Notice deposit rates added.

Welcome to the +192 new subscribers who joined during May. Glad to have you part of my newsletter :)

Attached is the Fixed deposits PDF summary. Click here to download

Best Fixed Deposit Rates
 

Bank Term Min Deposit Effective Annual Rate
African Bank 60 months R500 10.2%
SA Retail Bonds 60 months R1000 9.99%
FNB 60 months R1m 9.43%
Capitec 60 months R100k 9.38%
FNB 60 months R500k 9.33%

What changed for fixed deposit interest rates since last month?

Here are the biggest changes since May 2022.
Name Average Change % Max Change %
African Bank 0.72 1.04
FNB 0.43 0.86
Standard Bank 0.44 0.58
SA Retail Bonds 0.09 0.52
Sasfin 0.05 0.15

African Bank's interest rates increased by an average 0.72%. Making it the bank with the largest change in interest rates over the last month. AfricanBank's 5-year fixed deposit increased from 9.16% to 10.2%. AfricanBank now offers the best fixed deposit rate in the country.  

Other banks, including FNB, Standard Bank also raised their interest rates offered on their fixed deposit by about 0.4% on average.

New addition this month. Notice Deposit Rates
After some requests from readers like you, I have added notice account rates to ratecompare.co.za and to this newsletter. In addition to sourcing fixed deposit rates, I now also source notice deposit account rates from all banks.

Here are the best 7-day and 32-day interest rates in South Africa for June 2022.


Best 7-day interest rates
Bank Min Deposit Interest Rate
1 African bank R500 5.04%
2 Absa R10m 4.9%
3 Fnb R1m 4.65%
4 Standard bank R1m 3.5%

Best 32-day interest rates
Bank Min Deposit Interest Rate
1 African bank R500 5.51%
2 Access Bank Plc R5m 5.5%
3 Bidvest R1m 5.35%
4 Nedbank R500k 5.3%
5 Sasfin R20k 5.25%
6 Absa R10m 5.05%
7 Fnb R5m 4.95%
8 Discovery R1k 4.8%
9 Standard bank R1m 4.8%
10 Investec R100k 4.75%


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Have a great weekend.
Walter