Best Banks to Open Fixed Deposit Account in South Africa

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Several banks in South Africa offer fixed deposit accounts for their customers. The account attracts interest rates based on how much a customer saves. The best banks are those that offer highest interest rates on savings.

Following previous and current interest rates trends, here are the best banks to save your money.

INVESTEC

Investec has several types of fixed deposit account that include fixed term deposits, prime linked fixed deposits and tax free fixed deposit. A customer is required to select the type of account that is most suitable for him.

The amount and individual saves attracts interest of between 6 % to 8 %.Fixed deposit interests as of 2017 are:

Fixed Deposits Nominal Period Effective
Over R1 000 000    
12 Month 7.48% 7.74%
9 Month 7.36% 7.54%
6 Month 7.31% 7.42%
5 Month 7.21% 7.30%
4 Month 7.18% 7.24%
3 Month 7.01% 7.05%
2 Month 6.90% 6.92%
1 Month 6.80% 6.80%
R250 000 – R1 000 000    
12 Month 7.48% 7.74%
9 Month 7.11% 7.28%
6 Month 7.06% 7.16%
5 Month 6.96% 7.04%
4 Month 6.93% 6.99%
3 Month 6.76% 6.80%
2 Month 6.65% 6.67%
1 Month 6.55% 6.55%
R100 000 – R250 000    
12 Month 7.40% 7.66%
9 Month 6.91% 7.07%
6 Month 6.86% 6.96%
5 Month 6.76% 6.84%
4 Month 6.73% 6.79%
3 Month 6.56% 6.60%
2 Month 6.45% 6.47%
1 Month 6.40% 6.40%

 

To open an account at Investec,you need the following:

product features

term length

  • choose from 1 month to 5 year options
  • No access to your funds until they mature to ensure maximum returns

minimum balance

  • Minimum balance of R100 000 required

 key information

  • No monthly fee charges
  • Dedicated Client Support Centre
  • Download product rules

Standard Bank

Standard Bank is regarded as the best bank in South Africa for Fixed Deposit investments. The amounts you invest earn interests of up to 10 % depending on how much you save periodically.

About Fixed Deposit Investment Account

How to qualify for promotional rates

  • You can make a minimum investment of R 50 000
    AND
  • You are a South African citizen
    OR
  • You have a valid passport or permit

Fixed Deposit 10% promotion

How to qualify for normal rates

  • You can make a minimum investment of R 1 000
    AND
  • You are a South African citizen
    OR
  • You have a valid passport or permit

General terms and conditions

Features and benefits

  • Interest is paid monthly, quarterly, annually, or on maturity
  • Note that once you have invested your funds, you can’t add to your investment. If you have more money to invest you can always open another Fixed Deposit or a different investment account
  • If you are 55 years of age or older, or are a Standard Bank Consolidator customer, you qualify for an extra 0,50% per annum interest on an investment of 12 months or longer for balances under R 100 000
  • Please note that these additional concessions do not apply on our special offers
  • Fixed Deposit interest rates

What it costs

  • No management fees
  • Cash deposit fee
  • Early redemption fees if you access your funds early

How to apply

  • Complete the form below
  • At your nearest branch

What you’ll need

Bidvest Bank

Bidvest bank gives up to 8.68 % interest on investments. The bank requires a minimum deposit of R10, 000 and deposits made periodically.

Main features of the fixed deposit account are:

ixed Interest for a Fixed Period

A fixed term investment means you get higher interest rates. With our Fixed Deposit Account, you deposit a single amount – a minimum of R10 000 is required – for a fixed term at a guaranteed interest rate.

Fixed Deposit Accounts

Your Fixed Deposit Account comprises a single deposit for a fixed term at a guaranteed interest rate. Because it’s a fixed investment, you’ll also earn higher interest rates – and the longer you invest your money, the higher your interest rate will be.

What You Get

For deposits of R10 000 or more, you’ll earn 7.13% for 3 months, 8.13% for 6 months, 8.32% for 9 months and 8.68% for 12 months.

Opening an Account

  • A minimum of R10 000 is required.
  • Choose the deposit period you’d like – from 1 month up to 12 months.

What we need from you

  • Green bar coded identity document
  • Proof of address (utility bill or similar)
  • Proof of deposit (if customer is doing EFT)

You will need to complete and sign

  • An application form
  • Terms and Conditions
  • FAIS disclosure form

Withdrawals

  • Early withdrawals are charged a fee, which we’ll calculate on request.

Interest

  • Interest is calculated daily and payable monthly, or on maturity.
  • Monthly interest can be paid into a nominated account or transferred to a call account.

Extra for Pensioners

If you’re 55 years of age or older, you qualify for 9.00% interest on a 12-month fixed deposit. All you need is your green bar-coded ID when you open up an account.

The interest rates quotes above (7.13, 8.13%, 8.32%, 8.68 %) are the annual effective rates and are applicable to the 3-month, 6-month, 9-month and 12-month Fixed Deposit Accounts respectively when investing R10 000 or more. Rates are subject to change. Applicable to corporates and individuals. Terms and conditions apply, In terms of legislation, proof of legislation, proof of residence and positive identification are required to open a Bidvest Bank Fixed Deposit Account. Bidvest Bank limited (Reg No 2000/006478/06) is a licensed financial services and registered credit provider.

ABSA

You can invest any amount with a minimum of R1 000.

Interest payment flexibility

Interest can be paid on maturity, monthly, quarterly, annually or bi-annually.

Your interest rate is guaranteed

Your interest rate is fixed for the entire term of your investment

Applying for the Fixed Deposit Account

When applying, you will need:

Your South African ID

Proof of residence

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