Best savings accounts in South Africa
Compare interest rates, fees and access across the top South African savings accounts and notice deposits, then read our full independent review of each.
TymeBank EveryDay Account
TymeBank is the strongest zero-fee digital bank in South Africa, and GoalSave offers one of the highest instant-access savings rates on the market. It's the best pick for anyone who wants to bank cheaply and save without locking money away.
Read full review →| Product | Score | Savings rate | Monthly fee | Minimum balance | Access | Rewards | |
|---|---|---|---|---|---|---|---|
| TymeBank EveryDay Account TymeBank | 9.2 | Savings rateUp to 11.00% p.a. | Monthly feeR0 | Minimum balanceR0 | AccessAnytime | Rewards— | Review |
 African Bank Notice Deposit African Bank | 9.0 | Savings rateUp to 8.47% p.a. | Monthly feeR0 | Minimum balanceR1 000 | Access32-day notice | Rewards— | Review |
 Capitec Global One Capitec | 9.0 | Savings rateUp to 6.45% p.a. | Monthly feeR7.50 | Minimum balanceR30 | AccessInstant | Rewards— | Review |
 Discovery Bank Flexible Savings Discovery Bank | 8.7 | Savings rateUp to 7.55% p.a. | Monthly feeFrom R0 | Minimum balanceR0 | AccessInstant | Rewards— | Review |
 FNB Money Maximiser FNB | 8.5 | Savings rateUp to 8.40% p.a. | Monthly feeFrom R0 | Minimum balanceR1 000 | AccessInstant | Rewards— | Review |
 Nedbank Savings Nedbank | 8.3 | Savings rateUp to 5.50% p.a. | Monthly feeFrom R0 | Minimum balanceR0 | Access— | RewardsGreenbacks | Review |
 Standard Bank PureSave Standard Bank | 8.1 | Savings rateUp to 5.00% p.a. | Monthly feeFrom R0 | Minimum balanceR0 | Access— | RewardsUCount | Review |
 Absa DepositPlus Absa | 8.0 | Savings rateUp to 5.25% p.a. | Monthly feeFrom R0 | Minimum balanceR0 | Access— | RewardsAbsa Rewards | Review |
Scores are based on our independent rubric and are never influenced by commercial relationships. Rates and fees can change, so always confirm the latest figures with the provider before applying.
Frequently asked questions
Which bank has the highest savings interest rate in South Africa?
Notice-deposit specialists like African Bank usually offer the highest rates, while TymeBank GoalSave leads for instant-access savings with no minimum balance. The right pick depends on whether you can give notice before withdrawing.
Are my savings safe in a South African bank?
Yes. Licensed banks are regulated by the Prudential Authority, and deposits are protected by the Corporation for Deposit Insurance (CODI) up to the covered limit per depositor per bank.
What is a notice deposit?
A notice deposit pays a higher interest rate in exchange for giving the bank advance notice (for example 32 days) before you withdraw. It sits between an instant-access account and a fixed deposit.
Do I pay tax on savings interest?
Interest is taxable, but SARS allows an annual interest exemption (R23,800 if you are under 65 and R34,500 if you are 65 or older). Interest above that is added to your taxable income.