Top 12 Best Savings Account in South Africa 2021

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 accounts 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:

[Note: Savings Account Interest Rates Updated (August 2020)]


Account Type: ABSA TruSave

Minimum deposit: R50

Interest rate: 0.45% Flat rate

Additional info:

Absa’s TruSave account is easily accessible with the only R50 needed to open an account and no monthly administration fees. You only pay for transactions and each month you receive two free ATM cash deposits, two mini-statements and two balance enquiries. You only get two free ATM cash withdrawals per year. Interest is calculated daily on your investment and paid to you monthly.

To apply for this account you will need:

  1. Your South African ID.
  2. Proof of residence.

African Bank

Account Type: African Bank MyWorld Savings Pocket

Minimum deposit: R0.00

Interest rate: 5.25%

Additional info:

The African Bank MyWorld Current Account comes with 1 Savings Pocket account, this is a separate account with a unique account number. It offers one of the best interest rates in South Africa and still enables you to have instant access to withdrawals.

Bidvest Bank

Account Type: Bidvest Bank Grow Account

Minimum deposit: R50

Interest Rate: 5.5%

Additional info:

The Bidvest Grow account offers three accounts in one; Transactional, Savings and the Bidvest Bank Easy Equities account (their share trading platform). It is flexible in its pricing, allowing you to either “Pay as You Transact” (R6.00 per month admin fee + transactions charged on usage) or you can opt for an All-inclusive option which is a flat rate of R175/month.

Capitec Bank

Account Type: Capitec Global One

Minimum deposit: R25

Interest rate: 2.25 – 7.50% (see table below)

Amount (R)R0 – R9 999R10 000 – R24 999R25 000 – R99 999R100 000+
Interest rate (%)

Additional info:

The Capitec Global One account is a great option for both transactions and savings. It allows you to manage your savings and money using one account, you can always use the Capitec Mobile App. There is an R5/month Administration fee. You can earn up to 8.50% if you fix your money in any of the savings plans.


Account Type: FNB Savings Account

Minimum deposit: R0.00

Interest rate: 3.5% *Based on balances from R75 000

Additional info:

The FNB Savings Account has no monthly fees and is available to anyone with an individual Cheque Account . You can choose either to reinvest or transfer your interest to another account. It also allows you to add to your eBucks reward level points if you are already with FNB!


Account Type: Investec Prime Saver

Minimum deposit: R100 000

Interest rate: Prime-Linked Interest Rate

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 savings (in 24 – 48 hours). Investec customers also benefit from online banking access and dedicated customer service.

Mercantile Bank

Account Type: Mercantile Call Account

Minimum deposit: R1 000

Interest rate: 0.65 – 1.65%

TermFrom R1 000 to R99 999From R100 000 to R249 999R250 000 and over
Immediate access0.65%1.20%1.65%

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%.


Account Type: Nedbank MyPocket

Minimum deposit: R0.00

Savings deposit interest rate: 2 – 3%

Additional info:

The Nedbank MyPocket account is a money management savings pocket which can be linked to any Nedbank current account. There are no monthly maintenance fees and it offers a Goals savings calculator to help encourage you to reach your savings goals.

Old Mutual SA

Account Type: Old Mutual Invest Flexible Plan

Minimum deposit: R350 / Month

Flexible Plan interest rate: Variable

Additional info:

Unlike a bank account, with Old Mutual you choose the underlying investment funds, where your money is then invested. You can choose how much you want to invest each month and increase/decrease, start or stop payments at any time. There is no fixed term attached to this plan so you can decide how long you want to remain invested for.

Postbank SA

Account Type: Postbank Smart Save

Minimum deposit: R50

Interest rate: 0.15% – 0.45%

On balance (Rand)Interest Rate (% pa)
0 – 500.15%
50.01 – 5 0000.20%
5 000.01 – 15 0000.35%
15 000.01 – 25 0000.45%

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

RMB Private Bank

Account Type: RMB Money Maximiser

Minimum deposit: R100 000

Interest rate: 4.65%

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.

Standard Bank

Account Type: Standard Bank Flexi Advantage Account

Minimum deposit: R1 000

Interest rate: 6.40%

Additional info:
Standard Bank’s Flexi Advantage account offers great interest rates but you are limited on how much you can withdraw at a time of up to 40% of your opening deposit. There are no monthly fees and interest is calculated daily and paid monthly. You get free transfers to and from your bank account but cash deposit fees will apply.

*Remember that interest is fully taxable and you will be responsible for any tax on the interest earned.