Nedbank Fixed Deposit Interest Rates

Have some surplus cash that won’t be needed for a fixed period?Put as little as R1 000 to work for you, for a period of one month to 17 months and enjoy the benefits and returns of a fixed interest rate.

Features and benefits

Nedbank does not accept any liability for reliance placed on quoted rates in the absence of confirmation. Calculators available on this website are only intended to provide an indication of the amounts calculated. Fixed Deposits The interest rate and capital amount are fixed for the duration of the investment. Notice Deposits. Save monthly for these extra expenses by opening a Nedbank Notice Deposit Account. Our Treasury department will provide you with a special interest rate. Fixed Deposit interest calculator. Prime linked interest calculator. Forex Calculator. Nedbank does not accept responsibility for any loss or damage of any nature that may be caused or brought about, directly or indirectly, by the use if this website or reliance on any information contained therein. Any interest rates quoted on this.

• A minimum investment amount of R1 000.
• You can choose an investment period from 1 month to 17 months.
• You earn a competitive, market-related, fixed interest rate.
• Interest may be paid monthly, quarterly, half-yearly, annually or on maturity.
• No additional deposits allowed.
• Your capital and your interest rate are guaranteed – you will always get out more than what you put in.
• No monthly fees and commissions.
• Preferential rates apply if the account is opened and maintained exclusively through a Nedbank digital banking profile.

* Interest rates offered are subject to confirmation when the funds are received by Nedbank.

What you need to apply?

• Your valid South African barcoded ID, smart ID card or passport (for non-residents)
• New clients will need:
• Proof of residence; such as a utility bill, rental invoice or phone account that displays your name and physical address and is not older than 3 months.
  

Additional benefits

• Link the account to an electronic banking profile. Which means all maintenance – can be done on your internet banking profile.
• Click here to go to Nedbank App Suite
• Nedbank Affinity programme – support a cause through our Affinities Programme at no cost to you. Nedbank will make a contribution to the affinity of your choice when you open an affinity-linked investment.

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!

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.

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.

Nedbank Money Market Interest Rates

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?

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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.

What Is The Best Fixed Deposit Rates

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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.

Nedbank Fixed Deposit Rates For Seniors

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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.

Which Bank Has The Best Fixed Deposit Rate

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.