Here are the best savings accounts in South Africa
last updated 2nd Februaryy 2024 by Walter

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

Highlights

best rate for R5k
8.9%
Absa Cash Invest Tracker
best rate for R50k
8.9%
Absa Cash Invest Tracker
best rate for R250k
8.9%
Absa Cash Invest Tracker

The best interest rate on a savings account is offered by Absa. Absa Cash Invest Tracker offers 8.9% for deposits over R0. If you are looking for the best interest rate for savings account with lower deposit amounts, then Absa Cash Invest Tracker is a good option. Absa Cash Invest Tracker pays up to 8.9% in interest and only requires a R0 minimum deposit. For a slightly higher amount, the Absa Cash Invest Tracker pays 8.9% and accepts deposits from R0.

Summary table of all savings accounts in South Africa

immediate
Min Deposit: R100k
8.9 - 9.05%
Min Deposit: R1
1%
1%
7%
immediate
Min Deposit: R1k
4.2 - 6.2%
immediate
Min Deposit: R0
3.5 - 7.25%
immediate
Min Deposit: R10k
3.5%
immediate
Min Deposit: R100k
8.25%
immediate
Min Deposit: R1
7.05 - 7.8%
immediate
Min Deposit: R100k
7.95 - 8.15%
access to your funds in 24-48 hours
Min Deposit: R250k
8.45%
24 hours notice to access funds
Min Deposit: R50k
8.3 - 8.75%
immediate. on demand
Min Deposit: R20k
5.5 - 6.75%
immediate
Min Deposit: R20k
8%
immediate
Min Deposit: R100k
8.35 - 8.7%
immediate
Min Deposit: R20k
7.3 - 7.4%
immediate
Min Deposit: R0
5.3 - 6.1%
immediate
Min Deposit: R1
7%
last updated by Walter on 2nd Februaryy 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.

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 Absa Cash Invest Tracker. It offers up to 8.9% in interest and requires a R0 minimum deposit.

# 1
Min Deposit: R0
8.9%
# 2
Min Deposit: R1
7.05%
# 3
7%
# 4
7%
# 5
Min Deposit: R1
7%
# 6
Min Deposit: R1k
5.8%
# 7
4.2%
# 8
Min Deposit: R0
3.5%
# 9
Min Deposit: R1
1%
# 10
1%
# 11
Min Deposit: R1
1%
# 12
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 2nd Februaryy 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 Absa Cash Invest Tracker. It offers up to 8.9% in interest and requires a R0 minimum deposit.

# 1
Min Deposit: R0
8.9%
# 2
Min Deposit: R50k
8.3%
# 3
Min Deposit: R20k
8%
# 4
Min Deposit: R25k
7.7%
# 5
7.3%
# 6
7%
# 7
7%
# 8
Min Deposit: R1
7%
# 9
Min Deposit: R20k
5.95%
# 10
5.85%
# 11
Min Deposit: R25k
4.7%
# 12
Min Deposit: R25k
4.5%
# 13
3.5%
# 14
Min Deposit: R1
1%
# 15
1%
# 16
Min Deposit: R1
1%
# 17
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 2022/23 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 8.9% in interest and requires a R0 minimum deposit.

# 1
Min Deposit: R0
8.9%
# 2
Min Deposit: R250k
8.75%
# 3
8.7%
# 4
Min Deposit: R250k
8.45%
# 5
Min Deposit: R100k
8.25%
# 6
Min Deposit: R100k
8.15%
# 7
Min Deposit: R20k
8%
# 8
Min Deposit: R100k
7.8%
# 9
7.4%
# 10
Min Deposit: R250k
7.25%
# 11
7%
# 12
7%
# 13
Min Deposit: R75k
6.2%
# 14
Min Deposit: R100k
6.1%
# 15
5.95%
# 16
3.5%
# 17
Min Deposit: R1
1%
# 18
1%
# 19
Min Deposit: R1
1%
# 20
1%
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