List of South African Banks With High Interest Rate

List of South African Banks With High Interest Rate

Banking system in South Africa includes 10 locally controlled banks, 7 foreign controlled banks, 3 collective banks, 2 united banks as well as over 50 branches and representative services of foreign banks across the country.

The total means of the banking sector amounted to roughly ZAR 6 trillion as at 2018 according to data from South African Reserve Bank. And the Banks in South Africa with a little overview of the interest rates are stated below.

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Some of the biggest banking groups in South Africa are Standard Bank Group, FirstRand Ltd (which operates First National Bank), Absa Group, and Nedbank Group, Investec, Capitec, Bidvest, African Bank. And these are major banking groups that give further than 80% of banking services in South Africa. And these public banks also have branches across South Africa.

The Overview of many South Africa’s Banks with their Interest Rate

1. Capitec Bank

Capitec Bank is a South African retail bank. And as of August 2017 the bank was the second largest retail bank in South Africa, grounded on the number of guests, with guests opening new accounts per month.

According to the periodic results for the 2015 fiscal time, the asset base of Capitec Bank was in excess of R53.9 billion, with R11.6 billion in equity, and with retail savings deposits adding by 32 percent for the time to R19.3 billion and retail fixed savings adding by 19 percent to R10.7 billion for the time. And earnings and caption earnings for the 2015 financial time amounted to R2.547 billion compared to R2.017 billion in 2014, and net sale figure income amounted to R2.6 billion.

The Capitec Interest Rates:

  • The fixed- term savings plan ( single deposit option).
  • Invest for 6 – 60 months, R20 million maximum investment with a minimal deposit of R10 000.

How the Interest Rate works:

  • You choose how long you want to invest (6 – 60 months).
  • Deposit a single quantum up to an outside of R20 million to invest over the term you choose.
  • Minimal deposit quantum of R10 000
  •  Earn up to9.00 interest ( nominal interest rate).

The  Benefits:

The benefits of our fixed- term savings plans:

  • Reinvest the interest or transfer it to your main savings.
  • Interest rate fixed for the full term.
  • Funds available on the maturity date.
  • After the due date, the account automatically becomes a flexible savings plan, which you can refix anytime.
  • No yearly admin figure

Their Interest rates

R10 000 – R24 999

               Nominal | Effective

6                   : 4.50%        4.59%

7 – 9              : 5.00%        5.12%

10 – 12         : 5.50%          5.64%

13 – 18         : 6.05%         6.22%

19 – 24         : 6.15%          6.33%

25 – 36        : 6.75%          6.96%

37 – 48         : 7.10%          7.34%

49 – 60        : 8.00%         8.30%

R25 000 – R99 999

           Nominal | Effective

6                  : 4.70%           4.80%

7 – 9             : 5.10%           5.22%

10 – 12         : 6.20%         6.38%

13 – 18         : 6.50%         6.70%

19 – 24         : 6.60%         6.80%

25 – 36        : 6.90%         7.12%

37 – 48         : 7.65%          7.92%

49 – 60        : 8.70%         9.06%

R100 000+

            Nominal | Effective

6                   : 5.30%         5.43%

7 – 9              : 5.85%         6.01%

10 – 12         : 6.50%         6.70%

13 – 18         : 6.75%          6.96%

19 – 24         : 7.25%          7.50%

25 – 36        : 7.50%          7.76%

37 – 48         : 8.00%         8.30%

49 – 60        : 9.00%         9.38%

The Capitec Bank’s nominal interest rate is also used to calculate the bank’s daily interest earned on your account balance and which accumulates until it is capitalised on an agreed date every month. Also this interest is then either reinvested or transferred to your savings account. But the effective annual interest rate is calculated by taking into account the fact that interest is earned on capitalised interest over a period 12 months.

2. ABSA  Group Limited

Absa Group Limited (ABGL; formerly Barclays Africa Group Limited), and firstly Composite Banks of South Africa, is a South African- grounded fiscal services group, offering particular business banking, credit cards, commercial and investment banking, wealth and investment operation, as well as bank assurance.

ABGL is the maturity shareholder of 11 banks located in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (two realities), Uganda and Zambia. The group maintains representative services in Namibia and Nigeria.

It also has a transnational office in London, which opened in September 2018. And in the year (2019), Absa Group opened another transnational office in New York City.

ABSA Interest Rates:

R1 000 – R100 000  |  R100 001 – R999 999.99     

8 days : 3.00%    |  3.00%

Mm1 – 6 : 3.70% – 5.05%  |  3.75% – 5.10%

7 – 11 months : 5.05% – 5.10%  |  5.10% – 5.20%

12 months : 5.50% |  6.00%

13 months : 5.50%  |  6.00%

18 months : 6.00% |  6.50%

19 months : 6.00% – 7.65%  |  6.50% – 8.15%

3. Standard Bank

Standard Bank Group Limited is a major South African bank and fiscal services group. And it’s Africa’s biggest lender by means. But the company’s commercial headquarters, Standard Bank Centre, is located in Simmonds Street, Johannesburg.

Standard Bank Interest Rates:

Interest rates are available on operation for quantities R100 000 and over. And their interest rates are quoted as per annum rates and the interest is paid out monthly or at maturity

Investment Term | Interest Monthly |

Interest At Maturity

Month 12   5.36 %   5.53 %

Month 18   6.04 %   6.34 %

Month 24  6.4 %     6.85 %

Month 36   6.84 %   7.64 %

4: Bidvest Bank Limited

Bidvest Bank is a marketable bank in the Republic of South Africa. And it’s certified as a”locally- controlled bank”by the Reserve Bank of South Africa, the public banking controller. But it’s a niche bank specialising in foreign exchange and furnishing retail banking, vehicle backing and insurance.

Bidvest Bank Interest Rate:

On a fixed deposit investment, the interest can reach5.90 effective interest, which is how important a plutocrat you make.

Bidvest Bank Fixed Deposit Accounts:

Term| Fixed deposit Nominal Interest Rate | Fixed Deposit Effective Interest Rate

2 Months   4.39%  4.40%

3 Months   4.46%  4.487

4 Months   4.77%   4.80%

5 Months   4.89%  4.93%

5. The African Bank Ltd

African Bank Limited, is a retail bank in South Africa, that offers fiscal products and services. And the Bank is certified as a locally controlled bank by the South African Reserve Bank.

African Bank Interest Rates:

6 Months    4.89%   4.94%

12 Months 5.85%    5.92%

24 Months 6.79%   6.88%

36 Months 7.02%   7.12%

6. Investec Bank

Investec Bank, an attachment of Investec Limited, operates as one of the specialist banks in South Africa. But it was innovated in the year (1974), the bank offers investment, commercial, and institutional banking, as well as private banking services.

Operating out of Sandton, Investec specifically serves corporates, government, and institutional guests, high net worth individualities, entrepreneurs, high- income professionals, tone- employed entrepreneurs, proprietor- directors in mid-market companies, and investors.

Investec Bank Interest Rates:

Fixed Deposits | Nominal | Period Effective

12 Month   6.15%   6.33%

9 Month     5.66%   5.77%

6 Month     5.17%   5.23%

5 Month      4.71%   4.75%

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