Fixed deposits update for April
Tax calculator released I mentioned last month, that I was busy building a tax calculator to assess how much tax you would approximately be paying on a fixed deposit. That is done and dusted for the 2021 tax year. Thanks for everyone's inputs.
Rates are moving up. The biggest change over the last two months has come from SA Retail Bonds . Rates on offer increased since Feb have increased by more than 1%. SA Retail bonds now back to offering super competitive rates vs retail bank fixed deposits. Across 3 and 5-year terms they are ranked 2nd. Not too far behind AfricanBank's fixed deposits offer. Given they are issued by government, they are also less risky than the AfricanBank fixed deposits.
|SA Retail Bonds||60||8.68||7.38||+1.3|
|SA Retail Bonds||24||6.35||5.06||+1.29|
|SA Retail Bonds||36||7.12||5.83||+1.29|
Standard Bank - the biggest of the four banks - still offers the lowest interest rates. However, their rates on offer have increased considerably over the last two months and the gap between Standard Bank and other banks' rates is now less.
Have a great week Walter