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

last updated 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R5009.94% 10.41%
2Sasfinlogo18 R20k9.75% 10.2%
3Access Bank Plclogo18 R5009.67% 10.11%
4SA Retail Bondslogo18 R1k9.75% 9.99%
5Sasfinlogo18 R20k9.45% 9.87%

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 R500 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 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1African Banklogo18 R5009.94% 10.41%
2Sasfinlogo18 R20k9.75% 10.2%
3Access Bank Plclogo18 R5009.67% 10.11%
4SA Retail Bondslogo18 R1k9.75% 9.99%
5Fedgrouplogo18 R5k9.3% 9.71%

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 R500 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 2nd December 2024
Who offers better interest rates?
updated 2nd December 2024
Who offers better interest rates?
updated 2nd December 2024

Best 3 year fixed deposit rates

last updated 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Sasfinlogo18 R20k9.45% 9.87%
2Access Bank Plclogo18 R5009.26% 9.66%
3African Banklogo18 R5008.98% 9.36%
4SA Retail Bondslogo18 R1k9% 9.2%
5Capiteclogo18 R1m8.45% 8.79%

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 9.87% offered by Sasfin. This is the effective annualised rate. You will need a minimum investment of R20,000 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 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5009.12% 9.51%
2African Banklogo18 R5008.88% 9.25%
3Capiteclogo18 R1m8.4% 8.73%
4Nedbanklogo18 R250k8.35% 8.68%
5SA Retail Bondslogo18 R1k8.5% 8.68%

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 9.51% offered by Access Bank Plc. This is the effective annualised rate. You will need a minimum investment of R500 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 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5008.98% 9.36%
2Absalogo18 R1k8.95% 9.33%
3African Banklogo18 R5008.88% 9.25%
4Absalogo55 R1k8.85% 9.22%
5Sasfinlogo18 R20k8.81% 9.17%

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 9.36% offered by Access Bank Plc. This is the effective annualised rate. You will need a minimum investment of R500 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 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Nedbanklogo18 R250k8.6% 8.95%
2Access Bank Plclogo18 R5008.54% 8.88%
3Nedbanklogo18 R100k8.5% 8.84%
4Bidvestlogo18 R10k8.45% 8.79%
5Absalogo55 R1k8.45% 8.79%

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 8.95% offered by Nedbank. 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 3 month fixed deposit rates

last updated 2nd December 2024 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Nedbanklogo18 R250k8.4% 8.73%
2Nedbanklogo18 R100k8.3% 8.62%
3Bidvestlogo18 R10k8.24% 8.56%
4Access Bank Plclogo18 R5008.21% 8.53%
5Nedbanklogo55 R25k8.2% 8.52%

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 8.73% offered by Nedbank. 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?