{"id":803953,"date":"2024-12-29T14:30:00","date_gmt":"2024-12-29T12:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=803953"},"modified":"2025-03-10T10:48:51","modified_gmt":"2025-03-10T08:48:51","slug":"how-much-you-earn-from-saving-r10000-with-fnb-tymebank-standard-bank-absa-and-more","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/803953\/how-much-you-earn-from-saving-r10000-with-fnb-tymebank-standard-bank-absa-and-more\/","title":{"rendered":"How much you earn from saving R10,000 with FNB, TymeBank, Standard Bank, Absa and more"},"content":{"rendered":"\n

Africanbank and FNB offer the best interest rates in South African savings accounts. <\/p>\n\n\n\n

Saving is often a good way to ensure that South Africans can hedge their money against inflation and build wealth. <\/p>\n\n\n\n

Interest rates on savings accounts are, however, linked to interest rates set by the South African Reserve Bank (SARB). <\/p>\n\n\n\n

Following a 15-year high repo rate of 8.25%, the SARB cut rates by a cumulative 50 basis points in 2024. An additional 75 basis points worth of cuts are expected for 2025. This will likely reduce the returns offered by savings accounts. <\/p>\n\n\n\n

That said, most of the savings accounts offered by banks still offer returns that are greater than the latest inflation figure, which stood at 2.9% in November. <\/p>\n\n\n\n

Fixed Deposit Account<\/strong><\/p>\n\n\n\n

Fixed deposit accounts often offer the highest monthly interest rates but will not offer immediate access.<\/p>\n\n\n\n

We have decided to look at the interest rates for 6 months and 12 months using Investec’s future value calculator.<\/a> Interest is paid<\/span> monthly. <\/p>\n\n\n\n

Investec’s products were not used, as they require more than R10,000 in savings accounts. For instance, a fixed deposit with Investec requires an investment of R100,000. <\/p>\n\n\n\n

When comparing the results of 9 of South Africa’s biggest banks over 12 months, Africanbank comes out on top, offering an annual interest rate of 9.25%.<\/p>\n\n\n\n

Standard Bank is on the other end of the table and only offers 7.14% in interest over a 12-month period.<\/p>\n\n\n\n

Bank<\/strong><\/td>Minimum Deposit<\/strong><\/td>6-month interest rate<\/strong><\/td>6-month future value<\/strong><\/td>12-month interest rate<\/strong><\/td>12-month future value<\/strong><\/td><\/tr>
Africanbank<\/td>R500<\/td>8.5%<\/td>R10 432.60<\/td>9.25%<\/td>R10 965.24<\/td><\/tr>
TymeBank<\/td>R0<\/td>8%<\/td>R10 406.73<\/td>9%<\/td>R10 938.07<\/td><\/tr>
Discovery Bank<\/td>R10,000<\/td>8.00%<\/td>R10 406.73<\/td>8.10%<\/td>R10 840.76<\/td><\/tr>
Absa<\/td>R1 000<\/td>7.85%<\/td>R 10 398.98<\/td>8.00%<\/td>R10 830.00<\/td><\/tr>
Capitec<\/td>R10 000<\/td>7.70%<\/td>R 10 391.23<\/td>8.00%<\/td>R10 830.00<\/td><\/tr>
RMB<\/td>R10 000<\/td>7.45%<\/td>R 10 378.33<\/td>7.95%<\/td>R10 824.62<\/td><\/tr>
Nedbank<\/td>R5 000<\/td>7.70%<\/td>R 10 391.23<\/td>7.85%<\/td>R10 813.87<\/td><\/tr>
FNB<\/td>R10 000<\/td>7.05%<\/td>R 10 357.72<\/td>7.55%<\/td>R10 781.68<\/td><\/tr>
Standard Bank<\/td>R1 000<\/td>7.00%<\/td>R 10 355.14<\/td>7.14%<\/td>R10 737.84<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
\n\n\n\n

