SA's Best Fixed Deposit Rates

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fire2029

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Hello all,

It is hard & frustrating to compare fixed deposit rates in South Africa as banks quote different types of rates. You end up having to read the fine print to understand what rates they are quoting & then converting each to effective (or nominal) rates in order to compare apples with apples.

Beginning of this year I decided to "create and teach everything I know" (see my new years resolutions on this MyBroadband thread).

So I scoured the internet to find the best fixed deposit rates in South Africa. Read the fine print & converted to effective annual rates.
- I have made my research available at ratecompare.co.za
- Fixed Deposit Rates Compares
- I keep it up-to-date on a monthly basis.

For the November update,
- I have added FedGroup to the list. They offer an attractive 9.38% (effective rate) for 5-year deposits.
- AfricanBank, Sasfin and Discovery Bank still leading the pack over most terms
- Our government's SA Retail Bonds rates are better than the big four

The November Edition comes in the form of a free PDF. It is attached.

Comments, questions appreciated.
 

Attachments

zerocool2009 said:
If you dont have Tyme, you dont know what you are missing ....
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Yes.

Op, you are concentrating on Fixed Deposits but you should add a paragraph or blog post on Tymebanks goalsave option. Limited to 100k but most folks with more than that probably wouldn't be looking at fixed deposit vehicles for investment.
 
Kosmik said:
And folks wonder why Tyme is so attractive.
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Who is behind Tyme? Are they known entity? Also, apparently, they don't need proof of residence - how does that work - I thought that was mandatory as per some banking regulation/law?

p.s. I mean apart from what is mentioned on the site, do we have any background? https://www.tymebank.co.za/leadership-team/
 
Last edited:
surface said:
Who is behind Tyme? Are they known entity? Also, apparently, they don't need proof of residence - how does that work - I thought that was mandatory as per some banking regulation/law?
Click to expand...

Lots of history behind them and yes they are a properly registered and regulated bank. They do use proof of residence but its quite smartly tied up with the home affairs system for validation etc. They are the first of the new digital banks to go to market, others being Discovery and Bank Zero(?), of which only Discovery have also launched.

www.tymebank.co.za

I've yet to move my full accounts to them as I have rather large and preferential credit backing by another ( which Tyme has yet to offer ) but I've shifted savings and prepaid ( which is FREE! ) to them. Zero bank charges fyi, pay as you use model with a nice selection of free transactions.
 
Kosmik said:
Yes.

Op, you are concentrating on Fixed Deposits but you should add a paragraph or blog post on Tymebanks goalsave option. Limited to 100k but most folks with more than that probably wouldn't be looking at fixed deposit vehicles for investment.
Click to expand...

I had a 3 month fixed deposit @ 5.8% .... So moving the full bundle to Tyme (immediate available). Its a nice move (getting more value), that is how I see it
 
zerocool2009 said:
I had a 3 month fixed deposit @ 5.8% .... So moving the full bundle to Tyme (immediate available). Its a nice move (getting more value), that is how I see it
Click to expand...

yep, even at the first months interest you would have scored @ 6% and it ramps to 9% pretty quickly if you're patient.
 
LPCPT said:
Putting money in your bond is the best interest you can earn. Just make sure it is accessible for when you need it.
Show me something better and I'm in.
Click to expand...

Tyme is at 10% (if you have repeating Goalsaves). But true, if you dont wanna go the banking route, a bond is the best place I agree
 
Why not add all this in an google spreadsheet so people can clone it and add their estimated amounts to it? Can add rules like tymebank 100k so it caps it and says you should use xyz instead for the rest?
 
Johnatan56 said:
Why not add all this in an google spreadsheet so people can clone it and add their estimated amounts to it? Can add rules like tymebank 100k so it caps it and says you should use xyz instead for the rest?
Click to expand...

How difficult is this :

1) Open a Tyme account
2) Open 5 goal saves
3) Put R1 in (earn 6% in month 1)
4) 7% earning in month 2
5) 9% earning on month 3

That is it

Remember, the rate is per year (but the best value for money currently, if you remove your bond out of the equation)
 
Many of those fixed deposit rates are not set in stone. If you have a large amount of money, say R500k+ region, you can negotiate a better rate with some banks, instead of just accepting the quoted rates. You can usually get another extra 0.5% to 1%.
 
Forum Reader said:
Many of those fixed deposit rates are not set in stone. If you have a large amount of money, say R500k+ region, you can negotiate a better rate with some banks, instead of just accepting the quoted rates. You can usually get another extra 0.5% to 1%.
Click to expand...

True ! If you are looking at those figures (SARS will be waiting also).

My view, just get max R20K a year for free
 
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