What is a Fixed Deposit Rate?
A Fixed Deposit is an investment account where money is deposited for a fixed period and the interest rate does not change.
It offers higher interest rates than ordinary savings accounts and is ideal if you want to save for a specific goal, like a wedding or a holiday. GHS 500. Minimum investment.
Best Fixed Deposit Rate Calculator In South Africa
Access Bank Plc will give you an effective annual interest rate of 12.2% for an R100,000 Fixed Deposit invested for 60 months.
If you choose to have interest paid out monthly, you will receive 60 payment(s) of R966.9 until the Fixed Deposit matures. Your total interest would be R58.0k.
Check out all of Access Bank Plc’s fixed deposit interest rates here.
| # | Bank | Total interest | Nominal | Effective |
|---|---|---|---|---|
| 1 | Access Bank Plc | R58.0k | 11.6% | 12.24% |
| 2 | SA Retail Bonds | R52.5k | 10.5% | 10.78% |
| 3 | African Bank | R47.8k | 9.57% | 10% |
| 4 | Standard Bank | R47.8k | 9.56% | 9.99% |
| 5 | Discovery | R47.5k | 9.5% | 9.92% |
| 6 | Investec | R47.4k | 9.49% | 9.91% |
| 7 | Fedgroup | R47.0k | 9.4% | 9.82% |
| 8 | Capitec | R46.7k | 9.35% | 9.76% |
| 9 | Nedbank | R46.5k | 9.29% | 9.7% |
| 10 | Absa | R46.2k | 9.25% | 9.65% |
| 11 | FNB | R45.7k | 9.15% | 9.54% |
Which South African bank has the highest interest rate for fixed deposits?
Access Bank
The highest interest rate in South Africa for a fixed deposit account is the Access Bank 60 months fixed deposit account which offers an interest rate of 11.60% pa.
The account allows account holders to withdraw or recapitalize their interest. If capitalized, interest earned during the period is 15.62%.
How to calculate interest on fixed deposits in South Africa?
The formular for Fixed Deposit Interest Calculator
A = P(1 + rt). Where: A = Total Accrued Amount (principal + interest) P = Principal Amount.