Banks with Best Interest Rates for Fixed Deposit in South Africa

Banks with best interest rates for fixed deposit in South Africa provides their customers with great benefits of saving money and also great returns on their fixed deposit.

One of the most dominating and also contributing factors to choosing a particular bank service is their “Interest Rates”.

Interest rates is very important in any transaction, whether you are buying a car, buying a house or simply applying for a simple savings account with a bank.

This contributes to every single transaction that involves money, it is vital that, in very transaction that you make, you pay a special and close attention to the interest rate.

Are you currently thinking of a fixed deposit?

By far and to date, we have great banking institutions in South Africa with great services. Below is a list of our great banks with best interest rates for fixed deposit in South Africa.

Banks with Best Interest Rates for Fixed Deposit in South Africa

  • ABSA
  • First National Bank (FNB)
  • Standardbank
  • Nedbank
  • Capitec

We have a wide variety of good and great banks to choose from in South Africa when in it comes to our money, but before you choose who to work with or trust, below is a guide to choosing the right institution.

Top Tips for Choosing Right Fixed Deposit Account

The following tips will help you narrow down your search for banks with best interest rates for fixed deposit in South Africa.

Set a Goal For a Fixed Deposit

What do you want from your fixed deposit?

How much do you need to be fixed and when do you need you money back?

What you should do is to fix a set amount of money to target a specific date and withdraw that money a lump-sum that you could put for a good use.

Another way of doing it is to save up for a specific reason, like buying a car or purchasing a house with the fixed deposit.

This goal will enable you determine which fixed account is best for you and enable you to choose one of the banks with best interest rates for fixed deposit in South Africa.

Know Your Interest Rates Comparison

How hands on are you likely to be with your fixed deposit?

Some fixed deposit accounts offer a high bonus interest rate which is designed to tempt you in, yes, but bonuses drop off after a certain period.

Ensure that you shop around for the best deals, and if you do get one, switch your account, once you have got your bonuses on the previous account, move.

If you don’t have time to keep switching your accounts, avoid fixed deposit accounts offering bonus interest rates and look for a rate that’s been more stable and fixed historically.

Accounts and insurance comparison websites are a good starting point for anyone trying to find banks with best interest rates for fixed deposit in South Africa savings account tailored to their needs.

We recommend Hippo if you are looking for any insurance or great fixed deposit accounts.

Choose Regular Savings Accounts or Fixed Term Deposits

Can you tie up your money for a year or so or setup a standing order to your savings account?

If that is the case, that means you can earn a bit more interest with a fixed-term deposit, savings bond or your normal savings account.

What you should always keep in mind is, with a fixed term account you might not be able to access your investment at anytime or immediately and this could also have hefty withdrawal fee.

Be Tax Wise

When choosing banks with best interest rates for fixed deposit in South Africa and you don’t pay tax, ask to have your account interest paid gross, if not, tax will be automatically deducted from you account.

Ensure that you’re getting a good interest rate so the tax benefit isn’t cancelled out by lower returns on your account.