Banks With Highest Interest Rates in South Africa: Which Bank Provides Highest Interest on Savings? (2024)

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  • Banks With Highest Interest Rates in South Africa
  • Which Bank Provides Highest Interest on Savings?
  • Banks With Highest Interest Rates in South Africa Overview
  • List of Banks With Highest Interest Rates in South Africa
  • Discovery Bank
  • Capitec Bank
  • FNB
  • InvestecPrivate Bank
  • Nedbank
  • Concluding Words

Banks With Highest Interest Rates in South Africa

Saving money is crucial for safeguarding your financial future; this much is true. Moreover There are a ton of alternatives available in South Africa when it comes to savings account options. Instead of leading to contentment, having too many options can lead to tension and exhaustion.

Many people choose to open a savings account at their present bank in order to simplify things. Despite being the simplest option, this might not always be the best one for you.This post will show you which banks in the nation are offering the greatest high-interest savings accounts, enabling you to make an informed decision about where to invest your hard-earned money.

Important Links

  1. SASSA Appeal
  2. SASSA Status
  3. Child Support Grant
  4. SARS Tax Calculator

Which Bank Provides Highest Interest on Savings?

According to us Absa has the best interest rate available on savings accounts. 8.9% is offered by Absa Cash Invest Tracker on investments over R0. Therefore as per our opinion Absa Cash Invest Tracker is a fantastic choice if you’re searching for the best interest rate on a savings account.

Banks With Highest Interest Rates in South Africa: Which Bank Provides Highest Interest on Savings? (1)

Up to 4% income can be earned on Absa Bank’s TruSave account, which has an R50 minimum deposit requirement. Saving money is made easier with the TruSave account’s variable interest rate, which is based on the prime rate offered by the bank and market conditions.

Up to R2,000 per month, account customers can make two complimentary cash deposits at any Absa ATM. After that, they can make R2,500 per R100. You can withdraw cash for free twice a year; after that, there is a fee of R2.50 for every R100.

Banks With Highest Interest Rates in South Africa Overview

Article TitleBanks With Highest Interest Rates in South Africa
CountrySouth Africa
Highest Interest Rate8.9%
Bank with Highest Interest RateAbsa Bank
Get More DetailsHere

List of Banks With Highest Interest Rates in South Africa

The people of South Africa are always seeking for ways to cut costs wherever they can, and picking the correct bank has a big influence on how much you spend and save.

When opening a savings account in South Africa, consider factors such as fees, minimum deposit requirements, branches, ATM access, and the bank that gives the greatest interest rates.

We’ve covered the top five banks with high savings interest rates in this section.

Discovery Bank

Get up to 9.5% monthly interest when you deposit a large sum into a fixed-deposit savings account at Discovery Bank. With no monthly fees and a R10,000 minimum balance requirement, account holders can choose their fixed investment term, which can range from three to sixty months. You can incur penalties if you take money out of the account before the investing term is up.

Capitec Bank

Customers can earn interest rates as high as 9.25% with the Capitec Bank Fixed-Term Savings Plan. Clients can opt to receive interest for a duration of 12 months to 5 years by making a minimum investment of R10,000.

FNB

Depending on your balance, FNB’s savings account gives a nominal interest rate of 5,8%; the bigger the sum, the higher the interest. The amount of deposits and withdrawals you can make from this account at any moment, online and at an ATM, is adjustable. Only holders of check accounts are eligible for this savings account.

InvestecPrivate Bank

Customers who use the Investec Private Banking High-Interest Cash Fund can earn interest rates as high as 6.30%. Customers have the opportunity to invest a minimum of R100,000 in order to receive interest on their deposits.

Important Links

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Nedbank

Customers can receive an interest rate of up to 5.5% on their Nedbank Savvy Plus Savings Account. In addition, the account offers no monthly costs, limitless free card swipes, and the capacity to join up to five smart members to it.

Using the information provided in this section, you can compare the interest rates provided by various banks on the savings accounts opened with them.

Concluding Words

In the modern world, savings accounts are now a crucial component of every person’s financial situation. In addition to being a safe place to keep money, these accounts offer the chance to earn interest on the money placed.

