Best savings accounts in South Africa (Unlock more money)

By now, most know that simply saving isn’t enough.

Inflation erodes the value of our money over time, which means we lose buying power on the money that we hold.

What’s the solution? Earning interest.

Putting your money in a savings account that earns interest helps you to generate more savings and combat the negative effects of inflation.

Here are the best savings account options available for South Africans.

 

Best savings accounts in South Africa

Here are the best savings accounts and their interest rate ranges.

*The table below is arranged alphabetically by bank name.

BANK	ACCOUNT	INTEREST RATE
	Absa Cash Invest Tracker	8.4 – 8.55%
	African Bank MyWorld	1.5 – 4.5%
	Capitec savings accounts	3.5 – 9.92%
	Discovery savings account	3.5 – 9.5%
	FNB savings and cash investments	6.75 – 9.8%
	Investec savings accounts	4.75 – 9.52%
	Nedbank save and invest accounts	4.5 – 10.06%
	Standard Bank savings and investment accounts	3.5 – 9.5%
	TymeBank GoalSave	4 – 10%

 

Sidenote. If you’re looking for other ways to earn more money or improve your finances, check out these posts:

• Best way to save money in South Africa
• Best extra income opportunities
• Highest paying jobs in South Africa

 

Now, let’s dig into the list.

 

 

Breakdown of the best savings accounts (A – Z)

Most banks offer a variety of savings and investment options. Here’s a breakdown of the best savings account options, the minimum interest, maximum interest, and who might be interested in saving with each bank.

 

Absa – Cash Invest Tracker Account

Learn more here.

Minimum requirements:

• You need R100 000 to open the account
• The interest rate is linked to Prime and other market factors
• You can set up recurring monthly deposits into your account for ease of growing your balance
• You can save up to a maximum of R250 000 000 per account opened

 

Minimum interest rate:

8.40% (for balances ranging between R0.01 – R12 500 000.00)

Maximum interest rate:

8.55% (for balances over RR12 500 000.00)

Best for:

High-interest saving with immediate access.

 

African Bank – MyWorld

Learn more here.

Minimum interest rate:

1.5% p/a (on money that is held in your MyWorld account and Power Pocket accounts)

Maximum interest rate:

4.50% p/a (when you save money in your Savings Pocket in your account)

Best for:

Sharing access to funds.

An African Bank MyWorld account lets account holders create up to 6 accounts to make saving and sharing money with friends and family easier than ever.

 

Capitec — Savings Account

Learn more here.

Product range:

• Transactional account
• Flexible savings
• Fixed-term savings

 

Minimum interest rate:

3.50% p/a (On daily balances. The higher your balance, the higher the interest rate. Up to 6.75% for balances over R150 000).

Maximum interest rate:

9.30% – 9.92% p/a (when you save for a fixed term of 49 – 60 months).

Best for:

Strong interest rates on flexible savings options. Capitec Savings accounts offer a lot to work with and can be a great option for anyone who wants to earn interest from their day-to-day bank account.

 

Discovery — Savings Accounts

Learn more here.

Product range:

• Demand savings account
• Notice savings account
• Tax-free demand savings account
• Fixed deposit account

 

Minimum interest rate:

3.5% p/a  (when you hold money in your transaction and credit card accounts).

Maximum interest rate:

9.5% p/a – nominal  (through a 60-month fixed deposit with a minimum deposit of R10 000).

Best for:

Anyone that is already embedded in Discovery’s ecosystem. Discovery rewards its members that use a range of its products and meet their highest reward standards. 

If that sounds like you, then check out their banking offers. You may already be eligible for some neat rewards.

 

 

FNB – Savings accounts

Learn more here.

Product range:

• Savings Account
• Fixed Deposit
• Restart Fixed Deposit
• Money Maximiser
• 32-day Flexi Notice

 

Minimum interest rate:

6.55% p/a – nominal (On savings account balances between R1 – R19 999. More money in the account earns better interest, with the savings account going up to  7.55% p/a for balances of R100 000+.).

Maximum interest rate:

9.54 – 9.80% p/a – nominal (when you save for a fixed term of 49 – 60 months)

Best for:

An everyday savings account. FNB offers high-interest rates and a diverse range of savings products.

 

Investec — Savings Accounts

Learn more here.

Product range:

• Instant access deposit account
  • PrimeSaver
  • MoneyFund Tracker
  • Foreign Currency Account
• Notice deposit account
• Fixed-term deposit account
  • Fixed Deposits – Fixed Rate
  • Fixed Deposits – Prime Linked Rate
  • Fixed Deposits – Tax-Free Fixed Rate
  • Fixed Deposits – LiquidFixed

 

Note: many of the savings products that Investec offers require a minimum deposit of R100 000.

Minimum interest rate:

4.75 – 7.25% p/a – nominal (when you save through Investec’s instant access accounts).

Maximum interest rate:

9.52% p/a – nominal (when you save in an Investec Fixed Term Deposit account in a 60-month fixed deposit).

Best for:

High-income individuals who meet the minimum deposit requirements and anyone that wants to enjoy benefits like airport lounge access or other helpful travel solutions.

 

Nedbank – save and invest accounts

Learn more here.

Product range:

• Immediate savings
• Hybrid investments
• Fixed investments
• Notice investments

 

Minimum interest rate:

4.5% p/a – nominal (When you save using one of Nedbank’s Immediate savings products with a balance of R1 000 – R4 999. Balances of R100 000+ in the same account earn 6.25% p/a.).

Maximum interest rate:

10.06% p/a – nominal (when you invest R250 000 for 60 months through a fixed investment like Nedbank’s Platinum Fixed Deposit Investment Account).

Best for:

Individuals who want a range of savings products and strong interest rates.

 

Standard Bank — savings and investment accounts

Learn more here.

Product range:

• PureSave Account
• Flexi Advantage investment account
• MoneyMarket Select investment account
• Fixed Deposit investment account
• MarketLink savings account
• Tax-Free Call investment account
• AutoShare Invest account
• Tax-free Investment account
• MoneyMarket Call investment account
• Society Scheme savings account
• Shari’ah-compliant Fixed Deposit Account
• Shari’ah-compliant Call Account
• ContractSave savings account
• Notice Deposit investment account

 

Minimum interest rate:

3.55% p/a – nominal (when you save R 0 – R 9 999 in a ContractSave savings account).

Maximum interest rate:

8.8 – 9.449% (when you save between R10 000 – R5M in a Fixed Deposit investment account).

Best for:

People that want flexible investment options and competitive returns on fixed deposit savings.

 

Tymebank — GoalSave Accounts

Learn more here.

Minimum requirements:

There are no minimum investment or deposit requirements. You can save as little as a couple of Rands. Instead, Goalsave accounts have a limitation (or threshold). The combined total across the accounts may not exceed R100 000.

Minimum interest rate:

4% p/a (when you get started).

Maximum interest rate:

10% p/a (when you save for 90 days or more, give 10 days’ notice, and get your regular income paid into your TymeBank account).

Best for:

Anyone that is getting started with a small amount of capital and wants to earn interest on multiple savings accounts. You can create 10 goal saves, so there’s room to have fun and save for a car deposit, vacation, wedding, or whatever you can think of.

 

 

Final Thoughts

There you have the best savings accounts in South Africa. Most banks offer competitive products, so keep an eye on fees while you weigh your options. Sometimes it comes down to preference or reliability.