In 2025, South Africans are more focused than ever on growing their money safely. With inflation averaging 4.5% and the repo rate at 7.5%, savers are looking for banks that offer the highest interest rates on savings accounts. Whether you’re saving for a rainy day, education, or long-term financial stability, choosing the right account can make a big difference.
This guide compares the top banks in South Africa offering the best interest rates on savings accounts in 2025, explains the types of savings products available, and helps you choose the right one for your goals.
Why Interest Rates on Savings Matter
- Beat inflation: Your savings need to grow faster than the cost of living.
- Passive income: Higher rates mean more money without extra effort.
- Safety: Unlike risky investments, savings accounts are regulated and protected.
- Flexibility: Some accounts allow instant access, while others lock in funds for higher returns.
Types of Savings Accounts in South Africa
- Instant Access Accounts – Money is available anytime, but rates are lower.
- Notice Accounts – Require 7–90 days’ notice before withdrawing, with higher rates.
- Fixed Deposits – Lock money for 1–60 months, often offering the highest returns.
- Tax-Free Savings Accounts (TFSAs) – Earn interest, dividends, and capital gains tax-free, subject to limits.
Which Bank Gives the Highest Interest in 2025?
Here are the leading banks and their savings account interest rates for 2025:
1. SA Retail Savings Bonds (National Treasury)
- Product: RSA Retail Savings Bonds (Fixed & Inflation-linked)
- Interest rate (Fixed, 60 months): 11.50% nominal (12.27% effective)
- Deposit: From R1,000 minimum
- Withdrawals: Locked in for the term (early withdrawal penalty applies)
- Why it’s best: Backed by the government, offering the highest guaranteed returns in South Africa.
2. TymeBank – GoalSave
- Interest rate: Up to 11% (after 90 days, funds locked, no fees)
- Deposit: From R1
- Withdrawals: Free but interest rate drops if funds withdrawn early
- Why it’s best: Digital-first, high rates for everyday savers without fixed deposits.
3. Capitec – Flexible Savings (Global One)
- Interest rate: Up to 9% on savings pockets
- Deposit: From R1
- Withdrawals: Instant access to savings pockets
- Why it’s good: Popular for young savers; combines everyday banking with high-yield savings.
4. Bank Zero – Savings Wallet
- Interest rate: Up to 9% (on balances over R100,000)
- Deposit: From R0
- Withdrawals: Instant, free EFTs
- Why it’s good: Best for digital-savvy customers who want free EFTs and competitive interest.
5. African Bank – MyWorld Savings Pocket
- Interest rate: 7%–9% depending on balance and notice
- Deposit: From R50
- Withdrawals: Notice periods may apply
- Why it’s good: Strong contender for mid-to-high interest, with flexible products.
6. Nedbank – JustSave Account
- Interest rate: Up to 8% (on notice savings)
- Deposit: From R50
- Withdrawals: Requires notice for best rates
- Why it’s good: Reliable option for notice-based savings.
7. FNB – Savings & Money Maximiser
- Interest rate: 4.75% – 7.8% depending on balance and notice
- Deposit: From R100
- Withdrawals: Varies by product (Money Maximiser is flexible)
- Why it’s good: Good blend of flexibility and returns, though slightly lower than digital rivals.
8. Standard Bank – PureSave Account
- Interest rate: Up to 7.5% depending on balance
- Deposit: From R50
- Withdrawals: Free internal transfers, instant access
- Why it’s good: Traditional option with solid flexibility.
9. ABSA – TruSave Account
- Interest rate: Up to 7.5%
- Deposit: From R50
- Withdrawals: One free withdrawal per month
- Why it’s good: Entry-level savings with decent interest.
Quick Comparison: Highest Savings Rates 2025
| Bank / Provider | Product | Interest Rate (Max) | Access Type | Best For |
|---|---|---|---|---|
| RSA Retail Bonds | 5-Year Fixed Deposit | 11.50% (12.27% eff.) | Locked | Long-term savers |
| TymeBank | GoalSave | 11% | 90-day lock | Digital youth |
| Capitec | Global One Savings | 9% | Flexible | Everyday savers |
| Bank Zero | Savings Wallet | 9% | Flexible | EFT-heavy users |
| African Bank | MyWorld Savings | 9% | Notice | Mid-to-long savers |
| Nedbank | JustSave | 8% | Notice | Structured savers |
| FNB | Money Maximiser | 7.8% | Flexible | Blended use |
| Standard Bank | PureSave | 7.5% | Flexible | Traditional users |
| ABSA | TruSave | 7.5% | Flexible | Entry-level savers |
Best Banks by Category
- Highest overall guaranteed rate: RSA Retail Bonds (12.27% effective)
- Best digital savings account: TymeBank GoalSave (11%)
- Best traditional bank: Capitec Global One Savings (9%)
- Best for high balances: Bank Zero (9%)
- Best flexible mid-tier account: African Bank (up to 9%)
How Much Could You Earn? (Example)
Let’s say you save R50,000 for 12 months:
- RSA Retail Bonds (12.27% effective): ~R6,135 interest
- TymeBank GoalSave (11%): ~R5,500 interest
- Capitec Savings (9%): ~R4,500 interest
- Bank Zero (9%): ~R4,500 interest
- FNB Money Maximiser (7.8%): ~R3,900 interest
(Figures are approximate and may vary depending on compounding and terms.)
Tax-Free Savings Accounts (TFSAs)
Remember, you can also save up to R36,000 per year tax-free (lifetime limit R500,000). Most banks offer TFSAs with interest rates similar to their savings products.
- Capitec TFSA: ~8%
- Nedbank TFSA: ~8%
- FNB TFSA: ~7.5%
- Standard Bank TFSA: ~7.5%
If you’re a long-term saver, always prioritise filling your TFSA before standard accounts.
Tips for Choosing the Right Savings Account
- Define your goal: Short-term emergency fund vs long-term investment.
- Compare interest AND fees: Some accounts charge withdrawal fees.
- Check compounding: Effective rates are higher than nominal if compounded monthly.
- Avoid dipping in: Pick an account with restrictions if you struggle with discipline.
- Use tax-free options first: Maximise your TFSA allowance annually.
FAQs
1. Which bank offers the highest savings rate in South Africa?
RSA Retail Bonds at 11.50% nominal (12.27% effective), followed by TymeBank GoalSave at 11%.
2. Are digital banks safe?
Yes. TymeBank and Bank Zero are licensed by the South African Reserve Bank and protected under the same regulations as traditional banks.
3. Can I access my savings anytime?
Yes for flexible accounts (Capitec, Bank Zero, Standard Bank). No for fixed deposits or notice accounts.
4. How do I avoid tax on interest?
Use a Tax-Free Savings Account (TFSA) up to R36,000/year.
5. Should I choose a fixed deposit or flexible account?
Fixed deposits offer higher guaranteed returns, but flexible accounts are better if you may need access to cash.
Conclusion
In 2025, the banks offering the highest interest rates on savings in South Africa are:
- RSA Retail Savings Bonds: 12.27% effective (long-term, safest option).
- TymeBank GoalSave: 11% for everyday savers who can lock funds for 90 days.
- Capitec and Bank Zero: ~9%, with flexible withdrawals.
If your priority is maximum return, RSA Retail Bonds and TymeBank are unbeatable. If you want flexibility, Capitec and Bank Zero are strong choices.
The best strategy is often a mix: keep emergency funds in flexible accounts while locking long-term savings in higher-yield fixed or government bonds. With smart planning, you can make your money work harder and grow faster in 2025.
