In South Africa, there are several banks that offer savings accounts that suit the differing needs and objectives of a variety of clients. While it is important to have the perfect bank account for day-to-day banking and transactions, it is imperative to have a savings account where you can benefit while you save, whether it is for long-term or short-term savings.
Choose your quick section of our best Savings Accounts below.
Our 10 Best Handpicked Savings Accounts Revealed:
- ✔️African Bank MyWorld Savings Pocket
- ✔️Nedbank4me Account
- ✔️FNB Fluid Youth Account
- Standard Bank PureSave Savings Account
- FNB Savings Account
- ABSA Savings Account
- African Bank Fixed Deposits Account
- Capitec Savings Account
- Nedbank 32-Day Notice Savings Account
- Investec Prime Saver
The list below will provide some insight into some of the best savings accounts and what you can expect from top-rated banks in South Africa.
African Bank MyWorld Savings Pocket
The African Bank MyWorld bank account offers users with a variety of interesting, beneficial features, with the Power Pocket feature that ensures efficient, hassle-free day-to-day banking while the savings pocket offers excellent features that include some of the highest interest rates.
A positive account balance in the MyWorld Account earns interest of 3.50%, the power pocket earns 3.50%, and the savings pocket earns 4.50% per annum.
There is a monthly bundle fee of 0 ZAR, with balance inquiries billed at 3 ZAR for both POS and ATM inquiries. Withdrawals from ATMs are charged at 6 ZAR per 1000 ZAR with POS withdrawals at a fixed 2 ZAR per transaction.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Number of free services offered | There are no rewards offered for this account (such as travel benefits, discounts, and so on) |
| The opportunity to save money and earn interest | |
| There are no fees charged for monthly maintenance | |
Nedbank4me Account
This account is the first step that customers can take towards becoming financially responsible as well as independent. It is designed for customers up to the age of 18 and it is a savings vehicle which can be used to save pocket money, money which is gifted, or money earned from part time work.
The savings account is exempted from most charges as well as account maintenance fees. Interest rates are typically higher than those of normal savings account, especially on lower balance ranges.
It costs only 10 ZAR to open this savings account, and interest can be earned from 50 ZAR and upwards. The best interest that can be earned on this account, despite the balance, is 3%.
Apart from other features, this savings account also helps customers support a cause that they consider important at no additional cost. This can be done easily by linking the savings account to any of the following charities:
The Green Affinity.
Arts Affinity.
Culture Affinity.
Sports Affinity.
Nelson Mandela Children’s Affinity.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Charities supported at no additional cost | Best interest rate of only 3% |
| Designed for children, to help them start saving from young | |
| Low initiation fee | |
FNB Fluid Youth Account
This savings account is specifically designed for children in teaching them to learn money management from an early age, to prepare themselves for a financially smart future. This Savings Account has a variety of benefits and it teaches the joy and art of saving and having certain financial security.
This account allows for safe and secure money transfers using a PIN-based MasterCard debit Card. The account is available for children aged 18 years and younger, and has the following features:
There is no minimum deposit to open an account.
There are two distinct pricing options to choose from.
The ability to keep track of transactions via SMS or email.
Account fees can be redirected to a parent or guardian’s FNB account.
Access to the account via ATMs, online banking, cell phone banking, or FNB branches.
The account earns interest between 0.25% up to 1.80%.
Balances of 500 ZAR and higher are not subjected to monthly account fees.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Account fees can be rerouted to the parent or guardian’s FNB account | Best interest up to only 2.95% |
| No initiation fee | |
| Variety of benefits and features | |
Standard Bank PureSave Savings Account
With this account, customers can easily start saving and the account can be used as a casual savings account while earning competitive interest rates on balances. With the Standard Bank PureSave Savings Account, customers can gain instant access to their funds when they need it the most, and they are granted the ability to move money to their account via a stop-order.
There are variable interest rates on this savings account, and they are also tiered according to the account balance. This is calculated daily, and the interest is paid monthly. The PureSave Savings account can easily be linked to the Standard Bank ATM card to allow customer the ability to manage their account online, via their cell phone, or at any Standard Bank ATM.
To qualify for the Standard Bank PureSave Savings Account, customers need an opening deposit of 50Z ZAR. There is no monthly fee, and while the minimum interest rate that can be earned on amounts from 50 to 10 000 ZAR is 2.15%, the most that can be earned is 2.90%.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Easy account management in a variety of ways | Maximum interest rate is 2.90% regardless of the savings balance |
| Money can be moved and withdrawn as needed | |
| There is a low opening deposit of 50 ZAR | |
FNB Savings Account
The FNB Savings Account is an account that only individual Cheque Account clients can access. It is one of the most flexible savings accounts that features a ‘save my change’ option that allows for multiple deposits into the savings account.
Customers can set up scheduled transfers which will automatically move money from their cheque account into their savings account as well as cash investment accounts automatically.
This allows for a disciplined way of saving, especially when there is a specific purpose and goal that the customer has in mind. There is also no waiting period to access funds; to make a withdrawal, customers can merely log into either their internet banking or mobile app and request a transfer from the savings account to the transactional account.
