Compare Fixed Deposit Rates in South Africa

What a fixed deposit is

A fixed deposit is a bank product. You deposit an agreed amount for an agreed term, and the bank applies the rate set out in its terms for that term. It is one of the most widely used ways South Africans hold money at a known rate.

Because it is a banking product, its terms are set by the bank concerned — including the minimum deposit, how interest is paid, and what happens if you need the money early.

How fixed deposits work

You choose an amount and a term. The rate applicable is confirmed when the deposit is placed, and interest is calculated according to the bank's terms. Interest may be paid out periodically or added to the deposit and paid at maturity.

How often interest is compounded affects the total you receive, which is why the stated annual rate and the effective rate can differ. When comparing, check which one you are looking at.

How the term affects available rates

Terms are one of the main variables. Rates offered for different terms are set by each provider based on its own funding needs and its view of the future, so a longer term does not automatically mean a higher rate, and the relationship between terms can change over time.

Because of this, comparing the same term across providers — and comparing different terms with the same provider — are two different exercises, and both are worth doing.

How the investment amount can affect available rates

Providers often structure their offerings in amount bands, and some products are only available above a certain minimum. As a result, the amount you plan to invest can affect both which products you can access and the rate applicable to them.

This is why RandRate asks for an amount range as the first question in the comparison.

1-year fixed deposits

A one-year deposit is a shorter commitment. It suits money you may want to revisit relatively soon, while still having a known rate for the year. At maturity you will need to decide again, and the conditions available then are not known in advance.

2-year fixed deposits

A two-year deposit extends the period over which the rate is known, without committing for as long as possible. It generally suits money with no defined purpose over the next two years.

3-year fixed deposits

A three-year deposit is the longest of the terms RandRate focuses on. It suits money you are confident you will not need during the term. Over three years, being comfortable with the early-access conditions matters more, not less.

Early access considerations

Fixed deposits are designed to be held to maturity. Where early access is possible at all, banks typically attach conditions such as notice periods or a cost, and the details differ by bank and by product.

Check the specific terms before committing, and consider keeping a separate accessible amount for unexpected expenses.

Comparing providers

Beyond the rate, providers differ on minimum amounts, interest payment options, whether the deposit rolls over automatically at maturity, how you give instructions, and how straightforward the process is.

It's also worth being clear about what type of institution you are dealing with, and what the documentation says about applicable protections — rather than assuming that what applies to one product applies to another.

Questions to consider before choosing a fixed deposit

Is the quoted rate nominal or effective, and how often is interest compounded? What is the minimum deposit? Can I access the money early, on what conditions, and at what cost?

What happens at maturity, and will it roll over automatically? Who issues the product, and what does the documentation say about applicable protections? Is anything I've been told verbally also confirmed in writing?