Top Best Savings Accounts in South Africa

Top 12 Best Savings Account in South Africa 2020

Financial service providers abound in South Africa. But for those who are looking for ways to save their hard-earned money, there are only a handful of banks that give the best interest rates in South Africa.

Which are the banks best for saving money? Which bank provides the best interest rates on savings account in South Africa? Which banks offer the best interest rate for a savings account?

Here are the top 12 banks in South Africa that provide the best savings interest rates:

1)   ABSA Bank

Minimum deposit: R15 000

Interest rate: 5.45% to 6.45%

Additional info:

Absa’s 32-day account requires a minimum investment of R1 000. The account earns interest every month or at a specified date you choose, depending on the duration of the account. You can choose to have free access to half of the money you deposited without any drawback. Anything else aside from this portion of your account will incur penalty fees if withdrawn earlier than the specified date.


2)   African Bank

Minimum deposit: R500

Fixed Deposit interest rate: 7.25% to 12.95%

Additional info:

The terms of their Fixed Deposit accounts range from 3 months to 60 months.

They also have a tax-free investment account that earns 8.67% interest annually for a maintaining balance of R100.


3)   Bidvest Bank

Minimum deposit: R1 000

Call account interest rate: Depends on the amount and duration of investment

Additional info:

Aside from Call Accounts and Notice Accounts, Bidvest also offers Fixed Deposit accounts. The minimum amount required to be deposited is R10 000 for it to earn interest. The terms available for this type of investment are 3, 6, 9, and 12 months. The interest rate ranges from 7% to 8.18%.


4)   Capitec Bank

Minimum deposit: R10 000

Interest rate: 4.85% to 9.49%

Additional info:

Capitec offers a lot of savings account options to South African citizens. They have fixed-term, tax-free, flexible, and transactions/savings accounts that cater to different uses.


5)   FNB

Minimum deposit: R75 000

Interest rate: 6.05%

Additional info:

FNB has other savings account options you can choose from. The Money Maximiser earns 6.90%, with a minimum opening deposit of R100 000. The Money on the Call option has a 4.90% interest rate, with a minimum deposit of R5 000.


6)   Investec

Minimum deposit: R100 000

Interest rate: 3.04% to 6.70%

Additional info:

PrimeSaver is the most popular savings account offered by Investec. There are no monthly fees needed to maintain the account and you have full access to all of your money.


7)   Mercantile Bank

Minimum deposit: R100 000

Interest rate: 1.75%

Additional info:

Mercantile Bank focuses more on providing banking services to businesses and entrepreneurs. They offer fixed deposit accounts with terms ranging from 1 month to 24 months. Interest rates for these accounts range from 6% to 8.25%.


8)   Nedbank

Minimum deposit: R500

Savings deposit interest rate: 0.58% to 1.87%

Additional info:

Nedbank offers other types of savings option, including Club, Stovkel, and tax-free accounts.

The interest rates of Nedbank’s 32-day account starts 4.75% for deposits below R2 500. Minimum investment to open a 32-day account is R250.


9)   Old Mutual SA

Minimum deposit: R350

Flexible Plan interest rate: no info

Additional info:

Old Mutual’s most popular savings and investment vehicles are the Tax-free Plan and Flexible Plan.


The Tax-free Plan takes advantage of regulations on tax-free allowances, giving you a higher return rate compared to other savings program. The Flexible Plan, on the other hand, doesn’t have a limit on how much you can invest but is subject to tax and other fees.


10) Postbank SA

Minimum deposit: R50

Interest rate: 0.15% to 3.35%

Additional info:

Postbank’s Smart Save is one of the most convenient savings plans in South Africa. You can withdraw your money from any post office across the country. Cheque deposits are also free of charge.

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

11) RMB Private Bank

Minimum deposit: R100 000

Interest rate: Depends on the amount and duration of the investment

Additional info:

RMB Private Bank offers savings and cash investment vehicles that have different rates and accessibility. They have an option for those who need immediate access to funds, offer for those who want access to notice accounts, and the usual fixed deposit accounts.


12) Standard Bank ZA

Minimum deposit: R50

Interest rate: 2.60%

Additional info:

Their PureSave savings account can be accessed anytime you need cash.

Their most popular savings option is the Fixed Deposit investment account. The opening deposit for this account is R1 000 and it can earn up to 9.85% interest annually. However, access to the funds is available only upon its maturity.


The Standard Bank MarketLink account is a mix of a bank and savings account. You have access to your funds 24/7 like an ordinary ATM account. However, it has a higher interest rate that can reach up to 4.75%. The initial interest-earning deposit required for this account is R1 000.

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