Interest rates keep on rising for savers

Welcome to the +95 new subscribers who joined during June. Glad to have you part of my newsletter :)


Best Fixed Deposit Rates for August 2022
 
Bank Term Min Deposit Effective Annual Rate
SA Retail Bonds 60 months R1000 10.78%
African Bank 60 months R500 10.2%
Access bank plc 60 months R500 9.76%
Fedgroup 60 months R5k 9.65%
Investec 60 months R100k 9.62%

What changed for fixed deposit interest rates since last month?

Here are the biggest changes since June 2022.
Name Average Change % Max Change %
Investec 0.63 0.91
Standard Bank 0.29 0.84
Capitec 0.42 0.8
SA Retail Bonds 0.7 0.79
FNB 0.29 0.78

It has been a month of interest rate increases across the board. Investec's interest rates increased by an average 0.63% over the last month. Making it the bank with the largest change in interest rates over the last month. Standard Bank, Capitec, SA Retail bond, FNB amongst others all increased their rates on offer for fixed deposits.  

New addition since last 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 August 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 Investec R20k 5.25%


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Have a great weekend.
Walter