Compare top South African banks for best interest rates on savings.

Top 6 Banks with Best Interest Rates for Savings in South Africa

Banks in South Africa prosper because of the high rate of monetary activity that transpires in the country every day. Banks offer different savings and investment options that provide good to excellent interest rates over a specified time frame. Fixed deposit accounts and hybrid savings accounts provide the best savings plan among them.

Which bank offers the best interest rate for savings account?

What are the interest rates on these savings accounts?

What are the interest rates on fixed deposit?

Comparing the interest rates of fixed deposit plans and best savings accounts offered by South African banks, we found the following offers to be the best in the country. The requirements to open an account on any of these banks are a copy of your ID and proof of residence (bills not later than 3 months ago).

ALSO LEARN: Top 12 Best Savings Accounts in South Africa 2020

Take a look at our recommended banks and determine which of them suits your financial goals better.

[Note: Fixed Deposit (FD) Interest Rates Updated (August 2020)]

ABSA Interest Rates on Savings

1) ABSA Bank

Product: Depositor Plus

Minimum deposit: R15 000

Interest rate: Varies from 2.20% to 3.20%


  • You can withdraw all the money from your account without having to close it

Additional info:

The Depositor Plus from ABSA gives higher interest rates to larger deposit amounts. Accounts with money amounting to R25 000 000 and more earn the biggest interest at 3.20% per annum.

ABSA also has other products for saving and investing like term deposits, tax-free accounts, and unit trusts.

African Bank Interest Rates on Savings Account

2) African Bank

Product: Fixed Deposit

Minimum deposit: R500

Interest rate: Varies, depending on the length before maturity


  • Return rates are fixed and guaranteed for the duration of the investment
  • You can choose when to earn the interest, whether it’s monthly, semi-annually, annually, or upon maturity

Additional info:

Fixed Deposit accounts have terms ranging from 3 months to 60 months. You cannot withdraw the amount deposited until the security has reached its maturity date.

African Bank also offers Notice Deposits and Tax-Free Investments that can earn higher interest rates.

Their Access Accumulator is their innovative product that mixes the advantages of the usual savings account and a fixed deposit plan. With this, you have full access to your money and have the ability to withdraw it anytime you want. At the same time, you earn increasing interest rates for the duration of 24 months.

Capitec Bank Interest Rates

3) Capitec Bank

Product: Fixed-term Savings Plan

Minimum deposit: R10 000

Interest rate: 2.5% to 7.5%


  • Interest rates are fixed for the whole term you chose
  • The account is converted to a flexible savings plan upon maturity
  • No admin fee is charged monthly to maintain the account

Additional info:

The interest rates for the Capitec fixed deposit account increases as you select a longer maturity date.

Aside from the fixed-term plan, Capitec also offers a mix of transactions and savings account which earns a 2.25% annual interest rate. They also have a flexible savings account that doesn’t have a maintaining balance and a tax-free savings account that has terms ranging from 12 to 24 months.

First National Bank - FNB Interest Rates on Savings

4) FNB

Product: Fixed Deposit

Minimum deposit: R10 000

Interest rate: 7.80%


  • No monthly fees to maintain the account
  • Account earns a fixed interest rate
  • It earns you reward points on your eBucks account

Additional info:

The FNB fixed deposit rates offer one of the best interest rates for a savings account among banks in South Africa. Investment terms range from 7 days to 60 months.

FNB also has the Money Maximiser account which can earn you a 4.60% interest rate per annum. This is way higher than the interest rate of savings account offered by other banks. In addition to that, you still have the flexibility to withdraw any amount you need from the account anytime you want.

Nedbank interest rates on savings

5) Nedbank

Product: Fixed Deposit

Minimum deposit: R5 000

Interest rate: 5.85% to 7.25%


  • ID book or passport
  • Proof of residence (bills and rental invoice not older than 3 months)


  • Your account is connected to your e-banking profile
  • No monthly charges or commissions
  • Preferential rates may be applied

Additional info:

Aside from having a low minimum deposit requirement, the Nedbank fixed deposit rates are competitive, making their offer one of the most affordable and convenient for South African citizens.

The term for their fixed deposit accounts ranges from 1 to 60 months. Additional deposits are not allowed during this duration.

Nedbank also offers a 32-day notice account with a tiered interest rate, so the higher your balance, the higher your rate. The required deposit to open this type of account is R250.

Standard Bank interest rates on savings

6) Standard Bank

Product: Fixed Deposit Investment Account

Minimum deposit: R1 000

Interest rate: 6.42%


  • No monthly fees charged on the account
  • Customers who are over 55 years old with a deposit below R100 000 gets an additional 0.5% boost on their annual interest rate

Additional info:

Standard Bank’s fixed deposit rate makes their product one of the best savings plan in South Africa. For as short as 33 days, you can earn a monthly interest rate of 2.70%. To maximize the plan, you can select the longer 60-month term which can earn you a 5.92% interest.

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