Calculate returns on fixed deposits and savings accounts. Compare bank rates and understand tax implications on your interest income.
Calculate returns on fixed deposits and savings accounts
Current SA fixed deposit rates: 7-10% (2025)
Interest exemption: R23,800/year (under 65)
| Bank | 12 Months | 24 Months | Min Deposit |
|---|---|---|---|
| FNB | 7.5% - 8.5% | 8.0% - 9.0% | R1,000 |
| Standard Bank | 7.25% - 8.25% | 7.75% - 8.75% | R10,000 |
| ABSA | 7.5% - 8.5% | 8.0% - 9.0% | R5,000 |
| Nedbank | 7.75% - 8.75% | 8.25% - 9.25% | R1,000 |
| Capitec | 8.0% - 9.0% | 8.5% - 9.5% | R500 |
| African Bank | 9.0% - 10.0% | 9.5% - 10.5% | R500 |
Interest income is taxable, but there's an annual exemption: R23,800 (under 65) or R34,500 (65+). Interest above this is added to your taxable income and taxed at your marginal rate.
Fixed deposits offer guaranteed returns at higher rates than savings accounts. You lock your money for a set period in exchange for better interest rates.
Interest rate fixed for the entire term
Better rates than call or savings accounts
1 month to 5 years typically
Interest can compound monthly or annually
Money locked for a set period. Higher rates, but penalties for early withdrawal.
Give 32 days notice before withdrawal. Better rates than call accounts.
Higher minimums, competitive rates. Often offered by unit trust companies.
Consider a Tax-Free Savings Account (TFSA) - up to R36,000/year with no tax on interest, dividends, or capital gains. Better for long-term savings.