BankZero Savings Review for November 2024
Introduction
The BankZero Savings is a savings account offered by BankZero. Unlike notice or fixed deposits, savings accounts allow quick and easy access to your money.
This page summarises interest rates offered by BankZero Savings and compares them to South Africa's savings account industry average. So you can get a good idea how the interest rates offered by BankZero Savings compare to other banks.
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BankZero Savings highlights
last updated 1st November 2024 by Walter
BankZero Savings
This table shows BankZero Savings's interest rates for a R1, R1,000, R25,000, R50,000, R100,000, R500,000 and R1,000,000 investment in BankZero Savings versus the industry average.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R1 | 6.70% #5 out of 13 | 4.52% | + R 0 |
| R1,000 | 6.80% #3 out of 13 | 4.52% | + R 24 |
| R25,000 | 7.10% #6 out of 15 | 5.28% | + R 481 |
| R50,000 | 7.40% #7 out of 16 | 6.50% | + R 480 |
| R100,000 | 7.45% #11 out of 19 | 6.66% | + R 845 |
| R500,000 | 7.50% #11 out of 20 | 6.82% | + R 3,654 |
| R1,000,000 | 7.55% #8 out of 17 | 6.62% | + R 9,972 |
- 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 BankZero Savings.
| Investment amount | Nominal | Industry average1 | Earnings vs average2 |
|---|---|---|---|
| R1 for 18+ | 6.70% | 4.52% | + 0 |
| R1,000 for 18+ | 6.80% | 4.52% | + 24 |
| R25,000 for 18+ | 7.10% | 5.28% | + 481 |
| R50,000 for 18+ | 7.40% | 6.50% | + 480 |
| R100,000 for 18+ | 7.45% | 6.66% | + 845 |
| R500,000 for 18+ | 7.50% | 6.82% | + 3,654 |
| R1,000,000 for 18+ | 7.55% | 6.62% | + 9,972 |
- 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 BankZero Savings.
You get a 7.55% interest rate at BankZero Savings for a R1,000,000 investment. The industry average for a savings account with a balance of R1,000,000 is 6.62%. Over one year you will earn R9,972 more in interest at BankZero Savings 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% |