• Bank Savings Account Interest Rate
• Bank Savings Account Interest Rate Comparison
• Bank Savings Account Interest Rates Canada
• Highest Interest Rates For Saving Accounts
• Bank Savings Account Interest Rates
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Looking for the best bank to keep your money? With so many banks in South Africa that offer multiple savings accounts each, it can be extremely confusing.

I know because I’m in the process of finding the best savings bank account myself. I was astounded by the lack of information online so I thought I better record my research.

To make life a bit easier for you, below you’ll find a breakdown of the best interest rates on the different savings accounts I came across within South Africa. Hope this helps!

Savings accounts. Enjoy the ease and flexibility of a standard savings account. Plus, link your savings account to your Associated checking account for protection against overdrafts 1,2. Certificates of deposit (CDs) CDs generally offer better interest rates, but they require a fixed term. That term can last anywhere from a few months to a few. List of Savings Account Banks Minimum Balance Required (INR) Savings Account Interest Rates (Per Annum) Allahabad Bank: 1000: 3.00% - 3.15%: Andhra Bank. Benefits of a High Yield Online Savings Account: Flexibility to grow your money and access it when needed; We regularly monitor the competition to ensure our rates are some of the best in the nation 2; Interest is compounded daily, growing your money fast; Your money is FDIC insured up to $250,000 3; FDIC insurance information available at fdic.

• Average Interest Rate for Savings Accounts According to the FDIC, the national average interest rate on savings accounts currently stands at 0.05% APY. This applies to both average and jumbo deposits (balances over $100,000).
• Perks: Along with a high interest rate, the savings account product from Marcus comes with easy-to-meet requirements and the benefits of an online bank. You can access your account at any time.

BONUS CONTENT: Looking for an investment in South Africa with the best return? View my 10 best investments in South Africa for beginners here.

01. African Bank Fixed Deposit Account (5.5% to 10.01%)

African Bank fixed deposit account tops the list! Their interest rates start out at 5.5% interest for the first 3 months and can be increased to as much as 10.1% interest the longer you hold your money, which is outstanding.

Here’s a full break down:

What’s really great about this savings account is that it’s fixed rate, which means as long as you keep your money in the account, the interest rate is guaranteed for the investment period selected. The interest won’t fluctuate.

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SIDE NOTE: As discussed in this quora post, only the best investors in the world achieve a 10% return on their investment in the long term. So finding a bank that offers 10% interest on your money is truly special.

02. African Bank MyWorld Savings Account (4.25%)

MyWorld is an everyday savings account that offers some of the best interest rates at 4.25%. This might not sound like much however you don’t even need to have a minimum deposit in your account. As long as you have some money in your account you’ll be entitled to the 4.25% per annum.

To put this into perspective, for a similar ABSA savings account you’ll only get around 1.55% per annum.

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03. Tyme Bank GoalSave (4% to 6%)

The GoalSave account isn’t exactly your typical everyday savings account, however, if you want to deposit your money and hold it in the account it might be a good option.

They offer the best interest rate at 4% interest per annum from 1-30 days after the money has been added to your account. This increases the longer you hold your money to us much as 6% interest.

Here’s a table with more details:

They do offer a bonus of 7% if you give the bank 10 days notice before withdrawing your investment after the 90 day period. As far as I understand you’ll only receive 7% on that 10 day notice period, which is a bit of a disappointment.

Unfortunately, your maximum initial investment is capped at R10,000 however you can own a maximum of 10 of these accounts, which means you can invest a maximum of R100,000 in total.

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04. Capitec Global One account Fixed Term Savings Plan (4.59 % to 7.76%)

The fixed-term savings account offers you the opportunity to earn an interest rate of up to 7.76%. Keep in mind that you’ll need to make a minimum deposit of R10,000 and the minimum period you can keep your money in the account for is 6 months. So it’s not exactly your everyday savings account.

Here’s a table that will explain the effective interest rate you can earn in more details:

NOTE: During your research, you might come across “Nominal” or “Effective” interest rates. Nominal interest rates don’t take into account the compounding effect of the interest you earn.

Bank Savings Account Interest Rate

On the other hand, effective interest rates do consider the compounding effect. This makes the “Effective interest rate” a lot more accurate because it shows the total interest you’ll earn for a given period.

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05. FNB (3% to 7.8%)

FNB has a high initial interest rate of 3.05% on a low deposit, and max out at around 7.8% interest rate for investments of R10,000 plus, which isn’t bad considering what other banks have been offering. The amount of interest you earn obviously depends on the account you choose, so let’s quickly run through the options you have.

