Best Tax-Free Interest Rates In South Africa

What is Tax-Free?

Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a

ruling power upon persons, property, income, or transactions.

Best Tax-Free Interest Rates In South Africa

Bank	Tax Free Account	Nominal Interest Rate (per annum)
FNB	Tax-Free Cash Deposit	3.25 – 3.90%
Nedbank	Tax Free Savings Account	1.75 – 4.5%
Standard Bank	Tax-Free Call account	2.8 – 3.5%
Old Mutual	Tax-Free Savings Account	You Pick the Funds

How much interest is tax-free in South Africa?

Individual taxpayers enjoy an annual exemption on all South African interest income they earn, set by SARS every year.

This interest exemption has remained unchanged for a number of years and for the 2024 tax year is set at R23 800 for individuals under 65 years old, and R34 500 for individuals 65 years and older.