What is Interest Rate?
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed.
What Is the Interest Rate In South Africa?
As of May 2023, the prime lending rate in South Africa is 11.75%.
It was increased by 0.25% in November 2021, 0.25% in January 2022, 0.75% in September 2022, 0.25% in January 2023, and another 50 points in March 2023.
What Is the Highest Interest Rate In South Africa?
South Africa Short Term Interest Rate data is updated monthly, available from Dec 1980 to Aug 2023. The data reached an all-time high of 22.15 % PA in
Feb 1985 and a record low of 3.45 % pa in Aug 2020. Short Term Interest Rate is reported by reported by South African Reserve Bank.
Which bank has the best Interest Rate In South Africa?
| # 1 | Absa Cash Invest Tracker Min Deposit: R0 | 8.9% |
|---|---|---|
| # 2 | African Bank Savings Pocket Min Deposit: R1 | 7.25% |
| # 3 | FNB Savings Account Min Deposit: R1 | 7.05% |
| # 4 | TymeBank GoalSave Min Deposit: R1 | 6% |
| # 5 | Standard Bank PureSave Min Deposit: R1k | 5.8% |
How much interest can I earn on R1 million in South Africa?
As an example, with an interest-focused investment of R1 million, generating a return of 6.7% over 12 months will mean a return of R67 000 for the year.