Banks With Highest Interest Rates in South Africa

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South Africa’s Bank with the Highest Interest Rates

Yes, saving money is important for your financial future, but it is not everything. Also, when we talk about savings account options in South Africa, there are a number of choices. In fact, having too many options may only leave people feeling exhausted.

Many people prefer to open a savings account at their current bank to simplify things. This is by far the easy approach, but there are better approaches. In this article, you will see just which banks in South Africa are giving the highest-interest savings accounts. It will help you select a location for your hard-earned money to keep safely.

Banks With Highest Interest Rates in South Africa Overview

Title of ArticleBanks With Highest Interest Rates in South Africa
CountrySouth Africa
Highest Rate of Interest 8.9%
Bank with Highest Rate of InterestAbsa Bank
Visit Official WebsiteHere

What bank pays the highest rate of interest on savings?

The best rate of interest on savings accounts is offered by Absa Cash Invest Tracker gives 9 % on investments more than R0. Thus, we believe Absa Cash Invest Tracker is the best choice if you are looking for the highest rate of interest on a savings account.

The R50 minimum deposit will earn up to 4 % of Absa Bank’s TruSave account income. The TruSave account gives customers a variable rate of interest depend on the rate of interest given by the market and bank conditions, making saving money very easy.

For account customers, two cash deposits complimentary at any Absa ATM are allowed per month up to R 2,000. After that, they can earn R2,500 for every R100. You can make withdrawals two times a year free of charge; after that, it is R2.50 per R100 withdrawal.

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List of South African Banks With the Highest Rates

South Africans are always looking for ways to save money, and getting the right bank makes a big difference in what you spend and how much you save.

When opening a savings account, look at such things as fees, minimum deposits, branches, and ATMs of banks that offer the highest interest rates.

In this section, we have covered the five banks with the highest savings interest rates.

Discovery Bank

Earn up to 9.5 % per month on a large deposit in a savings account of fixed-deposit at Discovery Bank. There are no fees (monthly), and the account holder decides upon his fixed investment term. The minimum balance requirement is R 10,000. Terms can range from 30-60 months. A penalty will be imposed if you withdraw money from the account early.

Capitec Bank

Through the Capitec Bank’s Fixed Term Savings Plan, customers can earn rates of interest of up to 9.25 %. With a minimum investment of R10,000, clients can choose interest over an interval ranging from 12 months to 5 years.


FNB’s savings account offers 5,8 % p.a. a nominal interest rate, which naturally goes up the higher your balance. The amount of withdrawals and deposits you can make with this account at any given time, either through the Internet or at an ATM, is adjustable. This savings account is available only to check account holders.

Private Investec Bank

The Private Investec Banking High-Interest Cash Fund offers rates of interest as high as 6.30 % for customers that use it. Customers can invest a R100,000 minimum amount and get rate of interest on their deposits.


Customers can earn up to 5.5 % interest per year on a Nedbank Savvy Plus Savings account. There are also no monthly fees, unlimited card swipes, and smart members can sign up to five friends.

This is the information you need to see which banks have the best rates of interest on savings accounts opened with them.


In the age of modernization, the savings account is an important element in each citizen’s financial situation. The savings account has become an important element of substance in every individual’s financial existence in today’s world.

Moreover, savings account, now an integral component in each individual’s financial life, the modern world has really become much more easy to live in. These accounts provide a secure place to store money, and give you the chance to earn interest on deposits.

Also, investing your money to achieve minimum deposit level is a good way of making sure that you or your family will have happiness and peace. So one must understand the pros and cons of each account before investing.

People May Also Ask

What is the best bank in South Africa for investment?

In personal and business banking, South African retail and institutional investors put FNB first, Standard Bank second and Absa third. Discovery Bank is the clear choice among the new digital banks. It blows TymeBank and Bank Zero out of the water.

How can my money earn 7 % interest?

Only two financial institutions, Landmark Credit Union and Alpena Alcona Area Credit Union, give 7 % interest.

In South Africa, what can I do with R100 000?

Their first R100,000 leaves the door open to do some terrific things, such as starting a business or social enterprise with employees that make a real difference in people’s lives and have a lasting impact, simply letting it ride on compound interest.

Which will be the best bank in South Africa in 2023?

They also retained their position as South African customers’ most favoured bank and raised their net sentiment scores from 37.5 % of last year to 41.9 %.

In 2023 results, FNB again stood out as the favoured bank among South African customers with net sentiment scores improving from 37.5 % in 2021 to 41.9 %.

Bank measured According to the 2023 results, FNB again took top spot in terms of South African customer-favoured bank and increased its net sentiment scores from 37.5 % in 2022 to 41.9 %. 

What is the current interest rate in South Africa?

The prime lending rate is currently 11.75 % (South African Reserve Bank repo rate of 8.25 %).