Notice accounts<\/strong><\/p>\n\n\n\n

Despite offering lower interest rates than traditional fixed deposit accounts, notice accounts allow for access to funds if proper notice is given to the bank. <\/p>\n\n\n\n

When looking at 32-day notice accounts that meet the R10,000 requirement, Africanbank came out on top again, with an interest rate of 8.0%. This was slightly ahead of Discovery Bank’s 7.95%. <\/p>\n\n\n\n

Standard Bank was last again on the other end of the scale at 5.3%.<\/p>\n\n\n\n

Bank<\/strong><\/td>Minimum Deposit<\/strong><\/td>32-day notice, nominal interest rate<\/strong><\/strong><\/td>12-month future value<\/strong><\/td><\/tr>
Africanbank<\/td>R500<\/td>8.0%<\/td>R10 830.00<\/td><\/tr>
Discovery Bank<\/td>R0<\/td>7.95%<\/td>R10 824.62<\/td><\/tr>
Capitec<\/td>R0<\/td>7.00%<\/td>R10 722.90<\/td><\/tr>
Nedbank<\/td>R250<\/td>6.95%<\/td>R10 717.57<\/td><\/tr>
Absa<\/td>R1 000<\/td>6.90%<\/td>R 10 700.53<\/td><\/tr>
FNB<\/td>R5 000<\/td>6.75%<\/td>R10 696.28<\/td><\/tr>
RMB<\/td>R5 000<\/td>6.75%<\/td>R10 696.28<\/td><\/tr>
Standard Bank<\/td>R250<\/td>5.3%<\/td>R10 543.07<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
\n\n\n\n

Immediately accessible savings accounts<\/strong><\/p>\n\n\n\n

Africanbank, however, was unable to take all three golds, with FNB offering the best interest rate for or immediately accessible savings accounts at 6.55%. Africanbank came second at 6.44%.<\/p>\n\n\n\n

Notably, Tymebank’s 6% could rise to 10% if a customer completes ten or more transactions for three consecutive months and gives TymeBank 10 days’ notice before closing their GoalSave account.<\/p>\n\n\n\n

Capitec also spared Standard Bank from being the worst performer in all three categories, offering only 2.5% for immediately accessible savings.<\/p>\n\n\n\n

Bank<\/strong><\/td>Minimum Deposit<\/strong><\/td>Nominal interest rate<\/strong><\/strong><\/td>12-month future value<\/strong><\/td><\/tr>
FNB<\/td>R0<\/td>6.55%<\/td>R10 675.03<\/td><\/tr>
Africanbank<\/td>R500<\/td>6.44%**<\/td>R10 663.35<\/td><\/tr>
TymeBank<\/td>R1 000<\/td>6%*<\/td>R10 616.78<\/td><\/tr>
Nedbank<\/td>R1<\/td>5.75%<\/td>R10 590.40<\/td><\/tr>
Discovery<\/td>R0<\/td>5.25%<\/td>R10 537.82<\/td><\/tr>
Standard Bank<\/td>R0<\/td>5.0%<\/td>R10 511.62<\/td><\/tr>
Absa<\/td>R50<\/td>4.95%<\/td>R10 506.39<\/td><\/tr>
Capitec<\/td>R0<\/td>2.50%<\/td>R10 252.88<\/td><\/tr><\/tbody><\/table><\/div>
* Could rise to 10% if certain conditions are met | ** Applicable for 24 months | <\/figcaption><\/figure>\n\n\n\n
\n\n\n\n

Read<\/strong>: <\/a>Saudi giant to buy South African company listed on the JSE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Banks across South Africa offer a range of savings products for customers, with immediate to five-year products on offer. <\/p>\n","protected":false},"author":95,"featured_media":741159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,21099,4883,76,26,1799,2214,499,13474],"class_list":["post-803953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-africanbank","tag-discovery","tag-fnb","tag-headline","tag-nedbank","tag-rmb","tag-standard-bank","tag-tyme-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/803953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=803953"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/803953\/revisions"}],"predecessor-version":[{"id":816018,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/803953\/revisions\/816018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/741159"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=803953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=803953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=803953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}