Savings Accounts South Africa
Within South Africa like in other countries in the African continent as well as around the world, banks provide basic banking services including issuing debit cards, money transfers, access to ATM, branch and internet banking as well a secure storage of cash funds. Similar to banks internationally, South African banks also offer various options for what customers can decide to do with any excess funds that remain in customer bank accounts. These include keep funds in basic bank accounts, invest in products such as a fixed deposit or put funds in savings accounts.
Savings accounts in South Africa can be offered from banks in conjunction with a basic transaction account, e.g. one account for transacting with another account for excess funds available with ability to transfer between each. They offer a higher rate of interest for a savings account than a basic bank account and as well as offering liquidity that can be equal to a basic bank account.
Compare Savings Account Interest Rates in South Africa
|Savings Account Provider||APY||Account Details|
|Nedbank Money Market Account||5.25%||Rate is applicable to the 'JustInvest' money market investment account product which require - ZAR - May, 2014||More Info|
|Capitec Bank Savings Account||4.75%||The 'Transaction/Savings Account' product has a Monthly administration fee on 4.50 and the saving - ZAR - Jul, 2014||More Info|
|FNB Money Market Account||3.90%||The rate is applicable to the 'money market investor' product an - ZAR - Jul, 2014||More Info|
|Standard Bank Notice Deposit Account||3.56%||The interest rate is the effective rate and this account requires a minimum deposit amount of R25 - ZAR - Jul, 2014||More Info|
|Postbank Savings Account||2.80%||Postbank Smart Save Savings Account is a short term Savings account, so the interest is not very - ZAR - Jul, 2014||More Info|
|ABSA TruSave Savings Account||2.50%||ABSA TruSave Savings Account aims at high interest for daily account balance R25,000 and over and - ZAR - Jul, 2014||More Info|
|Standard Bank Savings Account||2.50%||Standard Bank PureSave account aims to be a tool to park an lump sum amount that may be required - ZAR - Jul, 2014||More Info|
|FNB Savings Account||2.30%||The interest rate indicated relates to R100,000+ tier of this product below and has no account fe - ZAR - Jul, 2014||More Info|
|FNB Call Account||2.30%||This account requires a minimum opening balance of R1000 and allows you to make additional deposi - ZAR - Jul, 2014||More Info|
|African Bank Premium Savings Account||1.80%||African Bank Dream Planner Savings Account offers premium interest rate for funds of R50,000 and - ZAR - Jul, 2014||More Info|
|Mercantile Bank Savings Account||1.20%||Mercantile Bank Savings Account is available at minimum initial investment of R50. This rate is f - ZAR - Jul, 2014||More Info|