Looking for the highest fixed deposit interest rates in South Africa? Fixed deposits (also called term deposits) remain one of the safest ways to grow your money in 2025, offering guaranteed returns and full capital protection. With the South African Reserve Bank’s repo rate at 7.5% and inflation projected at 4.5%, locking in rates between 8% and 12% can deliver real, inflation-beating growth.
In this guide, we compare the best fixed deposit rates in South Africa, including RSA Retail Bonds and all major banks, so you can choose the right term, rate, and payout option for your financial goals.
Quick Answer: Highest Rates Right Now
- Government-backed: RSA Retail Bonds – 11.50% nominal (12.27% effective), 60 months.
- Best bank (long term): Access Bank – 10.45% nominal, 60 months.
- Best bank (short term): TymeBank – 8.90% nominal, 3 months; 10.44% nominal, 12 months.
Which Bank Gives the Highest Interest Rate in South Africa?
As of February 2025, Access Bank offers the highest bank fixed deposit rate at 10.45% nominal for a 60-month term. However, if you include government options, the RSA Retail Bonds 5-year investment leads with 11.50% nominal (12.27% effective).
Which Bank Has the Highest Fixed Deposit Interest Rate?
- Short term (3–12 months): TymeBank dominates with 8.90% (3 months) and 10.44% (12 months), plus a R1 minimum deposit.
- Long term (5 years): Access Bank’s 10.45% is the highest among banks.
What Is the FNB Interest Rate on Fixed Deposits?
FNB offers:
- 5.0% nominal (3 months)
- 6.5% nominal (12 months)
- 8.0% nominal (60 months)
View FNB’s Fixed Deposit rates.
How Fixed Deposits Work
A fixed deposit is a lump sum placed with a bank or the National Treasury for a set term, at a fixed interest rate.
- Nominal vs Effective Rate: Nominal is the stated annual rate; effective includes the effect of compounding.
- Terms: From 3 months to 5 years. Early withdrawals usually incur penalties.
- Payouts: Interest can be paid monthly, quarterly, or at maturity.
Best Fixed Deposit Rates by Term (August 2025)
| Bank / Provider | 3 mths | 6 mths | 12 mths | 24 mths | 36 mths | 60 mths |
|---|---|---|---|---|---|---|
| RSA Retail Bonds | 5.5% | 6.0% | 7.0% | 7.5% | 8.0% | 11.50% |
| Access Bank | 5.4% | 5.9% | 6.9% | 7.4% | 7.9% | 10.45% |
| African Bank | 8.75% | 9.00% | 9.50% | 9.80% | 10.20% | 10.41% |
| Sasfin Bank | 5.3% | 5.8% | 6.8% | 9.80% | 10.00% | 10.25% |
| TymeBank | 8.90% | 5.7% | 10.44% | 7.2% | 7.7% | 8.2% |
| Capitec Bank | 5.1% | 5.6% | 6.6% | 7.1% | 7.6% | 8.1% |
| FNB | 5.0% | 5.5% | 6.5% | 7.0% | 7.5% | 8.0% |
| Investec | 4.9% | 5.4% | 6.4% | 6.9% | 7.4% | 7.9% |
| Bidvest Bank | 4.8% | 5.3% | 6.3% | 6.8% | 7.3% | 7.8% |
| Momentum | 5.0% | 5.5% | 6.7% | 7.3% | 7.8% | 8.4% |
Top Picks by Category
5-Year Champions
- RSA Retail Bonds – 11.50% nominal (govt-backed)
- Access Bank – 10.45% nominal
- African Bank – 10.41% nominal
1-Year Leaders
- TymeBank – 10.44% nominal, R1 minimum deposit
- African Bank – 9.50% nominal
- Sasfin Bank – 9.50% nominal
3-Month Flexibility
- TymeBank – 8.90% nominal
- African Bank – 8.75% nominal
- Access Bank – 8.60% nominal (R5m minimum)
Pros and Cons by Provider
RSA Retail Bonds
✅ Government guarantee
✅ High long-term yields
❌ Minimum R1,000 deposit
Access Bank
✅ Highest bank long-term rate
✅ Low minimum deposit (R1)
❌ Limited branch network
African Bank
✅ Strong short and long-term rates
✅ Online application
❌ Higher minimum deposits for top rates
TymeBank
✅ Very low minimum deposit (R1)
✅ Best 3–12 month returns
❌ Lower long-term yields
Safety and Regulation
- SARB oversight for all South African banks.
- CODI deposit insurance: R100,000 coverage per depositor per bank.
- RSA Retail Bonds: Fully backed by the National Treasury.
Tax Considerations
- IWT: 15% withheld unless exempt.
- Annual exemption: R23,800 for individuals under 65.
- TFSA allowance: R36,000/year tax-free interest.
Conclusion
In 2025, RSA Retail Bonds dominate for safe, long-term returns, while TymeBank leads in short-term flexibility. If you prefer a bank with the highest 5-year rate, Access Bank and African Bank are top contenders. Always compare nominal and effective rates, factor in tax, and diversify terms to balance liquidity and growth.
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