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List of South African Banks with high-interest rates now

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Top 5 List of south African banks with high-interest rates

List of South African banks with a high-interest ratesThere are several banks in South Africa that offer different rates. Some are extremely high while others are low. We are all aware that there are about 22 different banks in South Africa with different branches across the state. We have 7 which are foreign, 10 local banks, 3 collectives, and 2 united banks.

In today of the post, I will explain and critically analyze the list of South African banks with high-interest rates. 

Let’s get started.

Top 5 List of South African Banks with high-interest Rates

African bank

The African Bank is a financial institution in South Africa that provides different banking and investment services. The group is the majority shareholder in 11 banks located across Africa, with representative services in Namibia and Nigeria.

Regarding banks with high-interest rates, African Bank can proudly vouch that it stands out in this aspect.

 In 2019, the bank offered some of the highest rates in the country, with rates ranging from 3% to 8.15% for various term lengths and deposit amounts.

For example, if you deposit between R1,000 and R100,000, an African bank will offer a rate of 3% for 8-day terms, while deposits between R100,001 and R999,999.99 earned the same rate. For longer terms, rates ranged from 3.70% to 8.15% depending on the deposit amount and term length. Let’s move to the next one.

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First National Bank (FNB)

FBN is one of the largest banks in South Africa, offering Special and excellent services to individuals and businesses. I uncover that one of the standout features of FNB is its high-interest rates, which can make it an attractive option for savers and investors.

Let’s discuss the interest rate. FNB’s interest rates vary depending on the type of account and the amount of money you want to invest.

For example, FNB offers a fixed deposit account with a minimum investment of R10,000 and an interest rate of up to 7.20% for a 60-month term.
They also offer a notice deposit account with a minimum investment of R1,000 and an interest rate of up to 5.50% for a 32-day notice period. This is a good option for investors. 

Bidvest Bank Limited

Bidvest bank limited is a South African bank, that is known for offering competitive interest rates to its customers. The bank offers a range of personal banking services, including savings accounts, fixed deposits, and investment accounts.

Bidvest Bank offers high-interest rates on fixed deposits, which makes it an attractive option for customers looking to grow their savings. 

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The bank’s interest rates vary depending on the amount and term of the deposit, with longer terms generally offering higher rates.

For example, for deposits of R1,000 to R100,000, customers can earn an interest rate of 3.00% for an 8-day fixed deposit, and 3.70% to 5.05% for a fixed deposit of 1 to 6 months. For deposits of R100,001 to R999,999.99, customers can earn interest rates ranging from 3.00% to 5.10% for the same terms.

For longer terms, such as fixed deposits of 12 months or more, Bidvest Bank offers higher interest rates of up to 8.15%.

Investec Bank

Investec bank is a financial services group based in South Africa that provides a range of services, including private banking, investment management, and corporate banking. In addition, the bank offers competitive interest rates on its savings and investment accounts.

Investec Bank’s interest rates can vary depending on the type of account and the amount of money being invested.

While Investec Bank is primarily an investment bank, it also offers a range of retail banking products, including fixed deposit accounts.

Investec Bank Fixed Deposit Accounts

Term Fixed deposit Nominal Interest Rate  Fixed Deposit Effective Interest Rate
3 Months  3.05% 3.10%
9 Months 3.86% 3.91%
6 months 4.20% 4.27%
12 Months  4.50% 4.59%
18 months  4.60% 4.70%
24 months  4.75% 4.87%
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Standard Bank

The next bank in South Africa with a high-interest rate in South Africa is Standard Bank. 

With Standard Bank’s Fixed Deposit Accounts, you as a customer get competitive interest rates, with varying rates depending on the term length of the deposit.
For example, a 12-month fixed deposit can yield an interest rate of up to 5.50%, while an 18-month deposit can earn up to 6.50% interest.

Thanks for reading to this very end, I hope you have found out what you’re searching for. This is not the list of all banks in South Africa that offers high-interest rates, however, what I have done is that I compiled the top 5 out of all.
Once again thanks for reading.

FAQs 

Which South African Bank has the highest interest rates?

The best bank that offers the highest interest rates according to the 2023 record is African Bank. 

Which bank gives 7% interest on savings accounts?

In South Africa, the bank that gives a 7% interest rate is the first National bank (FBN). Read more about it in this blog post. 

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