15 Best High-Interest Savings Accounts in South Africa 2023

In today’s world, savings accounts have become an essential part of every individual’s financial life. These accounts are not only a secure way to store money but also provide an opportunity to earn interest on the deposited amount. In South Africa, many banks offer high-interest savings accounts that provide customers with attractive returns on their deposits. In this article, we will explore the 15 best high-interest savings accounts in South Africa for 2023.

1. African Bank MyWorld Savings Pocket: The African Bank MyWorld Savings Pocket offers customers a 5.5% interest rate on their deposits. The account also provides free unlimited swipes, no monthly account fees, and the ability to link up to five Pocket members to the account.
2. Discovery Bank Dynamic Savings Account: The Discovery Bank Dynamic Savings Account provides customers with a 5.25% interest rate on their deposits. The account also offers the opportunity to earn higher interest rates depending on the customer’s Vitality Money status.
3. FNB Flexi Fixed Deposit: The FNB Flexi Fixed Deposit offers customers a high-interest rate of up to 7.05%. Customers can choose to deposit a minimum amount of R10,000 and earn interest for a period of 12 months to five years.
4. Investec Private Banking High-Interest Cash Fund: The Investec Private Banking High-Interest Cash Fund provides customers with an interest rate of up to 6.30%. Customers can choose to invest a minimum of R100,000 and earn interest on their deposits.
5. Capitec Bank Fixed-Term Savings Plan: The Capitec Bank Fixed-Term Savings Plan offers customers an interest rate of up to 9.25%. Customers can choose to deposit a minimum amount of R10,000 and earn interest for a period of 12 months to five years.
6. Nedbank Savvy Plus Savings Account: The Nedbank Savvy Plus Savings Account offers customers an interest rate of up to 5.5%. The account also provides free unlimited card swipes, no monthly account fees, and the ability to link up to five Savvy members to the account.
7. ABSA Platinum Fixed Deposit: The ABSA Platinum Fixed Deposit offers customers a high-interest rate of up to 7.10%. Customers can choose to deposit a minimum amount of R100,000 and earn interest for a period of six months to five years.
8. Standard Bank Fixed Deposit: The Standard Bank Fixed Deposit offers customers an interest rate of up to 7.30%. Customers can choose to deposit a minimum amount of R10,000 and earn interest for a period of 12 months to five years.
9. TymeBank GoalSave: The TymeBank GoalSave account provides customers with an interest rate of up to 5.00%. The account also offers the opportunity to earn additional interest through the bank’s SaveMore program.
10. African Bank Notice Deposit: The African Bank Notice Deposit offers customers an interest rate of up to 6.50%. Customers can choose to deposit a minimum amount of R500 and earn interest for a period of 32 to 90 days.
11. Discovery Bank Fixed Deposit: The Discovery Bank Fixed Deposit provides customers with a high-interest rate of up to 7.35%. Customers can choose to deposit a minimum amount of R10,000 and earn interest for a period of six months to five years.
12. Old Mutual Money Account: The Old Mutual Money Account offers customers an interest rate of up to 4.50%. The account also provides free unlimited card swipes, no monthly account fees, and the ability to link up to four Money Account members to the account.
13. Capitec Bank Global One Savings Account: The Capitec Bank Global One Savings Account provides customers with an interest rate of up to 5.10%. The account also offers free unlimited card swipes, no monthly account fees, and the ability to link up to four additional accounts to the main account.
14. Nedbank Green Savings Bond: The Nedbank Green Savings Bond offers customers an interest rate of up to 6.00%. The account also supports sustainable development initiatives and supports the financing of renewable energy projects.
15. ABSA Advantage Plus Savings Account: The ABSA Advantage Plus Savings Account offers customers an interest rate of up to 4.15%. The account also provides free unlimited card swipes, no monthly account fees, and a range of discounts and benefits on other ABSA products.

These 15 high-interest savings accounts provide customers with a range of options to choose from, depending on their individual needs and preferences. Customers can compare the interest rates, minimum deposit requirements, and other features of these accounts before deciding which one is best for them.