Here are the best savings accounts in South Africa
last updated 2nd December 2024 by Walter
This page shows the highest interest paying savings accounts in South Africa.
Highlights
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
| immediate
Min Deposit: R100k | 8.65 - 9.8% |
|
Min Deposit: R1 | 1% |
|
Min Deposit: R1 | 1% |
|
Min Deposit: R1 | 6.5% |
| immediate
Min Deposit: R1k | 3.95 - 5.95% |
| immediate
Min Deposit: R0 | 2.75 - 6.9% |
| immediate
Min Deposit: R10k | 7.25% |
| immediate
Min Deposit: R100k | 8 - 8.15% |
| immediate
Min Deposit: R1 | 6.8 - 7.5% |
| immediate
Min Deposit: R100k | 7.7 - 7.8% |
| access to your funds in 24-48 hours
Min Deposit: R250k | 7.71% |
| 24 hours notice to access funds
Min Deposit: R50k | 7.95% |
| immediate. on demand
Min Deposit: R20k | 0 - 7.95% |
| immediate
Min Deposit: R20k | 7.75% |
| immediate
Min Deposit: R100k | 8.05 - 8.4% |
| immediate
Min Deposit: R20k | 6.75 - 6.85% |
| immediate
Min Deposit: R0 | 5.25 - 5.55% |
| immediate
Min Deposit: R1 | 7% |
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 | Min Deposit: R1 | 7% |
# 2 | Min Deposit: R1 | 6.8% |
# 3 | Min Deposit: R1 | 6.5% |
# 4 | Min Deposit: R1k | 5.25% |
# 5 | Min Deposit: R1 | 3.95% |
# 6 | Min Deposit: R1 | 2.75% |
# 7 | Min Deposit: R1 | 1% |
# 8 | Min Deposit: R1 | 1% |
# 9 | Min Deposit: R1 | 0% |
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 | Min Deposit: R50k | 7.95% |
# 2 | Min Deposit: R50k | 7.95% |
# 3 | Min Deposit: R20k | 7.75% |
# 4 | Min Deposit: R50k | 7.35% |
# 5 | Min Deposit: R10k | 7.25% |
# 6 | Min Deposit: R1 | 7% |
# 7 | Min Deposit: R20k | 6.75% |
# 8 | Min Deposit: R1 | 6.5% |
# 9 | Min Deposit: R20k | 5.45% |
# 10 | Min Deposit: R25k | 4.45% |
# 11 | Min Deposit: R25k | 3.95% |
# 12 | Min Deposit: R1 | 1% |
# 13 | Min Deposit: R1 | 1% |
# 14 | Min Deposit: R1 | 0% |
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.
# 1 | Min Deposit: R100k | 8.65% |
# 2 | Min Deposit: R250k | 8.4% |
# 3 | Min Deposit: R250k | 8.15% |
# 4 | Min Deposit: R250k | 7.95% |
# 5 | Min Deposit: R250k | 7.95% |
# 6 | Min Deposit: R100k | 7.8% |
# 7 | Min Deposit: R20k | 7.75% |
# 8 | Min Deposit: R250k | 7.71% |
# 9 | Min Deposit: R100k | 7.5% |
# 10 | Min Deposit: R10k | 7.25% |
# 11 | Min Deposit: R250k | 6.9% |
# 12 | Min Deposit: R100k | 6.85% |
# 13 | Min Deposit: R1 | 6.5% |
# 14 | Min Deposit: R75k | 5.95% |
# 15 | Min Deposit: R100k | 5.55% |
# 16 | Min Deposit: R1 | 1% |
# 17 | Min Deposit: R1 | 1% |