Best Savings Accounts in South Africa (2025)
By MoneyToday Team • Dec 2025 • 9 min read
With the repo rate at 7.25% and prime at 10.75% in late 2025, savings account interest rates remain attractive. But not all banks are created equal – rates range from a disappointing 5% to an impressive 11%+.
We've compared savings accounts from digital banks, traditional banks, and government bonds to help you find the highest return for your money.
Quick winner: For maximum return with government-backed safety, RSA Retail Savings Bonds offer up to 11%. For accessible savings with high interest, TymeBank GoalSave offers up to 11% (with conditions).
2025 Savings Account Comparison
| Bank | Product | Rate | Min | Access |
|---|---|---|---|---|
| RSA Retail Bonds | 5-Year Fixed Rate | 11.00% | R1,000 | 5 years (locked) |
| RSA Retail Bonds | 3-Year Fixed Rate | 10.75% | R1,000 | 3 years (locked) |
| TymeBank | GoalSave | Up to 11% | R0 | 90-day lock |
| African Bank | Fixed Deposit (60mo) | 10.40% | R500 | 60 months (locked) |
| TymeBank | Fixed Deposit (12mo) | 10.00% | R0 | 12 months (locked) |
| Bank Zero | Savings Account | Up to 9% | R0 | Flexible |
| Capitec | Fixed Savings | 8.85% | R1 | Fixed term |
| African Bank | Notice Deposit | 7.25-8% | R250 | 7-90 day notice |
| African Bank | TFSA | 8.25% | R50 | After 12 months |
| RSA Retail Bonds | Top-Up Bond | 8.00% | R500 | Quarterly reset |
| Capitec | TFSA | ~8% | R1 | Accessible |
| Nedbank | TFSA | ~8% | R500 | Accessible |
| Nedbank | JustSave | 6.25-7.5% | R0 | Flexible |
| Discovery Bank | TFSA | 7.25% | R1,000 | Accessible |
| FNB | Money Maximiser | 7% | R100,000 | Flexible |
| FNB | Linked Savings | 5.65-6.25% | R1 | Instant |
Rates as of December 2025. Rates subject to change. Always verify with the bank before opening an account.
Our Top Picks by Category
RSA Retail Savings Bonds
Government-backed, highest safe return in SA
- 100% backed by SA government
- Interest paid twice yearly or reinvested
- Min R1,000, Max R5 million
TymeBank GoalSave
TymeBank's GoalSave offers up to 11% interest, but you need to meet certain conditions:
How to get 11%:
- • Base rate: 6%
- • +2% for completing 10+ transactions per month (3 consecutive months)
- • +2% for locking funds for 90 days
- • +1% promotional boost (varies)
Pros
- +No minimum deposit
- +No monthly fees
- +Multiple goals allowed
Cons
- -Must meet transaction requirements
- -90-day lock for best rate
African Bank Fixed Deposit
African Bank offers the highest straightforward fixed deposit rate in SA – no conditions or loyalty programs required.
| Term | Rate |
|---|---|
| 12 months | 8.25% |
| 24 months | 9.00% |
| 36 months | 9.50% |
| 60 months | 10.40% |
Minimum deposit: R500. Interest can be paid monthly, annually, or at maturity.
African Bank TFSA
The highest TFSA rate in SA, with a minimum deposit of just R50. Tax-free means you keep every cent of interest earned.
TFSA Limits (2025)
- • Annual contribution limit: R36,000
- • Lifetime contribution limit: R500,000
- • Penalty for exceeding: 40% of excess amount
Other TFSA Options:
Bank Zero
Bank Zero offers competitive rates with full flexibility – no notice periods, no lock-ins. Perfect for emergency funds.
Pros
- +Zero monthly fees
- +Instant access to funds
- +App-only (no branches)
Also Consider
- Capitec: ~9% with branch access
- African Bank Notice: 7.25-8%
- Nedbank JustSave: Up to 7.5%
Traditional Banks: Are They Worth It?
The "Big 4" banks (FNB, Standard Bank, Absa, Nedbank) generally offer lower savings rates than digital banks. Here's how they compare:
| Bank | Best Savings Product | Rate | Minimum |
|---|---|---|---|
| FNB | Money Maximiser | 7% | R100,000 |
| FNB | Linked Savings | 5.65-6.25% | R1 |
| Nedbank | JustSave | 6.25-7.5% | R0 |
| Nedbank | Money Trader | 6-8.5% | R1 |
| Absa | Dynamic Fixed Deposit | Up to 8.25% | R1,000 |
| Standard Bank | MoneyMarket Select | ~7% | R250,000 |
How to Choose the Right Account
Decide on Access Needs
Need money within 24 hours? Choose a flexible account. Can lock it away? Fixed deposits pay more.
Consider Tax Implications
Interest over R23,800/year is taxed (R34,500 if over 65). A TFSA avoids this entirely up to your contribution limits.
Beat Inflation
With inflation at ~4.5%, you need at least 5% after tax to grow your money in real terms. Aim for 7%+ pre-tax.
Check for Hidden Fees
Some accounts charge monthly fees that eat into your interest. TymeBank, Bank Zero, and most TFSAs are fee-free.
Recommended Savings Strategy
3-6 months expenses
Keep in flexible account (Bank Zero, Capitec) – needs instant access
Target: ~9%Max out your TFSA first
R36,000/year (R3,000/month) into African Bank TFSA – tax-free forever
Target: 8.25%RSA Retail Bonds or Fixed Deposits
For money you won't need for 3-5 years – government-backed safety
Target: 10-11%Frequently Asked Questions
Which bank gives the highest interest on savings?
RSA Retail Savings Bonds offer 11% (5-year fixed), and TymeBank GoalSave offers up to 11% if you meet transaction requirements. For a straightforward fixed deposit, African Bank offers 10.4% on a 60-month term.
Are digital banks safe?
Yes. TymeBank, Bank Zero, and Discovery Bank are all licensed by the South African Reserve Bank. Your deposits up to a certain amount are protected, just like at traditional banks.
Should I use a TFSA or regular savings?
If you haven't maxed out your TFSA (R36,000/year, R500,000 lifetime), use it first. You pay zero tax on interest earned. Regular savings interest over R23,800/year is taxed at your marginal rate.
What's the difference between savings and money market accounts?
Money market accounts typically require higher minimums (R50,000+) but offer better rates. They invest in low-risk instruments. Regular savings accounts have no minimum and offer slightly lower rates but more flexibility.
Will interest rates go down in 2025?
Likely yes. The SARB cut rates by 50 basis points in late 2024, and more cuts are expected in 2025. Consider locking in current rates with a fixed deposit or RSA Bond if you don't need the money soon.