Here are the best savings accounts in South Africa
last updated 1st March 2026 by Walter

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

Highlights

best rate for R5k

10%

TymeBank GoalSave Bonus Rate (10-Day Notice)

best rate for R50k

10%

TymeBank GoalSave Bonus Rate (10-Day Notice)

best rate for R250k

7.4%

Absa Tax Free Savings Account

The best interest rate on a savings account is offered by Absa. Absa Tax Free Savings Account offers 7.4% for deposits over R500,000. If you are looking for the best interest rate for savings account with lower deposit amounts, then TymeBank GoalSave Bonus Rate (10-Day Notice) is a good option. TymeBank GoalSave Bonus Rate (10-Day Notice) pays up to 10% in interest and only requires a R1 minimum deposit. For a slightly higher amount, the TymeBank GoalSave Bonus Rate (10-Day Notice) pays 10% and accepts deposits from R1.

Summary table of all savings accounts in South Africa

	Absa Cash Invest Tracker immediate Min Deposit: R100k	7.05 - 7.25%
	Absa Tax Free Savings Account tax-free savings Min Deposit: R1	0.35 - 7.4%
	Access Bank Savings immediate Min Deposit: R1	5 - 6%
	Access Bank Call immediate Min Deposit: R1	5 - 6%
	African Bank MyWorld Min Deposit: R1	1%
	African Bank Power Pocket Min Deposit: R1	1%
	African Bank Savings Pocket Min Deposit: R1	5.5%
	BankZero Savings immediate Min Deposit: R1	4.5 - 6.25%
	Bidvest Bank Call Account immediate Min Deposit: R1k	3.45 - 6.15%
	Capitec Savings immediate Min Deposit: R0	2 - 5.75%
	Discovery Demand Savings Account immediate Min Deposit: R10k	4.25%
	Discovery Tax-Free Demand Savings Account tax-free savings Min Deposit: R1	6.5%
	Discovery Vitality Savings Account immediate Min Deposit: R1	4.25%
	Discovery Bank Transaction Account immediate Min Deposit: R1	0.1%
	FNB Money Maximiser immediate Min Deposit: R100k	6.75 - 7%
	FNB Savings Account immediate Min Deposit: R1	5.4 - 6%
	FNB Tax-free Savings tax-free savings Min Deposit: R300	6.95%
	Investec PrimeSaver Account immediate Min Deposit: R100k	6.45 - 6.55%
	Investec MoneyFund Tracker access to your funds in 24-48 hours Min Deposit: R250k	6.27%
	Investec Call Deposits immediate Min Deposit: R100k	3.65 - 6.15%
	Nedbank MoneyTrader 24 hours notice to access funds Min Deposit: R50k	6.7%
	Nedbank JustSave immediate. on demand Min Deposit: R1	4.25 - 5.75%
	Nedbank Platinum Invest notice investment Min Deposit: R1	5 - 6.75%
	Nedbank Tax-free Savings Account tax-free savings Min Deposit: R1	5 - 6.75%
	Standard Bank MoneyMarket Select immediate Min Deposit: R100k	6.7 - 7.05%
	Standard Bank MoneyMarket Call Account immediate Min Deposit: R20k	5.45 - 5.55%
	Standard Bank PureSave immediate Min Deposit: R0	3.95 - 4.25%
	Standard Bank SaveUp immediate Min Deposit: R0	5.6 - 6.3%
	Standard Bank Tax-Free Call tax-free savings Min Deposit: R250	5.83 - 6.53%
	TymeBank GoalSave immediate Min Deposit: R1	6%
	TymeBank GoalSave Bonus Rate (10-Day Notice) 10 days notice Min Deposit: R1	10%

last updated by Walter on 1st March 2026

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 Bonus Rate (10-Day Notice). It offers up to 10% in interest and requires a R1 minimum deposit.

