If you’re chasing the best interest on cash in South Africa right now, the stand-outs are a mix of digital banks with aggressive promotions and traditional banks with solid notice or money-market products. Below I compare the leading options, who they suit, and the key “gotchas” (minimums, notice periods, and conditions).
(Rates and product rules change—verify on the bank’s site before you move money.)
Quick picks (by goal)
- Highest headline fixed rate (long term, no access needed): African Bank Fixed Deposit (up to five years). African Bank+2African Bank+2
- Strong everyday saver with boosters (no minimum, app-first): TymeBank GoalSave (tiered; “up to” headline if you meet conditions). TymeBank
- Great 32-day notice for medium/large balances: FNB 32 Day Flexi Notice / Money Maximiser (tiered to upper-7s/low-8s depending on balance). FNB+1
- Big-five instant-access alternative for large balances: Standard Bank MoneyMarket Select (competitive 7–8% banding with higher tiers). Standard Bank
- Fixed-term value from a big retail bank: Capitec Fixed-Term Savings (multi-tier fixed terms; tops out around the high-7s to low-8s effective). Capitec Bank
Bank-by-bank breakdown
TymeBank — GoalSave (digital)
Why it’s interesting: Newer product pages now advertise “earn up to 11%” on GoalSave, with tiering that improves the longer you keep funds and when you meet qualifying activity requirements in your TymeBank account. It’s flexible (multiple GoalSaves), with better rates if you avoid early withdrawals. TymeBank
Good for: App-first savers who want strong headline rates without big minimums.
Watch-outs: The “up to” rate depends on behaviour (time saved, account activity, and notice on withdrawal). Check the latest rules in their help docs. TymeBank
African Bank — Fixed Deposit / Notice & Access Accumulator
Why it’s interesting: African Bank consistently posts the top advertised fixed terms. Marketing pages frequently reference ~10.75%–12.8% on longer tenors (rate depends on payout frequency and term; confirm on the live rate sheet). They also offer notice deposits and an “Access Accumulator” where the rate steps up. African Bank+2African Bank+2
Good for: Set-and-forget savers who can lock funds.
Watch-outs: Early access is limited on fixed terms; notice products trade access for rate.
Capitec — Fixed-Term Savings / Notice / Access Anytime
Why it’s interesting: Capitec’s fixed-term tables (updated 19 June 2025) show multi-tier rates across 6–60 months that are competitive into the ~7–8% effective range on higher tiers and longer terms. Their main account now pays a lower flat rate (±2% nominal), so shift spare cash into a dedicated savings plan to earn better. Capitec Bank+2Capitec Bank+2
Good for: Existing Capitec clients who want simple fixed terms in-app.
Watch-outs: The everyday/main account rate is low; use savings plans or notice/fixed products for yield. Capitec Bank
FNB — Money Maximiser / 32-Day Flexi Notice
Why it’s interesting: FNB publishes a detailed rate sheet. Money Maximiser and 32-Day Flexi Notice can reach the upper-7s to low-8s (and above for very high balances). Great for clients already in the FNB ecosystem. FNB+1
Good for: Medium-to-large balances seeking a blended access/yield trade-off.
Watch-outs: Some tiers require R100k+ to unlock the best Money Maximiser rates. FNB
Standard Bank — MoneyMarket Select / MoneyMarket Call
Why it’s interesting: MoneyMarket Select offers competitive, tiered instant-access rates; the official page shows rate bands stepping up with term/balance (7%–9% table ranges visible for select terms/tiers). MoneyMarket Call is simpler with lower nominal bands around ~6.25%–6.35% depending on balance. Standard Bank+1
Good for: Larger balances seeking daily access at a big-five bank.
Watch-outs: Some better tiers require higher minimums; check the specific tier that applies to your balance. Standard Bank
Nedbank — JustSave / Notice
Why it’s interesting: Nedbank’s JustSave is an easy entry point; notice and term products are available for higher yields. (Nedbank publishes current rates by product on their site/app; confirm your specific tier.) Nedbank
Good for: Consolidating at Nedbank with simple, fee-light saving.
Watch-outs: To match the best market rates you’ll often need notice/term products.
Absa — TruSave / Notice Select / Fixed Deposits
Why it’s interesting: Absa’s TruSave is the everyday starter; Notice Select and fixed deposits offer higher rates for time/notice commitments. Check Absa’s live pages for current banding and term options. Standard Bank
Good for: Absa clients who want a clear upgrade path from flexible to higher-yield notice/fixed.
Watch-outs: Like peers, top rates sit in notice/fixed—not the day-to-day account.
Discovery Bank — Savings & Notice (app-led)
Why it’s interesting: Discovery’s banking suite ties saving to the Vitality Money ecosystem; they offer notice and savings options with variable rates that update in-app. Useful if you’re already in the Discovery ecosystem. Discovery
Good for: Discovery clients who value app features and rewards.
Watch-outs: Product/rate details are best confirmed in-app or via current brochures. Discovery
How to choose (quick checklist)
- Access needs:
- Anytime access: Money-market or call accounts (e.g., Standard Bank MoneyMarket Select). Standard Bank
- Short notice (7–32 days): Notice deposits (e.g., FNB 32-Day Flexi Notice). FNB
- No access / long term: Fixed deposits (e.g., African Bank 12–60 months). African Bank
- Balance tiering: Many banks pay more at higher balances—check the band you actually qualify for (especially FNB/Standard Bank). FNB+1
- Promotional “up to” rates: Understand conditions (account activity, time saved, notice on withdrawals) before relying on a headline. (TymeBank’s GoalSave is a classic example.) TymeBank+1
- Tax wrappers:
- TFSA limits: R36,000 per tax year and R500,000 lifetime across all providers; excess contributions face a 40% penalty. Consider using a tax-free savings account once your emergency fund is sorted. South African Revenue Service+1
Frequently asked bits
- Why are fixed terms higher? You’re trading access for certainty; banks can lend/invest longer.
- Repo/prime context: The SARB’s rate path this year has nudged deposit rates lower from 2024 peaks; still, competitive notice/fixed rates remain available. (Background only.) Reuters