AfricanBank Savings Pocket Review for November 2024
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 1st November 2024 by Walter
- The AfricanBank Power Pocket offers interest rates 1.00% and accepts investments from R1
- The AfricanBank MyWorld offers interest rates 1.00% and accepts investments from R1
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% #7 out of 13 | 4.78% | + R 181 |
| R100,000 | 6.50% #14 out of 19 | 6.66% | - R 168 |
| R250,000 | 6.50% #16 out of 20 | 6.81% | - R 832 |
| R1,000,000 | 6.50% #13 out of 17 | 6.62% | - R 1,224 |
| R5,000,000 | 6.50% #13 out of 17 | 6.62% | - R 6,121 |
- 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.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R10,000 for 18+ | 6.50% | 4.78% | + 181 |
| R100,000 for 18+ | 6.50% | 6.66% | - -168 |
| R250,000 for 18+ | 6.50% | 6.81% | - -832 |
| R1,000,000 for 18+ | 6.50% | 6.62% | - -1,224 |
| R5,000,000 for 18+ | 6.50% | 6.62% | - -6,121 |
- 1 industry average refers to the average interest rate across all other banks
- 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.
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 6.62%. Over one year you will earn R6,121 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 | R1 | 1.00% |
| AfricanBank MyWorld | R1 | 1.00% |
| AfricanBank Savings Pocket | R1 | 6.50% |
| Capitec Savings | R0 | 2.75% - 6.90% |
| FNB Linked Savings | R1 | 6.80% - 7.50% |
| Standard Bank PureSave | R0 | 5.25% - 5.55% |
| Discovery Demand Savings Account | R10,000 | 7.25% |
| Bidvest Bank Call Account | R1,000 | 3.95% - 5.95% |
| Nedbank Just Invest | R500 | 6.75% - 8.00% |
| TymeBank GoalSave | R1 | 7.00% |
| BankZero Savings | R1 | 6.70% - 7.55% |