This page shows the highest interest paying savings accounts in SouthAfrica.
Highlights
best rate for R5k
8.9%
Absa Cash Invest Tracker
best rate for R50k
8.9%
Absa Cash Invest Tracker
best rate for R250k
8.9%
Absa Cash Invest Tracker
The best interest rate on a savings account is offered by Absa. Absa Cash Invest Tracker offers 8.9% fordeposits over R0. If you are looking for the best interest rate for savings account withlower deposit amounts, then Absa Cash Invest Tracker is a goodoption. Absa Cash Invest Tracker pays up to 8.9% in interest and only requires a R0 minimum deposit. For a slightly higher amount, theAbsa Cash Invest Tracker pays 8.9% andaccepts deposits from R0.
Summary table of all savings accounts in South Africa
Absa Cash Invest Tracker immediate Min Deposit: R100k | 8.9 - 9.05% | |
African Bank MyWorld Min Deposit: R1 | 1% | |
African Bank Power Pocket Min Deposit: R1 | 1% | |
African Bank Savings Pocket Min Deposit: R1 | 7% | |
Bidvest Bank Call Account immediate Min Deposit: R1k | 4.2 - 6.2% | |
Capitec Savings immediate Min Deposit: R0 | 3.5 - 7.25% | |
Discovery Demand Savings Account immediate Min Deposit: R10k | 3.5% | |
FNB Money Maximiser immediate Min Deposit: R100k | 8.25% | |
FNB Savings Account immediate Min Deposit: R1 | 7.05 - 7.8% | |
Investec PrimeSaver Account immediate Min Deposit: R100k | 7.95 - 8.15% | |
Investec MoneyFund Tracker access to your funds in 24-48 hours Min Deposit: R250k | 8.45% | |
Nedbank MoneyTrader 24 hours notice to access funds Min Deposit: R50k | 8.3 - 8.75% | |
Nedbank Money Market Investment Account immediate. on demand Min Deposit: R20k | 5.5 - 6.75% | |
Sasfin Call Account immediate Min Deposit: R20k | 8% | |
Standard Bank MoneyMarket Select immediate Min Deposit: R100k | 8.35 - 8.7% | |
Standard Bank MoneyMarket Call Account immediate Min Deposit: R20k | 7.3 - 7.4% | |
Standard Bank PureSave immediate Min Deposit: R0 | 5.3 - 6.1% | |
TymeBank GoalSave immediate Min Deposit: R1 | 7% |
last updated by Walter on 2nd March24
The above table give you an overview of all savings accounts in SouthAfrica. However, the savings account with the best interest rate will differwidely how much money you have and can save. Therefore, I have rankedsavings accounts interest rates for different savings amounts - R5 000, R50000 and R250 000.
- Best Savings Accounts for R5 000
- Best Savings Accounts for R50 000
- Best Savings Accounts for R250 000
The best interest rate on a savings account for an investment of R5,000 in South Africa is Absa Cash Invest Tracker. It offers up to 8.9% in interest and requires a R0 minimum deposit.
# 1 | Absa Cash Invest Tracker Min Deposit: R0 | 8.9% |
# 2 | FNB Savings Account Min Deposit: R1 | 7.05% |
# 3 | African Bank Savings Pocket Min Deposit: R1 | 7% |
# 4 | African Bank Savings Pocket Min Deposit: R1 | 7% |
# 5 | TymeBank GoalSave Min Deposit: R1 | 7% |
# 6 | Standard Bank PureSave Min Deposit: R1k | 5.8% |
# 7 | Bidvest Bank Call Account Min Deposit: R1 | 4.2% |
# 8 | Capitec Savings Min Deposit: R0 | 3.5% |
# 9 | African Bank MyWorld Min Deposit: R1 | 1% |
# 10 | African Bank Power Pocket Min Deposit: R1 | 1% |
# 11 | African Bank MyWorld Min Deposit: R1 | 1% |
# 12 | African Bank Power Pocket Min Deposit: R1 | 1% |
Did you know?
