African Bank Savings & Fixed Deposit Rates 2026
One of South Africa's most competitive savings books — 5.50% flat on the Savings Pocket, up to 7.26% on notice deposits, and 8.47% nominal (8.81% effective) on the 60-month fixed deposit. CODI-protected and a consistent rate-leader on cash TFSAs.
Savings Pocket
5.50% flat
Notice deposit top
7.26% (90-day, R250k+)
Fixed deposit top
8.81% effective (60m, R1m+)
TFSA rate
6.98%–7.26%
Min FD
R500
Min Savings Pocket
R1
Savings Pocket (MyWORLD) — 5.50% flat
African Bank's Savings Pocket sits inside the MyWORLD transactional account. Unlike TymeBank GoalSave or Capitec Live Better, the rate doesn't change with tenure or balance — it's 5.50% per annum (NACM) on every Rand from R1 upwards. Instant in-app transfer back to MyWORLD.
The flat-rate design suits savers who want a single predictable number and don't want to chase tier boundaries. The trade-off: TymeBank GoalSave goes higher (6% standard, up to 10% bonus) if you're willing to engage with the tier system.
Notice deposit rates (May 2026)
Three notice periods. All rates NACM, tiered by balance. African Bank's 7-day notice is currently ranked best in SA by RateCompare.
| Notice period | R25,000 | R100,000 | R250,000 | R1,000,000+ |
|---|---|---|---|---|
| 7-day notice | 6.79% | 6.93% | 6.98% | 7.02% |
| 32-day notice | 7.02% | 7.07% | 7.12% | 7.17% |
| 90-day notice | 6.88% | 7.07% | 7.26% | 7.26% |
Effective minimum: R25,000 for 7-day, R10,000 for 32-day. Source: ratecompare.co.za African Bank rate review (1 May 2026); africanbank.co.za product pages.
Fixed deposit rates (May 2026, top tier R1m+)
| Term | Nominal | Effective annual |
|---|---|---|
| 6 months | 7.17% | 7.41% |
| 12 months | 7.26% | 7.51% |
| 24 months | 7.40% | 7.66% |
| 36 months | 7.73% | 8.01% |
| 60 months | 8.47% | 8.81% |
R500 minimum on standard fixed deposit; tier breakpoints at R500, R5k, R25k, R100k, R250k, R1m+. Interest payment options: monthly, quarterly, semi-annually, annually or at maturity. Monthly income rate spread vs capitalised rate not separately published. Source: ratecompare.co.za, africanbank.co.za.
Tax-Free Investment (May 2026)
- • 12-month Tax-Free Investment rate: 6.98% to 7.26% NACM, depending on balance tier. Locked for the first 12 months.
- • Other terms (24 / 36 / 60-month) available — confirm rates at application.
- • Annual contribution cap: R46,000 from 1 March 2026 (up from R36,000).
- • Lifetime cap: R500,000.
- • 40% SARS penalty on over-contributions.
- • African Bank is consistently the top SA cash-TFSA rate per RateCompare's tax-free league table.
Key features
Safety and reputation
African Bank's history is the elephant in the room for some savers. The bank entered curatorship in August 2014 after a liquidity collapse caused by its monoline unsecured-lending model and governance failures. It exited curatorship in April 2016 as the "new" African Bank, restructured with the SA Reserve Bank, the Public Investment Corporation and the big six banks as shareholders.
Since 2016 it has been consistently profitable, diversified into transactional banking (MyWORLD launched 2019) and SME lending, and operates under standard SARB / Prudential Authority oversight. Deposits up to R100,000 per depositor are protected by the Corporation for Deposit Insurance (CODI), operational since 1 April 2024 — identical to the protection on every other SA-licensed bank.
2026 leadership note: CEO Kennedy Bungane stepped down on 6 March 2026 (Moneyweb). No operational disruption has been reported; transitional leadership remains in place pending a permanent appointment.
Frequently asked questions
Is African Bank safe? Didn't it go into curatorship? +
What is the African Bank Savings Pocket interest rate? +
What is the highest African Bank fixed deposit rate? +
Does African Bank offer a 55+ rate boost on savings? +
What is the African Bank Tax-Free Investment account rate? +
How does African Bank compare to TymeBank for savings? +
Important
This article is for information only and is not financial advice. Investments can go down as well as up — past performance is not a guide to future returns. Consider speaking to an FSCA-authorised financial advisor before investing.