AfricanBank Savings Pocket Review for October 2024

Last updated 2nd October 2024 by Walter

Introduction

The AfricanBank Savings Pocket is a savings account offered by African Bank. Unlike notice or fixed deposits, savings accounts allow quick and easy access to your money.

This page summarises interest rates offered by AfricanBank Savings Pocket and compares them to South Africa's savings account industry average. So you can get a good idea how the interest rates offered by AfricanBank Savings Pocket compare to other banks.

The Savings Pocket is linked to your AfricanBank MyWorld Account. Once opened you will earn even more interest than your Primary AfricanBank MyWorld Account

AfricanBank Savings Pocket highlights

last updated 2nd October 2024 by Walter

R1
min deposit
6.50%
interest rate
PS. Did you know that African Bank also offers the following

AfricanBank Savings Pocket

This table shows AfricanBank Savings Pocket's interest rates for a R10,000, R100,000, R250,000, R1,000,000 and R5,000,000 investment in AfricanBank Savings Pocket versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000
6.50%
#18 out of 34
4.99%
+ R
160
R10,000
6.50%
#18 out of 34
4.99%
+ R
160
R10,000
6.50%
#18 out of 34
4.99%
+ R
160
R100,000
6.50%
#37 out of 52
6.59%
- R
100
R100,000
6.50%
#37 out of 52
6.59%
- R
100
R100,000
6.50%
#37 out of 52
6.59%
- R
100
R250,000
6.50%
#43 out of 55
6.76%
- R
685
R250,000
6.50%
#43 out of 55
6.76%
- R
685
R250,000
6.50%
#43 out of 55
6.76%
- R
685
R1,000,000
6.50%
#36 out of 48
6.59%
- R
998
R1,000,000
6.50%
#36 out of 48
6.59%
- R
998
R1,000,000
6.50%
#36 out of 48
6.59%
- R
998
R5,000,000
6.50%
#36 out of 48
6.59%
- R
4,990
R5,000,000
6.50%
#36 out of 48
6.59%
- R
4,990
R5,000,000
6.50%
#36 out of 48
6.59%
- R
4,990
  • 1 industry average refers to the average interest rate across all other savings accounts for the given investment amount
  • 2 the amount of interest you will be able earn over and above the average.
    A negative amount means that the average savings account in South africa will give you more than AfricanBank Savings Pocket.
How to read this table?

You get a 6.5% interest rate at AfricanBank Savings Pocket for a R5,000,000 investment. The industry average for a savings account with a balance of R5,000,000 is 6.59%. Over one year you will earn R4,990 less in interest at AfricanBank Savings Pocket compared to the average savings account.

Here are other similar savings accounts in South Africa which require a minimum deposit between R0 - R10,000

Account Min Deposit Rate
AfricanBank Power Pocket R11.00%
AfricanBank MyWorld R11.00%
AfricanBank Savings Pocket R16.50%
Capitec Savings R02.75% - 6.90%
FNB Linked Savings R16.80% - 7.50%
Standard Bank PureSave R05.25% - 5.55%
Discovery Demand Savings Account R10,0007.25%
Bidvest Bank Call Account R1,0003.95% - 5.95%
Nedbank Just Invest R5006.75% - 8.00%
TymeBank GoalSave R17.00%
BankZero Savings R16.70% - 7.55%