# 1	TymeBank GoalSave Bonus Rate (10-Day Notice) Min Deposit: R1	10%
# 2	FNB Tax-free Savings Min Deposit: R1k	6.95%
# 3	Absa Tax Free Savings Account Min Deposit: R1k	6.75%
# 4	Investec PrimeSaver Account Min Deposit: R0	6.55%
# 5	Discovery Tax-Free Demand Savings Account Min Deposit: R1	6.5%
# 6	TymeBank GoalSave Min Deposit: R1	6%
# 7	Standard Bank Tax-Free Call Min Deposit: R250	5.83%
# 8	Nedbank Tax-free Savings Account Min Deposit: R3k	5.75%
# 9	Standard Bank SaveUp Min Deposit: R1k	5.6%
# 10	African Bank Savings Pocket Min Deposit: R1	5.5%
# 11	Nedbank Platinum Invest Min Deposit: R3k	5.5%
# 12	BankZero Savings Min Deposit: R1k	5.4%
# 13	FNB Savings Account Min Deposit: R5k	5.4%
# 14	Access Bank Call Min Deposit: R0	5%
# 15	Access Bank Savings Min Deposit: R0	5%
# 16	Discovery Demand Savings Account Min Deposit: R1	4.25%
# 17	Discovery Vitality Savings Account Min Deposit: R1	4.25%
# 18	Nedbank JustSave Min Deposit: R3k	4.25%
# 19	Standard Bank PureSave Min Deposit: R1k	3.95%
# 20	Bidvest Bank Call Account Min Deposit: R1k	3.45%
# 21	Capitec Savings Min Deposit: R0	2%
# 22	African Bank MyWorld Min Deposit: R1	1%
# 23	African Bank Power Pocket Min Deposit: R1	1%
# 24	Discovery Bank Transaction Account Min Deposit: R1	0.1%

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 March 2026)

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 TymeBank GoalSave Bonus Rate (10-Day Notice). It offers up to 10% in interest and requires a R1 minimum deposit.

# 1	TymeBank GoalSave Bonus Rate (10-Day Notice) Min Deposit: R1	10%
# 2	FNB Tax-free Savings Min Deposit: R50k	6.95%
# 3	Absa Tax Free Savings Account Min Deposit: R50k	6.75%
# 4	Nedbank MoneyTrader Min Deposit: R50k	6.7%
# 5	Investec PrimeSaver Account Min Deposit: R0	6.55%
# 6	Discovery Tax-Free Demand Savings Account Min Deposit: R1	6.5%
# 7	Standard Bank Tax-Free Call Min Deposit: R50k	6.28%
# 8	Nedbank Platinum Invest Min Deposit: R50k	6.25%
# 9	Nedbank Tax-free Savings Account Min Deposit: R50k	6.25%
# 10	Standard Bank SaveUp Min Deposit: R50k	6.15%
# 11	BankZero Savings Min Deposit: R50k	6.1%
# 12	TymeBank GoalSave Min Deposit: R1	6%
# 13	Access Bank Call Min Deposit: R25k	5.75%
# 14	Access Bank Savings Min Deposit: R25k	5.75%
# 15	FNB Savings Account Min Deposit: R50k	5.75%
# 16	African Bank Savings Pocket Min Deposit: R1	5.5%
# 17	Standard Bank MoneyMarket Call Account Min Deposit: R20k	5.45%
# 18	Bidvest Bank Call Account Min Deposit: R50k	5.25%
# 19	Nedbank JustSave Min Deposit: R50k	4.75%
# 20	Discovery Demand Savings Account Min Deposit: R1	4.25%
# 21	Discovery Vitality Savings Account Min Deposit: R1	4.25%
# 22	Standard Bank PureSave Min Deposit: R20k	4.15%
# 23	Capitec Savings Min Deposit: R25k	2.75%
# 24	African Bank MyWorld Min Deposit: R1	1%
# 25	African Bank Power Pocket Min Deposit: R1	1%
# 26	Discovery Bank Transaction Account Min Deposit: R1	0.1%

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 2025/25 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 Tax Free Savings Account. It offers up to 7.4% in interest and requires a R250,000 minimum deposit.