Investing your money to meet the minimum deposit requirements is a smart way to ensure that you or your family will have a secure future. Therefore, studying the advantages of each account is an important first step in investing.

We hope that through this article, we were able to help you assess and evaluate the best options available in terms of Banks With Highest Interest Rates in South Africa.

ITG Home

I am an enthusiast with extensive knowledge in the realm of banking and financial matters, particularly focusing on interest rates and savings options. My expertise is grounded in practical experience and a deep understanding of the intricacies of various banking systems.

Now, diving into the content you provided about Banks With Highest Interest Rates in South Africa, the article discusses the importance of saving money and the abundance of savings account options available in South Africa. The author emphasizes that despite the simplicity of opening a savings account at one's current bank, it may not always be the best choice.

The article lists several banks with the highest interest rates in South Africa, providing an overview of each. Here's a breakdown:

  1. Absa Bank:

    • Interest Rate: 8.9%
    • Specific Account: Absa Cash Invest Tracker
    • Additional Information: TruSave account offers up to 4% income, with features such as complimentary cash deposits and limited free cash withdrawals.
  2. Discovery Bank:

    • Interest Rate: Up to 9.5%
    • Specific Account: Fixed-deposit savings account
    • Additional Information: No monthly fees, minimum balance requirement of R10,000, flexible investment terms ranging from three to sixty months.
  3. Capitec Bank:

    • Interest Rate: Up to 9.25%
    • Specific Account: Fixed-Term Savings Plan
    • Additional Information: Clients can earn interest rates for a duration of 12 months to 5 years with a minimum investment of R10,000.
  4. FNB:

    • Interest Rate: Nominal interest rate of 5.8%
    • Specific Account: Savings account
    • Additional Information: Interest rate varies based on the account balance; adjustable deposits and withdrawals online and at ATMs.
  5. Investec Private Bank:

    • Interest Rate: Up to 6.30%
    • Specific Account: High-Interest Cash Fund
    • Additional Information: Requires a minimum investment of R100,000 to earn interest on deposits.
  6. Nedbank:

    • Interest Rate: Up to 5.5%
    • Specific Account: Savvy Plus Savings Account
    • Additional Information: No monthly costs, limitless free card swipes, and the option to add up to five smart members.

The article concludes by highlighting the importance of savings accounts in the modern world, considering them a crucial component of financial well-being. It encourages readers to invest wisely by studying the advantages of each account to secure a financially stable future.

Banks With Highest Interest Rates in South Africa: Which Bank Provides Highest Interest on Savings? (2024)

FAQs

Banks With Highest Interest Rates in South Africa: Which Bank Provides Highest Interest on Savings? ›

All you need is a R500 minimum opening deposit to get a Fixed Deposit account at African Bank, where South Africa's highest rate of return resides! You can choose a short-, medium- and long-term investment — either way, you're sure to get great rates from us.

Which bank has the best interest rate for savings in South Africa? ›

Best savings accounts in South Africa
ACCOUNTINTEREST RATE
FNB savings and cash investments6.75 – 9.8%
Investec savings accounts4.75 – 9.52%
Nedbank save and invest accounts4.5 – 10.06%
Standard Bank savings and investment accounts3.5 – 9.5%
5 more rows

Which South African Bank pays the highest interest rate? ›

Banks With Highest Interest Rates in South Africa Overview
Article TitleBanks With Highest Interest Rates in South Africa
CountrySouth Africa
Highest Interest Rate8.9%
Bank with Highest Interest RateAbsa Bank
Get More DetailsHere
Mar 19, 2024

Which bank pays the highest interest on a savings account? ›

The 5 highest-paying savings rates today
Institution NameAPYCompounding Method
BrioDirect5.35%Monthly
TAB Bank5.27%Monthly
Evergreen Bank Group5.25%Monthly
Newtek Bank5.25%Daily
1 more row

Where can I invest my money to earn the most interest in South Africa? ›

All you need is a R500 minimum opening deposit to get a Fixed Deposit account at African Bank, where South Africa's highest rate of return resides! You can choose a short-, medium- and long-term investment — either way, you're sure to get great rates from us.

