What are the best fixed deposit interest rates currently offered in South Africa?

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R1m9.94% 10.41%
2SA Retail Bondslogo18 R1k10% 10.25%
3African Banklogo18 R250k9.57% 10%
4African Banklogo18 R50k9.34% 9.75%
5Access Bank Plclogo18 R5009.22% 9.62%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best interest rate is 10.41% offered by African Bank on a 5 year fixed deposit investment. This is the highest interest rate you will be able to get in South Africa. This rate is fixed throughout 5 year. It is the effective annual rate. You will need a minimum investment of R1,000,000 to get that interest rate. Check out my fixed deposit calculator to see how much interest you will earn for your investment amount.
Table of contents

Best 5 year fixed deposit rates

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R1m9.94% 10.41%
2SA Retail Bondslogo18 R1k10% 10.25%
3African Banklogo18 R250k9.57% 10%
4African Banklogo18 R50k9.34% 9.75%
5Access Bank Plclogo18 R5009.22% 9.62%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best 5 year fixed deposit interest rate is 10.41% offered by African Bank. This is the effective annualised rate. You will need a minimum investment of R1,000,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Looking for the best interest rates for a specific investment amount?
Who offers better interest rates?
Who offers better interest rates?
updated 1st July 2025
Who offers better interest rates?
updated 1st July 2025
Who offers better interest rates?
updated 1st July 2025

Best 3 year fixed deposit rates

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R250k8.75% 9.11%
2African Banklogo18 R50k8.61% 8.96%
3SA Retail Bondslogo18 R1k8.75% 8.94%
4Access Bank Plclogo18 R5008.52% 8.86%
5Nedbanklogo18 R250k8.1% 8.41%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best 3 year fixed deposit interest rate is 9.11% offered by African Bank. This is the effective annualised rate. You will need a minimum investment of R250,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Looking for the best interest rates for a specific investment amount?

Best 2 year fixed deposit rates

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R1m8.65% 9%
2African Banklogo18 R250k8.47% 8.81%
3Access Bank Plclogo18 R5008.43% 8.76%
4SA Retail Bondslogo18 R1k8.5% 8.68%
5African Banklogo18 R50k8.33% 8.66%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best 2 year fixed deposit interest rate is 9% offered by African Bank. This is the effective annualised rate. You will need a minimum investment of R1,000,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Looking for the best interest rates for a specific investment amount?

Best 1 year fixed deposit rates

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1TymeBanklogo18 R18.65% 9%
2African Banklogo18 R1m8.38% 8.71%
3Access Bank Plclogo18 R5008.34% 8.67%
4Bidvestlogo55 R10k8.31% 8.63%
5African Banklogo18 R250k8.28% 8.6%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best 1 year fixed deposit interest rate is 9% offered by TymeBank. This is the effective annualised rate. You will need a minimum investment of R1 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Looking for the best interest rates for a specific investment amount?

Best 6 month fixed deposit rates

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Bidvestlogo18 R10k7.93% 8.22%
2African Banklogo18 R250k7.91% 8.2%
3Access Bank Plclogo18 R5007.9% 8.19%
4TymeBanklogo18 R17.87% 8.16%
5Nedbanklogo18 R250k7.85% 8.14%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best 6 month fixed deposit interest rate is 8.22% offered by Bidvest. This is the effective annualised rate. You will need a minimum investment of R10,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Looking for the best interest rates for a specific investment amount?

Best 3 month fixed deposit rates

last updated 1st July 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R1m7.73% 8.01%
2Nedbanklogo18 R250k7.7% 7.98%
3Bidvestlogo18 R10k7.7% 7.98%
4Nedbanklogo18 R100k7.6% 7.87%
5Access Bank Plclogo18 R5007.57% 7.84%

Understanding interest rates:

Nominal rate: The basic interest rate before considering any compounding effects. If you were to withdraw your interest monthly instead of letting it compound, this is the rate you'd earn.

Effective rate: The actual annual return you'll receive when interest is reinvested monthly. This higher rate shows your true return because it includes compound interest (earning interest on your interest).

The best 3 month fixed deposit interest rate is 8.01% offered by African Bank. This is the effective annualised rate. You will need a minimum investment of R1,000,000 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
Looking for the best interest rates for a specific investment amount?