African Bank Interest Rate Review for May 2024
Introduction
This page gives you an overview of African Bank interest rates for May 2024. African Bank offers:
- Savings accounts. Saving accounts give you quick and easy access to your money.
- Notice accounts. You will need to give African Bank notice before you get access to your money. Interest rates typically higher than your savings account.
- Fixed deposits. The interest rate for a fixed deposit investment does not fluctuate and is instead fixed throughout your investment period.
The main difference between these three options is ease of access to your money. Savings accounts will provide you with near instant access, but in return you get a lower rate of interest . Notice accounts will provide better interest rates, but you will need to give African Bank notice before getting access to your money. Fixed deposits generally pay the best interest, but you commit your money for a fixed term. In case you do need to withdraw, you can still get access before your term is over but will have to pay a penalty.
African Bank interest rate overview for savings, notice accounts and fixed deposits
Here is a table of interest rates available at African Bank. It shows the type of account, deposit and interest rate you can get.
| Name | Deposit | Nominal rate |
| Savings | ||
R1 | 1% | |
R1 | 1% | |
R1 | 7% | |
| Notice accounts | ||
7 day notice | R500 | 7.73% |
32 day notice | R500 | 8.19% |
90 day notice | R500 | 8.42% |
| Fixed deposits | ||
3 month | R500 | 8.42% |
6 month | R500 | 8.65% |
12 month | R500 | 9.11% |
24 month | R500 | 9.34% |
36 month | R500 | 9.44% |
60 month | R500 | 9.94% |
Check out the full African Bank fixed deposit review for May 2024 | ||
African Bank offers three types of savings accounts.
- AfricanBank Power Pocket starts with a minimum deposit of R1 and pays interest of 1%. The highest rate you can achieve with the AfricanBank Power Pocket is 1% for savings balances over R1.
- AfricanBank MyWorld requires a mininum deposit of R1 and pays an interest rate of 1%.
- AfricanBank Savings Pocket requires a mininum deposit of R1 and pays an interest rate of 7%.
African Bank offers three types of notice accounts.
- African Bank 7 day notice pays an interest rate of 7.73% for balances over R500.0
- African Bank 32 day notice pays an interest rate of 8.19% for balances over R500.0
- African Bank 90 day notice pays an interest rate of 8.42% for balances over R500.0
- African Bank 3 month fixed deposit currently pays an interest rate of 8.42% for balances over R500.0
- African Bank 6 month fixed deposit currently pays an interest rate of 8.65% for balances over R500.0
- African Bank 12 month fixed deposit currently pays an interest rate of 9.11% for balances over R500.0
- African Bank 24 month fixed deposit currently pays an interest rate of 9.34% for balances over R500.0
- African Bank 36 month fixed deposit currently pays an interest rate of 9.44% for balances over R500.0
- African Bank 60 month fixed deposit currently pays an interest rate of 9.94% for balances over R500.0