African Bank Fixed Deposit Review for April 2024

Last updated 2nd April 2024 by Walter

Introduction

This page summarises all the fixed deposits offered by African Bank. All the rates shown are sourced from the African Bank website - africanbank.co.za. All rates shown on this page have been converted to nominal and effective annual rates! This allows you to compare rates across all banks. Yippee!

The African Bank fixed deposit interest calculator, allows you to calculate how much interest you will earn for your age, investment amount and term.

African Bank fixed deposits highlights

last updated 2nd April 2024 by Walter

R500
min deposit
9.94%
best rate

Here are African Bank's best fixed deposit rates

The best interest rate you can get at African Bank is 9.94% for the 60-month fixed deposit. You will need a minimum deposit of R500 .

Here are African Bank's five best fixed deposit interest rates:

# Min deposit Term Nominal
1 R500 60 months 9.94%
2 R500 36 months 9.44%
3 R500 24 months 9.34%
4 R500 12 months 9.11%
5 R500 6 months 8.65%
P
only individuals older than 55 qualify

African Bank 3 month fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 3 month fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.42% 8.07%
+
9
R10,000 for 55+8.42% 8.23%
+
5
R100,000 for 18+8.42% 8.18%
+
61
R100,000 for 55+8.42% 8.28%
+
35
R250,000 for 18+8.42% 8.17%
+
157
R250,000 for 55+8.42% 8.30%
+
75
R1,000,000 for 18+8.42% 8.22%
+
497
R1,000,000 for 55+8.42% 8.37%
+
109
R5,000,000 for 18+8.42% 8.24%
+
2,255
R5,000,000 for 55+8.42% 8.45%
-
-368
How to read this table?

You get a 8.42% interest rate at African Bank for a R10,000 investment in a 3 month fixed deposit (if you are older than 18). The industry average is 8.07%. Over 3 months you will earn R9 more in interest at African Bank compared to the average bank.

African Bank 6 month fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 6 month fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+8.65% 8.42%
+
12
R10,000 for 55+8.65% 8.55%
+
5
R100,000 for 18+8.65% 8.56%
+
45
R100,000 for 55+8.65% 8.63%
+
11
R250,000 for 18+8.65% 8.59%
+
75
R250,000 for 55+8.65% 8.65%
-
-1
R1,000,000 for 18+8.65% 8.64%
+
34
R1,000,000 for 55+8.65% 8.70%
-
-272
R5,000,000 for 18+8.65% 8.70%
-
-1,401
R5,000,000 for 55+8.65% 8.78%
-
-3,448
How to read this table?

You get a 8.65% interest rate at African Bank for a R10,000 investment in a 6 month fixed deposit (if you are older than 18). The industry average is 8.42%. Over 6 months you will earn R12 more in interest at African Bank compared to the average bank.

African Bank 1 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 1 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+9.11% 8.97%
+
15
R10,000 for 55+9.11% 9.10%
+
1
R100,000 for 18+9.11% 9.11%
-
-5
R100,000 for 55+9.11% 9.18%
-
-75
R250,000 for 18+9.11% 9.14%
-
-71
R250,000 for 55+9.11% 9.22%
-
-309
R1,000,000 for 18+9.11% 9.16%
-
-592
R1,000,000 for 55+9.11% 9.26%
-
-1,591
R5,000,000 for 18+9.11% 9.20%
-
-5,050
R5,000,000 for 55+9.11% 9.31%
-
-11,111
How to read this table?

You get a 9.11% interest rate at African Bank for a R10,000 investment in a 1 year fixed deposit (if you are older than 18). The industry average is 8.97%. Over 12 months you will earn R15 more in interest at African Bank compared to the average bank.

African Bank 2 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 2 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+9.34% 8.77%
+
140
R10,000 for 55+9.34% 8.91%
+
107
R100,000 for 18+9.34% 8.89%
+
1,109
R100,000 for 55+9.34% 8.99%
+
880
R250,000 for 18+9.34% 8.94%
+
2,500
R250,000 for 55+9.34% 9.02%
+
2,031
R1,000,000 for 18+9.34% 8.96%
+
9,565
R1,000,000 for 55+9.34% 9.05%
+
7,346
R5,000,000 for 18+9.34% 8.99%
+
44,022
R5,000,000 for 55+9.34% 9.04%
+
35,190
How to read this table?

You get a 9.34% interest rate at African Bank for a R10,000 investment in a 2 year fixed deposit (if you are older than 18). The industry average is 8.77%. Over 2 years you will earn R140 more in interest at African Bank compared to the average bank.

African Bank 3 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 3 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+9.44% 8.93%
+
208
R10,000 for 55+9.44% 9.06%
+
157
R100,000 for 18+9.44% 9.15%
+
1,221
R100,000 for 55+9.44% 9.25%
+
843
R250,000 for 18+9.44% 9.19%
+
2,615
R250,000 for 55+9.44% 9.27%
+
1,838
R1,000,000 for 18+9.44% 9.22%
+
9,529
R1,000,000 for 55+9.44% 9.31%
+
5,832
R5,000,000 for 18+9.44% 9.27%
+
37,954
R5,000,000 for 55+9.44% 9.30%
+
28,349
How to read this table?

You get a 9.44% interest rate at African Bank for a R10,000 investment in a 3 year fixed deposit (if you are older than 18). The industry average is 8.93%. Over 3 years you will earn R208 more in interest at African Bank compared to the average bank.

African Bank 5 year fixed deposit

This table shows African Bank's interest rates for a R10,000, R100,000, R250,000 and R1,000,000 investment in a 5 year fixed deposit versus the industry average.

Investment amount Nominal Industry average1 Earnings vs average2
R10,000 for 18+9.94% 9.54%
+
337
R10,000 for 55+9.94% 9.67%
+
232
R100,000 for 18+9.94% 9.72%
+
1,900
R100,000 for 55+9.94% 9.79%
+
1,356
R250,000 for 18+9.94% 9.76%
+
3,977
R250,000 for 55+9.94% 9.84%
+
2,496
R1,000,000 for 18+9.94% 9.78%
+
14,277
R1,000,000 for 55+9.94% 9.87%
+
7,716
R5,000,000 for 18+9.94% 9.85%
+
46,248
R5,000,000 for 55+9.94% 9.80%
+
58,792
How to read this table?

You get a 9.94% interest rate at African Bank for a R10,000 investment in a 5 year fixed deposit (if you are older than 18). The industry average is 9.54%. Over 5 years you will earn R337 more in interest at African Bank compared to the average bank.

👋 Stay up to date with my newsletter
  • join 4000+ other South Africans
  • get a free, monthly interest comparison update