Which Bank has the highest interest rate for fixed deposit in South Africa?
The best 5 year fixed deposit interest rate is 10.97% offered by Access Bank Plc. This is the effective annualised rate. You will need a minimum investment of R500 to get that interest rate. Check out the fixed deposit calculator to see how much interest you will earn for your investment amount.
- Discovery Bank. Get up to 9.5% monthly interest when you deposit a large sum into a fixed-deposit savings account at Discovery Bank. ...
- Capitec Bank. ...
- FNB. ...
- Investec Private Bank. ...
- Nedbank.
| Bank | Term | Nominal |
|---|---|---|
| TymeBank | 1 year | 10.48% |
| Access Bank Plc | 5 year | 10.45% |
| Sasfin | 5 year | 10.25% |
As an example, with an interest-focused investment of R1 million, generating a return of 6.7% over 12 months will mean a return of R67 000 for the year.
| Period | R10 000 - R249 999.99 | R1 000 000+ |
|---|---|---|
| 1 month | 7.87% | 8.08% |
| 3 month | 8.14% | 8.30% |
| 6 month | 8.30% | 8.46% |
| 9 month | 8.46% | 8.62% |
A few do and, on this basis, there are four banks that offer effective rates of over 10% for a 12-month fixed deposit: African Bank, Grindrod Bank, Nedbank and TymeBank. This requires a nominal rate of 9.57% or higher. * All rates correct as at 26 June 2023.
Annual compound interest earnings:
At 4.25%, your $100,000 would earn $4,250 per year. At 4.50%, your $100,000 would earn $4,500 per year. At 4.75%, your $100,000 would earn $4,750 per year. At 5.00%, your $100,000 would earn $5,000 per year.
The best interest rate is 11% offered by TymeBank on a 1 year fixed deposit investment. This is the highest interest rate you will be able to get in South Africa. This rate is fixed throughout 1 year. It is the effective annual rate.
| Term (Months) | R0 - R9 999 | R75 000 - R249 999 |
|---|---|---|
| 12 | 3.50% | 7.75% |
| 13 - 18 | 3.50% | 7.80% |
| 19 - 24 | 3.50% | 7.85% |
| 25 - 36 | 3.50% | 7.90% |
If your deposit amount and period are flexible, these are the best fixed deposit rates you can get in Singapore in Nov 2023: StashAway Simple Guaranteed (3.80% p.a.—3 months with no minimum amount) RHB (up to 3.60% p.a.—min. $20,000 for 6 or 12 months) HL Bank (3.65% p.a.—$500,000 for 12 months)
Which investment has the highest return in South Africa?
- Stocks - Best for portfolio control. ...
- Robo-advisors - Best for hands-off investment. ...
- Index funds - Best conservative approaches. ...
- Cryptocurrencies - Best high risk high reward approach. ...
- Government bonds – Low risk retirement planning.
African bank gives you the highest interest rate in South Africa at 10.50%. The nominal interest rate is calculated at 8.80%, and over a 60-month period, the effective interest is 10.50%.
A recent analysis determined that a $1 million retirement nest egg may only last about 20 years depending on what state you live in. Based on this, if you retire at age 65 and live until you turn 84, $1 million will probably be enough retirement savings for you.
| Banks | Highest FD rate (% p.a.) | Additional interest rate for senior citizens (% p.a.) |
|---|---|---|
| YES Bank | 7.75 | 0.50-0.75 |
| Punjab & Sind Bank | 7.40 | 0.50 |
| Punjab National Bank | 7.25 | 0.50 |
| Bank of Baroda | 7.25 | 0.50-1.00 |
| Period of Investment | Nominal Rate p/a* | Equivalent Annual Effective Rate (AER)** |
|---|---|---|
| 18 Months | 8.55% | 8.89% |
| 24 Months | 8.45% | 8.78% |
| 36 Months | 8.50% | 8.83% |
| 60 Months | 9.30% | 9.70% |
Choose to invest from only R300 per month or a R1000 once off lump sum, or both.
- AXIS Bank. 5.75% - 7.00%
- SBI Bank. 4.75% - 6.50%
- Equitas Bank. 3.50% - 7.25%
- HDFC Bank. 4.50% - 7.00%
- ICICI Bank. 4.50% - 6.90%
- Canara Bank. 5.50% - 6.70%
- Bank of Baroda. 5.50% - 6.50%
- Punjab National Bank. 4.50% - 6.50%
Current Interest Rate
At its September 2023 meeting, the South African Reserve Bank maintained its benchmark rate at 8.25 percent, which was adjusted for inflation. Inflation for 2023 is now expected to average 5.9%, according to the SARB's updated inflation predictions, which were previously 6.0%.
| Amount | Interest | Effective Rate |
|---|---|---|
| R5 000 - R9 999 | 7.25% | 7.50% |
| R10 000 - R19 999 | 7.25% | 7.50% |
| R20 000 - R29 999 | 7.65% | 7.92% |
| R30 000 - R39 999 | 7.75% | 8.03% |
- Stocks.
- Real Estate.
- Private Credit.
- Junk Bonds.
- Index Funds.
- Buying a Business.
- High-End Art or Other Collectables.
Which US bank gives 7% interest on savings account?
As of writing, no U.S.-based banks are offering a 7.00% APY on a savings account. For high-yield savings accounts — top, competitive rates are more in the 5.00% APY range. However, Landmark Credit Union currently offers a Premium Checking account with a 7.50% APY on balances of up to $500.
The timeline for achieving this goal depends on your returns. For example, a 10% average annual rate of return could transform $100,000 into $1 million in approximately 25 years, while an 8% return might require around 30 years.
Bond funds invest in a portfolio of fixed-income securities, such as government bonds and corporate bonds. These bonds usually pay regular interest income to investors, making them a relatively stable income source.
A fixed amount for a fixed term earning a fixed 11%
There are no minimum limits or maximum amounts. You can open as many savings accounts as you want.
You will not be able to add or invest more money to an on-going (existing) Term / Fixed Deposit. You can, of course, continue to save by investing in a new term / Fixed Deposit with a fresh value date. Was this information helpful?