Interest rates on savings accounts typically change with the repo rate setby the Reserve bank. That means the interest rate you see here will changeover time as the primary interest rate set by the Reserve Bank changes. Ifyou want to lock-in and fix your rate for a certain period, you can dothat with fixed deposits.
Check out my latest fixed deposit rankings here (last updated 2nd March24)
Here are the highest paying savings accounts for a R50 000 deposit in SouthAfrica
The best interest rate on a savings account for an investment of R50,000 in South Africa is Absa Cash Invest Tracker. It offers up to 8.9% in interest and requires a R0 minimum deposit.
# 1 | Absa Cash Invest Tracker Min Deposit: R0 | 8.9% |
# 2 | Nedbank MoneyTrader Min Deposit: R50k | 8.3% |
# 3 | Sasfin Call Account Min Deposit: R20k | 8% |
# 4 | FNB Savings Account Min Deposit: R25k | 7.7% |
# 5 | Standard Bank MoneyMarket Call Account Min Deposit: R20k | 7.3% |
# 6 | African Bank Savings Pocket Min Deposit: R1 | 7% |
# 7 | African Bank Savings Pocket Min Deposit: R1 | 7% |
# 8 | TymeBank GoalSave Min Deposit: R1 | 7% |
# 9 | Standard Bank PureSave Min Deposit: R20k | 5.95% |
# 10 | Nedbank Money Market Investment Account Min Deposit: R50k | 5.85% |
# 11 | Bidvest Bank Call Account Min Deposit: R25k | 4.7% |
# 12 | Capitec Savings Min Deposit: R25k | 4.5% |
# 13 | Discovery Demand Savings Account Min Deposit: R10k | 3.5% |
# 14 | African Bank MyWorld Min Deposit: R1 | 1% |
# 15 | African Bank Power Pocket Min Deposit: R1 | 1% |
# 16 | African Bank MyWorld Min Deposit: R1 | 1% |
# 17 | African Bank Power Pocket Min Deposit: R1 | 1% |
Do I need to pay tax on interest earned?
Any interest earned above R23 800 is taxable. If you are older than 65, notax is payable on interest earned up to R34 500. That is quite a lot ofinterest. If you have an average balance of R400 000 earning 6% interest,you will earn interest of R24 000. That means only R200 is taxable.
Find out how much tax you might need to pay on interest earned with my 2022/23 tax calculator
The best interest rate on a savings account for an investment of R250,000 in South Africa is Absa Cash Invest Tracker. It offers up to 8.9% in interest and requires a R0 minimum deposit.
# 1 | Absa Cash Invest Tracker Min Deposit: R0 | 8.9% |
# 2 | Nedbank MoneyTrader Min Deposit: R250k | 8.75% |
# 3 | Standard Bank MoneyMarket Select Min Deposit: R250k | 8.7% |
# 4 | Investec MoneyFund Tracker Min Deposit: R250k | 8.45% |
# 5 | FNB Money Maximiser Min Deposit: R100k | 8.25% |
# 6 | Investec PrimeSaver Account Min Deposit: R100k | 8.15% |
# 7 | Sasfin Call Account Min Deposit: R20k | 8% |
# 8 | FNB Savings Account Min Deposit: R100k | 7.8% |
# 9 | Standard Bank MoneyMarket Call Account Min Deposit: R100k | 7.4% |
# 10 | Capitec Savings Min Deposit: R250k | 7.25% |
# 11 | African Bank Savings Pocket Min Deposit: R1 | 7% |
# 12 | African Bank Savings Pocket Min Deposit: R1 | 7% |
# 13 | Bidvest Bank Call Account Min Deposit: R75k | 6.2% |
# 14 | Standard Bank PureSave Min Deposit: R100k | 6.1% |
# 15 | Nedbank Money Market Investment Account Min Deposit: R200k | 5.95% |
# 16 | Discovery Demand Savings Account Min Deposit: R10k | 3.5% |
# 17 | African Bank MyWorld Min Deposit: R1 | 1% |
# 18 | African Bank Power Pocket Min Deposit: R1 | 1% |
# 19 | African Bank MyWorld Min Deposit: R1 | 1% |
# 20 | African Bank Power Pocket Min Deposit: R1 | 1% |
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