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

last updated 2nd March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1SA Retail Bondslogo18 R1k10.25% 10.51%
2African Banklogo18 R5009.94% 10.41%
3Access Bank Plclogo18 R5009.5% 9.92%
4Fedgrouplogo18 R5k9.3% 9.71%
5Access Bank Plclogo18 R5009.25% 9.65%

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 10.51% offered by SA Retail Bonds 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 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 March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1SA Retail Bondslogo18 R1k10.25% 10.51%
2African Banklogo18 R5009.94% 10.41%
3Access Bank Plclogo18 R5009.5% 9.92%
4Fedgrouplogo18 R5k9.3% 9.71%
5Nedbanklogo18 R250k9.15% 9.54%

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 10.51% offered by SA Retail Bonds. This is the effective annualised rate. You will need a minimum investment of R1,000 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 2nd March 2025
Who offers better interest rates?
updated 2nd March 2025
Who offers better interest rates?
updated 2nd March 2025

Best 3 year fixed deposit rates

last updated 2nd March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5009.1% 9.49%
2SA Retail Bondslogo18 R1k9.25% 9.46%
3African Banklogo18 R5008.75% 9.11%
4Capiteclogo18 R1m8.45% 8.79%
5Capiteclogo18 R250k8.3% 8.62%

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 3 year fixed deposit interest rate is 9.49% 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 2 year fixed deposit rates

last updated 2nd March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5009% 9.38%
2SA Retail Bondslogo18 R1k9% 9.2%
3African Banklogo18 R5008.65% 9%
4Capiteclogo18 R1m8.4% 8.73%
5Capiteclogo18 R250k8.25% 8.57%

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 9.38% 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 March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5008.88% 9.25%
2TymeBanklogo18 R18.65% 9%
3Bidvestlogo55 R10k8.51% 8.85%
4African Banklogo18 R5008.42% 8.75%
5Bidvestlogo18 R10k8.42% 8.75%

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 9.25% 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 March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5008.35% 8.68%
2Bidvestlogo18 R10k8.14% 8.45%
3Nedbanklogo18 R250k8.05% 8.35%
4Capiteclogo18 R1m8% 8.3%
5African Banklogo18 R5007.96% 8.26%

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 8.68% 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 3 month fixed deposit rates

last updated 2nd March 2025 by Walter

# Bank Min Age Min Deposit Nominal Effective
1Access Bank Plclogo18 R5008.1% 8.41%
2Bidvestlogo18 R10k8% 8.3%
3Nedbanklogo18 R250k7.8% 8.08%
4African Banklogo18 R5007.73% 8.01%
5Nedbanklogo18 R100k7.7% 7.98%

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 8.41% 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?