Best Fixed Deposit Rates in South Africa

If your savings are sitting in a transaction account, you're losing money to inflation. A fixed deposit or high-interest savings account puts your money to work — and the gap between the best and worst rates in South Africa is large. Below we compare the top-paying banks, with the important caveat that fixed-deposit rates change often, so always confirm the current rate before you invest.

Fixed deposit vs savings account

A fixed deposit locks your money away for a set term (3 months to 5 years) in exchange for a higher, guaranteed rate — you can't touch it until maturity. A savings account (or notice account) pays a little less but lets you access your money, instantly or after a short notice period. Match the choice to when you'll need the money, and use our savings calculator to project your returns.

How we chose

We compared banks on headline rate, term flexibility, minimum deposit, access and security. Rates are indicative and verified June 2026 — they move frequently, so treat them as a guide and confirm before investing. Ratings are Rateweb's editorial opinion.

The best rates at a glance

• Top rate — African Bank. Consistently among the highest fixed-deposit rates in the country (around 11%+ on 12 months).
• Best all-rounder — Capitec. Strong rates with everything managed in the app.
• Best flexible saver — TymeBank GoalSave. High interest with instant access and bonus rates the longer you save.
• Safest option — RSA Retail Savings Bonds. Government-backed, competitive, and fee-free.

See terms, minimums and indicative rates for all the options below.

How to earn more interest

• Lock in for longer if you won't need the money — longer terms pay higher rates.
• Look beyond the big four. African Bank, Capitec and TymeBank consistently out-pay the traditional banks.
• Split your money across a fixed deposit (for higher returns) and an instant-access account (for emergencies).
• Use a tax-free savings account for long-term growth — interest is tax-free up to the annual limit.

How a fixed deposit works

You lock a lump sum away for a set term — anything from one month to five years — at an interest rate that is fixed for the whole term. Because the bank can count on your money for that period, fixed deposits usually pay more than an instant-access savings account. The trade-off is access: withdrawing early means a penalty or notice period, so only fix money you will not need.

Fixed deposit vs notice account vs RSA Retail Bonds

• A fixed deposit locks both the rate and the term — best when you want certainty and will not touch the money.
• A notice account (for example 32-day notice) pays a competitive rate but lets you withdraw after giving notice — more flexible, slightly lower certainty.
• RSA Retail Savings Bonds are issued by National Treasury and can offer attractive fixed or inflation-linked rates with no fees — a low-risk option worth comparing for longer terms.

Is fixed-deposit interest taxed?

Interest is taxable, but SARS gives every individual an annual interest exemption — currently R23,800 a year if you are under 65, and R34,500 if you are 65 or older. Interest above that is added to your taxable income. A tax-free savings account shelters interest entirely (within the annual and lifetime limits), so it is often worth filling that first.

Laddering for the best of both worlds

Instead of fixing one big amount for one term, split it across several terms — say 6, 12 and 24 months. As each matures you reinvest at the going rate. This "laddering" gives you regular access to a portion of your money while still earning the higher long-term rates.

Frequently asked questions

Who has the best fixed-deposit rate in South Africa?

African Bank, Capitec and TymeBank typically lead the rankings, with the big four banks trailing. Rates change weekly, so always check the current figure.

Is my money safe in a fixed deposit?

Deposits at licensed South African banks are protected, and capital in a fixed deposit is guaranteed. RSA Retail Savings Bonds carry the backing of the National Treasury.

Can I withdraw early?

Generally no — a fixed deposit is locked until maturity. If you may need access, choose a notice or instant-access savings account instead.

Next steps

Compare the rates below, then project your growth with the savings calculator. For everyday banking, see our best bank accounts guide. This is general information, not financial advice — confirm the current rate with the provider.