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South Africa’s savings market has turned competitive again, and it is showing up in the rate cards. With households cautious and banks still hungry for stable funding, one year deposits are increasingly being used as a clean, low drama trade for cash investors who want certainty.
The numbers below focus on published, publicly accessible one year fixed deposit rates for a placement around the rand equivalent of $100,000. Where a bank tiers its pricing by balance or access, the table uses the option closest to a straight one year lock up for a large depositor, or it states the access feature explicitly.
There is a catch that sophisticated savers already understand. The best rate is not always the best outcome. Some products pay monthly, others pay at maturity. Some allow partial access, which can shave the yield. Tax and liquidity needs matter, and so does how fast a bank can execute when rates move.
Still, the rate cards are a useful starting point, especially when you are negotiating a larger ticket. The gap between the top and the middle of the pack can be meaningful over twelve months, even before you start pushing for a treasury quote.
| Rank | Bank | Tenor | Published rate (percent) | Notes |
|---|---|---|---|---|
| 1 | African Bank | 12 months | 9.25 | Fixed deposit investment rates PDF shows 12 months options |
| 2 | TymeBank | 12 months | 8.75 | Fixed Deposit rate table |
| 3 | Standard Bank | 12 months | 8.65 | Rate at maturity, 12 to under 18 months band |
| 4 | Absa | 12 months | 7.33 | Rate at maturity, 0 percent access band shown in rates and fees |
| 5 | Investec | 12 months | 7.50 | Period effective rate for under 55 |
| 6 | Nedbank | 12 months | 7.38 | Rate at maturity for larger balance tier |
| 7 | Capitec | 10 to 12 months | 7.28 | Effective rate for R1 million plus |
| 8 | FNB | 12 months | 7.23 | Effective rate shown on fixed deposit rates page |
| 9 | Bidvest Bank | 12 months | 7.60 | Product summary of quoted rate |
| 10 | Discovery Bank | 12 months | 6.88 | Hybrid fixed deposit, 10 percent accessible portion |
Rate shoppers should also keep an eye on the broader benchmark for term funding. The South African Reserve Bank publishes 12 month negotiable certificate of deposit closing rates, which are a useful signal for where wholesale money is clearing.
