Which bank has the highest interest rate for a fixed deposit in South Africa?

We reviewed the major banks in South Africa to find out which bank has the highest interest rate for a fixed deposit. This comes after we did a similar study on savings accounts.

African Bank has the highest interest rate for a fixed deposit in South Africa. With a rate of 12.22% accumulative interest if you invest for a period of 60 months. This interest rate falls down to 8% for 24 months and 7% for 12 months. With the interest being paid out on expiry.

Here are some of the best fixed deposits rates in South Africa.

1. African Bank

Product: Fixed deposit investment.

Interest rate: 12.22%.

Minimum deposit: R500.

Additional Information

Interest rates from African Bank range between 5.37% and 12.22%, the amount of interest you receive depends entirely on your investment period and not your deposit.

2. FNB

Product: Fixed deposit.

Interest rate: 7.80%.

Minimum deposit: R10 000.

3. Finbond Mutual Bank

Product: Fixed period paid up shares.

Interest rate: 7.75%.

Minimum deposit: R100 000.

Additional Information

Dividends can be paid monthly, quarterly, half yearly or annually.

4. Capitec Bank

Product: Fixed term savings.

Interest rate: 7.50%.

Minimum deposit: R10 000.

Additional information

The period for investing ranges between 6 and 60 months, the lowest return you can get is 3.50% while the highest is 7.76% (cumulative). The interest rate depends on the amount of money that you invest and not just the period of your investment.

Investments less than R25 000 can earn a maximum of 5.90% interest, investments over R25 000 can earn 7.40% nominal interest.

5. Standard Bank

Product: Flexi advantage investment account.

Interest rate: 6.40%.

Minimum deposit: R1 000.

Additional information

You can draw and replace up to 40% of your deposit at any time without serving any notice.

6. Absa

Product: Absa fixed deposit.

Interest rate: 5.95%.

Minimum deposit: R1 000.

Additional information

Only clients with deposit over R100 000 get the interest rate of 5.95%, clients with less than R100 000 get an interest rate of 5.45%.

7. Nedbank

Product: Fixed deposit.

Interest rate: 5.50%.

Minimum deposit: R5 000.

Additional information

The cumulative interest rate is 6.31% at the end of the fixed deposit period.


Tyme Bank offers a savings account that earns you an interest of 7%, which is still a lot. These are banks with the highest interest on fixed deposits. Do you have any thoughts or questions? Comment below.

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