Which bank offers 7% interest on savings accounts? ›

As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

Which South African banks have the best fixed deposit rates? ›

OVERVIEW OF Standard Bank Group Ltd. - JSE:SBK
R100 001+R1 000 001+
Access Bank9.50%9.50%
African Bank9.71%9.71%
Bank Zero28.35%8.50%
Bidvest Bank39.75%9.75%
13 more rows
Jun 27, 2023

What is the safest investment with the highest return in South Africa? ›

Dividend paying companies are usually financially sound and well managed businesses making them a low-risk investment. Another important reason to own dividend paying shares, payments tend to keep up with inflation making the income an important wealth preserver.

Which bank holds the most money in South Africa? ›

Leading banks in South Africa as of 2023, by assets (in million U.S. dollars)
CharacteristicValue of assets in million U.S. dollars
Standard Bank Group169,858
FirstRand93,365
Absa Bank87,134
Nedbank73,800
2 more rows
Oct 19, 2023

How to make R1000 a day in South Africa online? ›

How to Make R1000 a Day Online in South Africa
  1. Start a Niche Blog. ...
  2. Become a Social Media Manager. ...
  3. Start a Podcast. ...
  4. Start Forex Trading. ...
  5. Open an E-commerce Store. ...
  6. Become an Affiliate Marketer. ...
  7. Start a Photography Business. ...
  8. Launch an Online Course.

Where can I get 5% interest on my savings account? ›

Nationally Available High Interest Account Rates from Our Partners
Account NameAPY (Annual Percentage Yield) Accurate as of 5/16/2024Minimum Account Opening Balance
CIT Bank Platinum Savings5.00% (with $5,000 minimum balance)$100
Wealthfront Cash Account5.00%$1
Barclays Online Savings Account4.35%$0
3 more rows
May 10, 2024

Which bank gives the maximum interest on a savings account? ›

List of Savings Accounts with Highest Interest Rates
Sr. NoSavings AccountInterest Rate
1Freo SaveUp to 7%
2Ujjivan Small Finance BankUp to 7.50% [w.e.f. 15th November, 2023]
3RBLUp to 7.50% [w.e.f. 21st August, 2023]
4Digibank by DBSUp to 7% [w.e.f. 10th October, 2023]
15 more rows

Which bank is best for savings? ›

Compare Savings Accounts up to 5.55%
BankSavings AccountMax Interest Rate
INGING Savings Maximiser (<$100k)5.50% p.a.
Macquarie BankMacquarie Bank Savings Account (Amounts < $250k)5.35% p.a. Intro rate for 4 mths then 4.75% p.a.
ANZ PlusANZ Plus ANZ Save4.90% p.a.
MOVE BankMOVE Bank Growth Saver ($1 - $25k)5.50% p.a.
27 more rows

Which South African bank gives the highest interest? ›

Helping you find the best interest rates
BankTermNominal
SA Retail Bonds5 year11.5%
Access Bank Plc5 year10.45%
Sasfin5 year10.25%

Which is the best bank in South Africa? ›

Standard Bank Group has been named as the Best Bank in Africa in Global Finance's 31st World's Best Banks 2024 Awards. The bank was also named as the best bank in Malawi and South Africa.

Where to invest R500,000 in South Africa? ›

If you wish to invest in a product that preserves capital as well as generates an income, you have a choice of investing in a unit trust fund, a fixed deposit, or an RSA Retail Bond.

Where can I invest R1000 in South Africa? ›

Issued to encourage South Africans to save, RSA Retail Savings Bonds offer a low-risk time bound investment with guaranteed returns. You can invest as little as R1000 or as much as five million Rand and can be bought directly from the government or over the counter at post offices.

How much interest can I earn on 1 million rand? ›

As an example, with an interest-focused investment of R1 million, generating a return of 6.7% over 12 months will mean a return of R67 000 for the year.

Where can I get 12% interest on my money? ›

Where can I find a 12% interest savings account?
Bank nameAccount nameAPY
Khan Bank365-day, 18-month and 24-month Ordinary Term Savings Account12.3% to 12.8%
Khan Bank12-month, 18-month and 24-month Online Term Deposit Account12.4% to 12.9%
YieldN/AUp to 12%
Crypto.comCrypto.com EarnUp to 14.5%
6 more rows
Jun 1, 2023

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