.94% 9.78%
+
3,746
R1,000,000 for 18+9.94% 9.72%
+
18,914
R1,000,000 for 55+9.94% 9.80%
+
12,782
R5,000,000 for 18+9.94% 9.76%
+
82,262
R5,000,000 for 55+9.94% 9.75%
+
78,439
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 9.51%. Over 5 years you will earn R364 more in interest at African Bank compared to the average bank.

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