Fixed deposits update for April 2022

Good morning,

this is another monthly Fixed deposits update. Brought to you by ... ahem ... myself. That is right. I source fixed deposits from the banks' website and send a summary to you. Monthly.

What were the major changes to fixed deposit rates in the month of April 2022?

  • Good news for savers. But bad news for those with debt as interest rates increased across the board.
  • The biggest change came from SA Retail bonds. They lifted all their rates and are now offering a nominal 10% on 5-year.
  • We have a new entrant in the Top 5. Grobank - now called Access Bank. They updated their fixed deposits rates and are offering 8.85% nominal for a 5-year fixed deposit.
  • Absa, Bidvest, Standard Bank, Nedbank, Fedgroup all lifted fixed deposit rates by about 0.2-0.5%.

All in all good rates on offer for fixed deposits.

Happy investing Walter

PS If you find this report valuable, please share it with friends and family. Or you can post it on social media. It will be much appreciated

Cheers Walter