The interest rate that customers can qualify for will depend on the balance of the account, with 3.8% from 75 000 ZAR and upwards. The interest rate subsequently increases as the account balance increases, with more savings earning higher interest.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Easy access to funds whenever there is a financial need | Interest rate is exceptionally low on amounts less than 75 000 ZAR |
| Flexible savings | |
| There are no monthly fees | |
ABSA Savings Account
The ABSA savings account helps customers address one of the many challenges that South Africans face such as getting a savings account started. With the ABSA Savings Account, customers get two free ATM cash deposits, encouraging people who earn monthly or fortnightly to top-up their savings for free at least twice a month.
ABSA also offers unrestricted access to the Savings Account as there is no notice period that must be served before the savings funds can be accessed. The interest rate that can be earned is calculated according to the daily balance and it is paid into the account monthly.
The interest rate is variable and linked to market conditions as well as the prime lending rate. On average, the interest rate ranges from as little as 0.70% on balances from 50 ZAR up to 3.50% on larger account balances.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Anytime withdrawals without a notice period | Interest rate of a maximum of 3.50% is not feasible and it merely paces with inflation |
| Easily accessible savings account with an initial deposit from 50 ZAR | |
| Free monthly and yearly transactions | |
African Bank Fixed Deposits Account
Fixed Deposit Investments are one of the best ways through which to invest either short, medium, or long-term. African Bank has mastered this savings account ahead of the rest in South Africa as the bank holds the best-fixed deposit rate in the country.
The savings strategy will determine the fixed deposit account, with investing that can start from 3 months and lasting up to 60 months with interest withdrawals optional. However, before investing or locking down money into an account such as this, customers must understand what it entails.
The interest rates that customers can expect, depending on their investment term are as follows:
3 months – up to 4.66% at expiry.
6 months – up to 5.18% at expiry.
12 months – up to 6% at expiry.
24 months – up to 6.97% at expiry.
36 months – up to 7.78% at expiry.
60 months – 11.11% at expiry.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Best interest rates in South Africa | None noted |
| From 3 months offered up to 60 months and longer | |
| Variety of terms offered | |
Capitec Savings Account
The Capitec Savings Account is one of the most popular and best savings accounts offered in South Africa, with the bank offering competitive interest rates, and most customers who bank with Capitec have expressed satisfaction with the interest that they are earning.
The common Capitec savings account is the Globe One account which consists of four different plans, namely:
Transaction Account.
Savings Account which is the main account.
Flexible Savings.
Fixed Term savings.
Tax-free savings.
There are numerous benefits of banking with Capitec, some of which include:
The absence of fees for shopping online, swiping for fuel purchases, or paying accounts worldwide using the Global One Account.
The ability to tap to pay using either the Global One Debit or Credit Card.
Fixed ATM withdrawal fees, no matter how much is drawn at a single time.
The transactions that customers make attract fixed banking costs on top of the 5 ZAR monthly admin fee that is paid.
Interest which is earned on savings is calculated on the daily account balances and it is paid at the end of each month. The interest rate is determined by account balances and the higher the account balance, the higher the rate which is used. Interest from 2.5% can be earned per annum, depending on the account balance, with the highest rate clocking in at 2.75%.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Convenience over funds | The best interest rate only starts from 25 000 ZAR |
| Fixed monthly fees | |
| Flexible savings and transaction account all in one | |
Nedbank 32-Day Notice Savings Account
This account is an investment-savings account which is offered, targeted especially at low-income earners. The account does not have any fees or commissions, and the minimum deposit is 250 ZAR. The minimum deposit ensures that the account remains active and can start earning interest.
From here, customers can choose how they wish to increase their capital by making either weekly or monthly stop-orders from their current account. The minimum stop order amount is 100 ZAR and deposits can also be transferred from the account, however, on these, there are cash deposit fees charged.
Withdrawals that are made from the account require a 32-day notice, as the account name suggests, which means that customers must apply and inform the bank that they intend to withdraw their funds.
Interest rates on this account are calculated according to daily account balances and they are paid to the customer each month. Interest rates are variable and linked to market conditions in addition to prime lending rate.
However, the interest rates that customers are offered are also subjected to confirmation when Nedbank has received account funds, this allows for Nedbank to offer tiered interest rates on the savings account, ensuring that higher account balances receive the highest rates.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Easy maintenance, additional deposits, partial withdrawals done by linking the account to the Nedbank banking profile | Nedbank reserves the right to charge fees for cash deposits exceeding 5 000 ZAR in any calendar month |
| Free monthly statement sent once balances exceed 5 000 ZAR | |
| Free weekly or monthly stop orders | |
| Monthly interest paid out or it can be capitalized | |
Investec Prime Saver
This savings account allows customers to earn a great return on their savings while simultaneously granting customers access to their funds. The account offers customers with one of the best rates in the South African market for cash deposits made into the account.
Some of the benefits and features of this account are:
Benefits derived from a premium prime-linked interest rate with deposits from 100 000 ZAR and higher.
Immediate access to funds.
No monthly fee charges.
Free online banking.
Access to a dedicated Client Support Centre, and more.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Access to funds instantly | Deposits from 100 000 ZAR and higher receive prime interest rate |
| No management or maintenance fees | |
| No monthly fees | |
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Frequently Asked Questions
Which savings account in South Africa is the best?
That will largely depend on the client and his/her preference. Here is a review of the best savings accounts in South Africa at the moment.
Should I keep on saving my money?
When you have 3-6 months of expenses saved up it is always a good idea to opt to save more so that you can build a buffer and earn more interest on a larger balance in you savings account.
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