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06. Nedbank (2.75% to 7.51%)

Nedbank offers a wide range of flexible and fixed-term savings accounts that ranges their interest rates depending on how much money you have, and how long you keep it in your account.

That said there’s way too much information to fit it all in this article. You can either view it all on the Nedbank’s website here or if you want a snapshot I’ll summarize some of the highest interest yielding savings accounts in the table below.

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07. Capitec Global One Savings Account (2.25%)

This account is more of your every day account that doesn’t require an initial deposit. The biggest drawback is, you can only earn 2.25% interest per annum if you have less than R100,000 in the account.

And if you have more than R100,000 things don’t get much better. Your interest rate crawls up from 2.25% to only 2.5%. I mean why did they even bother?

Bank Savings Account Interest Rate Comparison

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08. Standard Bank (1.35% to 6.42%)

Standard bank also has a big variety of savings account options. They offer interest rates from as low as 1.35% to as high as 6.42% depending on the account you choose, how much you deposit, and how quickly you would like access to that money.

They even have 4 “accessibility” options so make sure you check out the bank’s website here to get a detailed description of each. Or, if you prefer a summary I’ll also lay out a summary in the table below.

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Bank Savings Account Interest Rates Canada

09. ABSA Bank (0% to 6.75%)

Absa interest rates for savings account ranges from 0.00% to 0.45% which is extremely poop. I highly suggest you rather look into their dynamic fixed deposit account if you do decide to go with ABSA because it’s a lot higher.

Dynamic fixed deposit accounts offer interest rates between 3.75% to 6.75% which is a lot higher than your everyday savings account.

If you would like to view more options with in-depth details on ABSA’s website, then visit this link. I’ll also include a summary in the table below of options that stood out to me if you would like more of a summary of what ABSA has to offer.

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Final Thoughts

Interest rates change all the time so please don’t be surprised if the information I mentioned in this article doesn’t exactly match up to what you’re seeing. That said, this article should give you a general idea of which banks offer the best savings accounts in South Africa.

I hope this information saves you a few hours of research. I know I wish I had it when I was researching my savings account.

YOUR TURN: Did we miss a bank? Or did we miss any info? Please let us know in the comments below so we can start learning from each other.

BONUS CONTENT:

• Looking for an investment in South Africa with the best return? View my 10 best investments in South Africa for beginners here.
• Looking for ways to make money online as a beginner? Here’s my free guide that shares 14 free ways to make money online in South Africa with very little experience and without spending a lot of money.

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The easiest way to commit to a regular savings plan is to arrange for pre-authorized transfers from your banking account to your designated savings account. Simply specify the amount and how often you want the transfers to take place — for example, once a week, every two weeks or once a month. You may even want to schedule these to occur just after your paycheque is direct-deposited into your chequing account.

• Step 1: In your Online Banking, under Quick Payments and Transfers, click on Pay Bills and Transfer Funds.
• Step 2: On the left hand menu, click on Set Up Save-Matic.
• Step 3: Enter the Amount you want to save, choose your From and To accounts, When to start, and select how often from the Receive Frequency options, then click on Submit.
• Step 4. Review your information and click on Confirm.

• Sign in to the RBC Mobile app,
• Tap ‘More’
• Tap ‘NOMI Find & Save’ and turn it on.

After you turn on NOMI Find & Save, we will get to know your spending & saving habits in your source chequing account to find opportunities to save for you.

You can deposit cheques through the RBC Mobile app (Android and iPhone devices) or the RBC Canada app (iPad devices). Download the latest version of the apps from the relevant app store, select 'Deposit Cheque' in the main menu and follow the on-screen prompts.

Highest Interest Rates For Saving Accounts

With Interac e-Transfers you can send funds to clients of other financial institutions as well as RBC, and you don't need to know the account number of the person you're sending money to. All you need is their email address or mobile phone number.

You can send an Interac e-Transfer from Online Banking, or Mobile Banking. Here’s how:

Bank Savings Account Interest Rates

To send an Interac e-Transfer from Online Banking:

• From the Accounts Summary page, select 'More Payment Options' on the right side of the page.
• Enter the payment amount of the transfer.
• Select the account you want the funds to be debited from.
• Open the “To” drop down list, select the Interac e-Transfer payee and Submit.

To send an Interac e-Transfer from Mobile Banking:

Select the Interac e-Transfers icon from the main page.

• Choose the account you would like to pay from.
• Select the recipient you wish to send funds to. If sending to a new recipient, select the + sign in the bottom left hand corner of the page.
• Follow the steps

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