Here are the best savings accounts in South Africa
last updated 1st November 2024 by Walter

This page shows the highest interest paying savings accounts in South Africa.

Highlights

best rate for R5k

TymeBank GoalSave

best rate for R50k

7.95%

Nedbank Money Market Investment Account

best rate for R250k

8.65%

Absa Cash Invest Tracker

The best interest rate on a savings account is offered by Absa. Absa Cash Invest Tracker offers 8.65% for deposits over R100,000. If you are looking for the best interest rate for savings account with lower deposit amounts, then TymeBank GoalSave is a good option. TymeBank GoalSave pays up to 7% in interest and only requires a R1 minimum deposit. For a slightly higher amount, the Nedbank Money Market Investment Account pays 7.95% and accepts deposits from R50,000.

Summary table of all savings accounts in South Africa

	Absa Cash Invest Tracker immediate Min Deposit: R100k	8.65 - 9.8%
	African Bank MyWorld Min Deposit: R1	1%
	African Bank Power Pocket Min Deposit: R1	1%
	African Bank Savings Pocket Min Deposit: R1	6.5%
	Bidvest Bank Call Account immediate Min Deposit: R1k	3.95 - 5.95%
	Capitec Savings immediate Min Deposit: R0	2.75 - 6.9%
	Discovery Demand Savings Account immediate Min Deposit: R10k	7.25%
	FNB Money Maximiser immediate Min Deposit: R100k	8 - 8.15%
	FNB Savings Account immediate Min Deposit: R1	6.8 - 7.5%
	Investec PrimeSaver Account immediate Min Deposit: R100k	7.7 - 7.8%
	Investec MoneyFund Tracker access to your funds in 24-48 hours Min Deposit: R250k	7.71%
	Nedbank MoneyTrader 24 hours notice to access funds Min Deposit: R50k	7.95%
	Nedbank Money Market Investment Account immediate. on demand Min Deposit: R20k	0 - 7.95%
	Sasfin Call Account immediate Min Deposit: R20k	7.75%
	Standard Bank MoneyMarket Select immediate Min Deposit: R100k	8.05 - 8.4%
	Standard Bank MoneyMarket Call Account immediate Min Deposit: R20k	6.75 - 6.85%
	Standard Bank PureSave immediate Min Deposit: R0	5.25 - 5.55%
	TymeBank GoalSave immediate Min Deposit: R1	7%

last updated by Walter on 1st November 2024

The above table give you an overview of all savings accounts in South Africa. However, the savings account with the best interest rate will differ widely how much money you have and can save. Therefore, I have ranked savings accounts interest rates for different savings amounts - R5 000, R50 000 and R250 000.

Best Savings Accounts for R5 000
Best Savings Accounts for R50 000
Best Savings Accounts for R250 000

Here are the highest paying savings accounts for a R5 000 deposit in South Africa

The best interest rate on a savings account for an investment of R5,000 in South Africa is TymeBank GoalSave. It offers up to 7% in interest and requires a R1 minimum deposit.

# 1	TymeBank GoalSave Min Deposit: R1	7%
# 2	FNB Savings Account Min Deposit: R1	6.8%
# 3	African Bank Savings Pocket Min Deposit: R1	6.5%
# 4	Standard Bank PureSave Min Deposit: R1k	5.25%
# 5	Bidvest Bank Call Account Min Deposit: R1	3.95%
# 6	Capitec Savings Min Deposit: R1	2.75%
# 7	African Bank MyWorld Min Deposit: R1	1%
# 8	African Bank Power Pocket Min Deposit: R1	1%
# 9	Nedbank Money Market Investment Account Min Deposit: R1	0%

Did you know?

Interest rates on savings accounts typically change with the repo rate set by the Reserve bank. That means the interest rate you see here will change over time as the primary interest rate set by the Reserve Bank changes. If you want to lock-in and fix your rate for a certain period, you can do that with fixed deposits.

Check out my latest fixed deposit rankings here (last updated 1st November 2024)

Here are the highest paying savings accounts for a R50 000 deposit in South Africa

The best interest rate on a savings account for an investment of R50,000 in South Africa is Nedbank Money Market Investment Account. It offers up to 7.95% in interest and requires a R50,000 minimum deposit.

# 1	Nedbank Money Market Investment Account Min Deposit: R50k	7.95%
# 2	Nedbank MoneyTrader Min Deposit: R50k	7.95%
# 3	Sasfin Call Account Min Deposit: R20k	7.75%
# 4	FNB Savings Account Min Deposit: R50k	7.35%
# 5	Discovery Demand Savings Account Min Deposit: R10k	7.25%
# 6	TymeBank GoalSave Min Deposit: R1	7%
# 7	Standard Bank MoneyMarket Call Account Min Deposit: R20k	6.75%
# 8	African Bank Savings Pocket Min Deposit: R1	6.5%
# 9	Standard Bank PureSave Min Deposit: R20k	5.45%
# 10	Bidvest Bank Call Account Min Deposit: R25k	4.45%
# 11	Capitec Savings Min Deposit: R25k	3.95%
# 12	African Bank MyWorld Min Deposit: R1	1%
# 13	African Bank Power Pocket Min Deposit: R1	1%
# 14	Nedbank Money Market Investment Account Min Deposit: R1	0%

Do I need to pay tax on interest earned?

Any interest earned above R23 800 is taxable. If you are older than 65, no tax is payable on interest earned up to R34 500. That is quite a lot of interest. If you have an average balance of R400 000 earning 6% interest, you will earn interest of R24 000. That means only R200 is taxable.

Find out how much tax you might need to pay on interest earned with my 2024/25 tax calculator

Here are the highest paying savings accounts for a R250 000 deposit in South Africa

The best interest rate on a savings account for an investment of R250,000 in South Africa is Absa Cash Invest Tracker. It offers up to 8.65% in interest and requires a R100,000 minimum deposit.