South Africa Interest Rates
South Africa Bank interest Rates
Showing rates for 25 Bank deposit providers in South Africa.
|Bank||Branch||Founded||1 Year Rate||Ownership|
|ABSA Bank+Follow||800||1991||South Africa||6.30%||Foreign|
|Standard Bank ZA+Follow||700||1862||South Africa||6.65%||Local|
|African Bank+Follow||637||1993||South Africa||7.59%||Local|
|Capitec Bank+Follow||589||2001||South Africa||6.25%||Local|
|Old Mutual South Africa+Follow||258||1845||South Africa||N/A||Foreign|
|PSG Konsult+Follow||181||1996||South Africa||N/A||Local|
|Bidvest Bank+Follow||100||2000||South Africa||N/A||Local|
|Mercantile Bank South Africa+Follow||13||1987||South Africa||6.75%||Foreign|
The retail banking landscape in South Africa is dominated by large national banks.
Largest banks in South Africa
With both large number of both ATMs and branches as well as being historically established, the Barclays Africa Group (ABSA), FirstRand (FNB), Nedbank and Standard Bank were considered the big 4 banks in the country, with more recently Capitec now included due to its gain in market share.
Local and Specialist banks
Postbank began in recent times to provide banking services to the 6m underbanked South Africans, leveraging on its Post Office network across the country. Investec is specialist niche bank that provides banking/financial products and services to its niche client base.
While Citibank and HSBC are located in South Africa, they do not offer retail banking products, the State Bank of India for example provides retail deposit and loan products in the country.
In South Africa, the Reserve Bank of South Africa (resbank.co.za) supervises and regulates for banks that take deposits through its 'Bank Supervision Department (BSD)'. For suspicious transactions and anti Money Laundering, the Financial Intelligence Centre (fic.gov.au) has a regulatory regime from the FIC Act to 'know your client', record-keeping, reporting and compliance of these obligations on financial institutions.