Fixed deposits update for March 2022
I have updated all the fixed deposit rates for March 2022. You can download the full PDF fixed deposit report when you subsribe to my newsletter.
So what are the best fixed deposit interest rates in March 2022 in South Africa?
- SA Retail bonds still offer the best interest rate with their 5-year fixed deposit 9% nominal
- African Bank is still the best retail bank with an 8.8% nominal rate
- Nedbank has increased their rates considerably. Now 3rd in the rankings with 8.7%, but you will need R1m and be over 55 to qualify.
What were the major changes in the month of March 2022?
- The biggest change came from SA Retail bonds. They lifted their 2-year rates by 1.5%! Big change. And this was completely unexpected on my part as government market bond rates did not move that much during the month.
- Nedbank lifted their fixed depositt rates considerably - offering up to 1% more on some terms.
- Capitec and Standard Bank also lifted their fixed deposit rates by +/- 0.5% across most terms. Nice!
Happy investing Walter