July 2022 Update

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