Fixed deposits update for June 2021
SA Retail Bonds - rates increased! SA Retail Bonds - my personal favourite - have increased rates for two- and three-year terms by 0.5%. It remains a very competitive offer compared to other banks, ranking second forr three and five year terms when compared to other banks.
|Name||Term||May 2021||June 2021||Change|
|SA Retail Bonds||2 yr||5.58%||6.09%||+0.5%|
|SA Retail Bonds||3 yr||6.35%||6.86%||+0.5%|
|SA Retail Bonds||5 yr||8.42%||8.42%||no change|
Other banks saw minor changes. Whilst SA Retail Bonds rates have changed the most, other banks have responded with offering either the same or "slightly better rates" when compared to last month. FNB's deposit rates on offer increased by about 20bps. As did Nedbank's. But other major banks' deposit rates, such as Standard Bank, have remained the same.
All rates are sourced directly from the banks' websites and converted to effective annual rates in order to make comparisons fair.
Have a great week Walter